Launched in 2014, the Kin is a cryptocurrency designed to be the payments and transactions hub of the 21st century. With a market cap of $8.9 billion, the Kin token is ranked #88 on the World’s 100 Most Popular Cryptocurrencies list compiled by CoinMarketCap. It is also one of the oldest and most established cryptocurrencies still in existence. If you’re curious about the Kin token, here’s a quick primer on what it is and why you should care.
History Of The Kin
Founded by Brendan Eich, the creator of JavaScript, the Kin token was first launched in 2014. The cryptocurrency market was in the midst of a huge shift at the time, with the majority of investors focusing on the potential for blockchain technology to disrupt the existing financial system. Many saw cryptocurrency as a safe haven for storing value and making transactions while the world shifted to a more digital sphere. Accordingly, Eich decided to create a cryptocurrency that could act as a store of value and medium of exchange in the digital sphere. The initial coin offering (ICO) for the Kin token raised $16.8 million in 30 minutes and allowed Eich to take a somewhat passive role in the development of the Kin ecosystem.
Eich then tasked a small group of developers with building out key features of the Kin cryptocurrency. The first of these was Loop, a payments platform that utilizes the ERC-777 standard for handling atomic swaps. This made it cheaper and more efficient for users to send and receive transactions, as there is no need to verify that two parties are, in fact, dealing with the same cryptocurrency. Two years later, in May of 2018, the Loop protocol was merged with Bitcoin Cash to form the basis of the new cryptocurrency, Cash App.
The Kin team also introduced key features based on the community’s feedback, including ShapeShift integration and the ability to purchase KIN with debit cards and other cryptocurrency-enabled payment methods. These updates significantly increased the currency’s usability and paved the way for mainstream adoption.
The development of the Kin ecosystem continued apace, with the creation of several new cryptocurrencies. These coins include Proletariat, which is backed by a gold-based investment fund and aims to provide secure and anonymous transactions; Aeon, which is based on the Ethereum platform and allows users to create decentralized applications (dApps) and conduct decentralized transactions via the ai.digishield platform; and Hades, a peer-to-peer online marketplace for buying and selling art and other collectibles. All of these coins are tradeable against the BTC and ETH cryptocurrencies on several major cryptocurrency exchanges. Additionally, the team introduced several new features to the cryptocurrency, including child-friendly interfaces and the ability to stake your coins as an investment option.
What Is A Stablecoin?
While most cryptocurrencies are designed to be used as a means of exchange, Stablecoins are specifically engineered to provide price stability. Stablecoins can be seen as the antithesis of cryptocurrencies. Where cryptocurrencies are designed to be highly volatile and risky, Stablecoins strive to provide the opposite. As the name implies, stablecoins are generally considered more reliable and less risky to store value in than other cryptocurrencies. For that reason, they are often perceived as less exciting and disruptive than other cryptocurrencies. Nevertheless, Stablecoins have several advantages, particularly when used for retail purchases. Their predictability makes them simpler and more convenient for use as a currency when shopping online, as demonstrated by the success of the USD Coin (USDC) stably-backed cryptocurrency.
Other key differences between cryptocurrencies and Stablecoins include the fact that the latter are generally more compliant with central banks and regulatory agencies. These coins are also usually more accessible for wider consumer adoption, due to the fact that they are generally easier to use than cryptocurrencies. For instance, many Stablecoins are based on existing fiat currencies, such as the USD, the Euro, and the Japanese yen, which makes them more convenient for consumers who use other fiat currencies for online shopping.
Key Takeaways
From a historical standpoint, Kin is one of the most recognizable and well-known cryptocurrencies. It is also one of the more established cryptocurrencies still in existence, having been around longer than many of its competitors. Additionally, Eich and the rest of the team worked tirelessly to ensure that the currency is accessible and usable for mainstream consumers, while also keeping the overall design of the cryptocurrency simple and elegant.
Despite its established place in the cryptocurrency world, the number of users embracing the currency remains relatively low. Many speculate that this is because it is still too difficult for most people to gain access to it. It is also possible that the cryptocurrency’s design is a bit too far removed from the mainstream for some consumers. That being said, the number of people using and familiar with cryptocurrencies is continually increasing. 2019 saw the launch of several new cryptocurrencies designed to be more user-friendly and accessible, which may help to increase their overall adoption.