Two years ago we set out to build a new economy that offered equal opportunity to billions of people. Today millions of consumers and hundreds of developers have come together to build this better future with Kin. When it comes to consumer adoption Kin is the most used cryptocurrency in the world. By far.

But all is not well.

After 18 months of working with the SEC the only choice they gave us was to either label Kin a security or fight them in court. Becoming a security would kill the usability of any cryptocurrency and set a dangerous precedent for the industry. …

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Disclosure: I have no inside knowledge of Facebook’s plans. This post is based on 10 years of experience in messaging and crypto. We think Facebook could be on a path to replace the US dollar as the global reserve currency. This post outlines how that might happen. We hope this post leads to a broader discussion on the impact Facebook and crypto could have on society, and what we might do about it

Mark Zuckerberg recently wrote a long post outlining Facebook’s shift from open sharing to private communications. It makes sense. People are waking up to the anxiety and depression caused by open sharing and are moving to smaller and more intimate online spaces instead. …

Today the Wall Street Journal published an article about the SEC’s upcoming decision on whether or not to file suit against Kik for our 2017 token sale.

This comes after SEC Chair Jay Clayton said “I believe every ICO I’ve seen is a security.” That includes almost every cryptocurrency, from Ethereum on down.

This is the thing that everyone in the industry is dealing with, but nobody wants to talk about. For all of us to be able to continue hiring, innovating, and competing, we need to change that.

We first heard from the SEC a few days after our token sale had already started, four months after we first announced it. It was a friendly contact for information, which we happily responded to. …

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It’s been one year since the Kin token distribution event. Since then we have been following a three step strategy to make Kin the most used cryptocurrency in the world:

  1. Create a scalable blockchain
  2. Launch Kin inside Kik
  3. Expand the ecosystem to other apps

We have made great progress on all three.

As you all know, Kin has a three-step plan:

  • Build a scalable blockchain
  • Launch Kin in Kik
  • Expand Kin beyond Kik

I’m happy to report that we’re on track with all three steps. In some areas, we’re already ahead of plan, specifically in our efforts to build a scalable blockchain.

In May, we announced our intention to create the Kin Blockchain. This decision allowed us to get the best of both worlds: the Ethereum blockchain for liquidity and security, and our custom fork of Stellar for scale. So far we have been getting great results. In June, we were able to reach 1.2M transactions per day. …

It’s not the DApp, it’s the DIP

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Many people believe that Bitcoin has limited utility and that its high price is based solely on speculation. Others say that the only exciting thing about Bitcoin is how the blockchain will help us track items through the global supply chain or tokenize pieces of art or facilitate financial audits. While these arguments are interesting, they miss the point of what makes Bitcoin so transformative.

Only a small part of the power of Bitcoin is its decentralized application (or DApp) to move value around. The real power of Bitcoin is the decentralized incentive platform (or DIP) that makes it all work. …

The other week, I talked about needing a faster, cheaper, and more robust blockchain than what is available today, and my thoughts regarding the Stellar network. Today, I want to continue that conversation and tell you about our work with Orbs, an independent next generation blockchain project that was founded by members of CoinTree.

You’ll recall that the CoinTree team worked with Kik as an advisor throughout our token distribution event. Kik continues to have a strong relationship with CoinTree and has hired four members of their team to lead our blockchain efforts in Tel Aviv. In order to accelerate learning and development, we decided to co-locate the Kin and Orbs blockchain teams in the same office space in Tel Aviv. …

I was recently asked to write a succinct piece on Kin’s vision. This is what I wrote.

I imagine millions of people sitting down with their phones each morning, providing value to the world and getting compensated. The value they provide would come in many forms, such as offering advice, hosting experiences or creating content. And the compensation would come in the form of Kin, a cryptocurrency to facilitate a digital sharing economy of equal opportunity.

I imagine developers creating thousands of digital places where people can go to provide value to each other. But instead of requiring developers to figure out how to extract value from consumers, the Kin Rewards Engine would automatically compensate developers for facilitating the exchange of value between consumers. It’s like building a digital Lyft, where people drive for each other, or a digital Airbnb, where people rent to each other. But instead of requiring these developers to figure out how to take a fee from each ride or rental, they can let consumers keep everything. The developers would instead be rewarded with Kin for helping to build the Kin Ecosystem. As developers create more of these places, more people come, and the value of the reward increases — thus attracting even more developers to create more places for more people. …

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The Kin token distribution event (TDE) is now complete. We share the same sentiment as our board members, our advisors (specifically CoinFund and CoinTree), and industry leaders — Kin is a success, and we’re building something very special together. More than 10,000 people from 117 countries participated in the TDE, and we raised nearly $100 million to build a decentralized ecosystem for digital services.

The Kik team is humbled by the amount of support we’ve received from the community throughout the token distribution event.

Thank you.

People who participated in the TDE will receive instructions to access a Kin wallet in Kik. We are also doing a Gmail style rollout of Kin inside of Kik, starting with 1,000 of our users. We will take a measured approach to our rollout, gradually increasing both functionality and the number of users who can access Kin as we solve the scalability and usability challenges that come with the blockchain. …


Ted Livingston

Founder and CEO of Kik and Kin

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