How We Measure Success: Responding to Coin Metrics’ Report

A recent report by Coin Metrics explored the usage on the Kin Blockchain. This is great, as it demonstrates the beauties of the blockchain world. It is open to the public, auditable, and the numbers never lie. It’s all about the interpretation. As we gain attention, we expect and welcome these kinds of reports. In this post, we will share our point of view on the interpretation of the numbers.

What differentiates Kin from other cryptocurrencies is real-life usage by users within apps in the ecosystem. Usage isn’t just the main driver, it is also a key way to track Kin’s adoption.

Kin Blockchain activity sometimes resembles aspects of an application platform rather than other blockchains in this space. As such, Kin Blockchain is optimized toward user experience rather than blockchain efficiency. Examples for that are fee-less transactions, optimized for user experience by pre-created wallets, microtransactions, and accounts that hold a very small amount of Kin.

Another key aspect is how the industry measures blockchain activity. Until now, the industry has primarily measured blockchain usage in terms of the amount of value transacted on the secondary market. Kin is different, as its main metric concerns usage and the number of people transacting on the blockchain. “Usage”, when applied to Kin, refers to users earning and spending Kin in their favorite apps. When Kin is measured in this way, Kin is the most used cryptocurrency in the world today.

Not all projects are the same. Different projects require different metrics to measure success. There are lots of great teams working on the definition and measurement of those metrics like Coin Metrics, Messari, and Flipside. As an industry, we still have a long way to go before we reach standards that are easily digestible by consumers, developers, and the media. Kin is happy to lead this change.