The Kin Ecosystem held a KRE Developers Summit on October 16th 2020. The summit brought Kin Ecosystem stakeholders together to drive the KRE’s next iteration. The summit is open to developers of active apps.
The Kin Rewards Engine has gone through various iterations, with each new version improving on its predecessor. The first version drove adoption of mainstream consumers by rewarding developers to get users to spend Kin.
Under this metric the first version was successful, getting millions of consumers to spend Kin every month.
The last major version (KRE v2) aimed to build on the previous version in three ways
- Incentivize users to spend more Kin.
- Incentivize developers to hold KRE payouts.
- Incentivize developers to get users to buy Kin with their time/ attention.
October 2020 Summit
The Foundation, along with 8 developers, came together to discuss additional ways of improving the KRE. Plenty of ideas were suggested, and some submitted ahead of time by those who could not attend.
Feedback from developers
Overall, developers were satisfied with elements of the current version. However, a few challenges were raised such as the complexity of KRE equations which makes it harder to strategize.
They also raised concern of unproductive economic behavior — where apps potentially gamed the KRE to the detriment of the ecosystem.
Ideas for improvement centered on:
- Raising the bar on valid spends and earns, to ensure fair competition between apps. (Rewarding High-Quality Spends and Buys)
- Reducing sell pressure and increasing buy pressure from apps in the open market.
- Reducing complexity of the KRE structure.
Other interesting ideas were put forth, such as improving the rewards dashboard to help developers plan their competition strategy better.
Roadmap to KRE v3.0
The next step involves using this feedback to generate a proposal for KRE v3.0, which developers will be able to comment and vote on in github.
Kik volunteered to take the lead in creating a draft based on the feedback and other potential drafts were also welcomed.
Barring unforeseen issues, a public proposal should be available by October 30th, after going through iterations between summit attendees.
Voting and official ratification should happen afterwards by the Kin Foundation, with a goal for launching in January 2021.