KIK Messenger to shutdown, Fight for Kin against SEC Continue

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Shreya Kapoor
Shreya Kapoor is a writer for Thecoinrepublic. She has been a keen admirer of the crypto sphere. She enjoys writing and covering news related to the latest happenings in the blockchain industry. Shreya is a 20-year old budding journalist, with a tinge of good vocabulary.

  • Kik app will be shut down: Kik is one of the largest apps in the US. It has an industry-leading engagement and is growing again.

  • Reduction of the headcount to an elite 19 person team only. : Families of more than 100 employees will be affected.

  • A major focus will be on converting potential Kin users into Kin buyers.

One of the most used cryptocurrencies throughout the world, Kin was built 2 years ago that offered new opportunities to billions of people. To secure a better future, millions of consumers and hundreds of developers have come together future with Kin. However, after 18 months of working with SEC, the only choice that was offered was either to label Kin security or to fight against them in the court.

If Kin would become security, it would kill the usability of the cryptocurrency and would set a dangerous precedent for the industry. Therefore, the option of fighting against the SEC is taken up, which is working to characterize almost all cryptocurrencies as securities.

The decision was made to decision to focus on the available current resources of the few things that matter most. Thereby, going against the selling of Kin into the limited liquidity. 

These collective decisions will be somewhat suitable to get through the SEC trial with the available resources as these decisions will drop the burn out by eighty-five percent.

However, Kin will stay which is a currency used by millions of people in dozens of independent apps.

Contrary to Kik, Kin Ecosystem will be a much bigger fight and the Ecosystem is close to adding a lot more firepower.

These days most of the cryptocurrencies rely on speculative demand from exchanges to fuel their crypto business models. However, we can not rely on speculative demands because Kin is not available for most of them.

A never-before-seen source of demand will be available to everyone in the Kin Ecosystem by becoming become the first project which creates real demand by getting people to buy Kin to use it.

Kin has over 2,000,000 monthly active earners, and 600,000 monthly active spenders. Although, on losing Kik there will be a change in these numbers but the growth of Kin is highly expected.

Getting millions of people to buy Kin to use it will be the aim of the team consisting of 19 people which is expected to be achieved by a part strategy which is as follows:

  • Moving the Kin blockchain forward to support a billion consumers making a dozen transactions a day with sub 1 second confirmation times
  • Accelerating the adoption, growth, and success of all developers in the Kin Ecosystem
  • Building a mobile wallet that makes it easy to buy Kin, exciting to use Kin, and seamless to explore the Kin Ecosystem.

The fight has begun and let’s expect that after the hard decisions which are made, Kin gets millions of people who use it and in future Kin flourishes smoothly.

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