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Home / Technology / With Kik you can now give users cryptocurrency – but there is a catch

With Kik you can now give users cryptocurrency – but there is a catch



Kik is preparing to launch his Kin Cryptocurrency for his mobile messenger.

The company has announced a new tilt function supported by the Kin Blockchain. Starting today, Kik users can send crypto currency tips to moderators and administrators. For now, the feature is only available to group chats, but Kik plans to make it available to all users in the near future.

[ The addition of admin tip gives public group administrators incentives to encourage pleasant chat experiences while giving the group members the opportunity to thank the admins for covering these areas in the app Kik Product Manager Laura Newton told Hard Fork.

In fact, some sharp-eyed Redditors have already tipped the Widget in the wild.

However, there is a catch: the crypto-currency tilt feature is currently only available It will also be limited to Android (sorry, iPhone owners).

"Initially, 1

,000 public groups will be introduced," a spokesman told Hard Fork. "A public group has a maximum capacity of 50 users so the potential range is 50,000. "

While Kik previously allowed users to spepe To buy all themes with the KIN cryptocurrency, the tipping function is practically the first blockchain feature allowing direct exchange between users.

"Kik's integration of Kin began with a simple experience that allowed the team to gauge the users' reaction to the cryptocurrency and go through these insights," Kik founder Ted Livingston told Hard Fork. "The introduction of this new peer-to-peer experience is a major step forward in shaping Kik as a beacon for new and existing participants in the Kin ecosystem."

How Tipping Works Actually

Using the Tilt function is pretty straightforward. All you have to do is click on the Kin icon at the top of your device's screen, and the app will show you the full list of users you can tip over.

Currently only works for administrators and moderators. Also note that the tapping feature is currently available only to Android users. So, if an administrator uses an iOS device, the feature will not work.

"J You can only give users with colored icons for administrators a tip," a spokesman told Hard Fork. "Administrators with gray icons are iOS users."

Administrators should not assume that they are tipping off. In fact, Kik has set the daily dump rate to KIN 500, which is just over 1 ¢ at current exchange rates.

Although Kin launched on Ethereum and raised an ICO as ERC20 token, it has since been migrated to its own blockchain – a custom branch of the Stellar network, which ships with a new, native KIN token. All tipping transactions are executed in the native token.

Unfortunately, Kin has built mechanisms that allow users to exchange the native token for Fiat and other cryptocurrencies. The company expects the native token to be available on multiple exchanges at launch. However, there is no clear timetable for it.

Blockchain purists will be disappointed to find out that the native Kin blockchain is not yet fully decentralized. The platform is based on a DPOS mechanism (DPOS) similar to the mechanism used by EOS.

Of course, there are some benefits associated with less decentralization: speed is one. "D Kin Blockchain is currently processing 120 transactions per second," a spokesman told Hard Fork. By comparison, the Bitcoin network can handle about 7 transactions per second and Ethereum – about 15 to 20.

Unlike other alternatives, such as proof-of-stake and Bitcoin's proof-of-work, where anyone can be A validator processes transactions into DPoS blockchains from a set of pre-selected validators. This poses certain risks of centralization and conflict of interest. Unfortunately, Kin could not reveal his validating partners yet.

" The decentralization of the Kin Blockchain is a major concern for us at the moment, and we are currently in the process of selecting partners to validate transactions and drive those efforts forward," a spokesperson for Hard Fork said Partners are referred to as the Kin Federation. "19659009] Kik, Kin, and the Rest

For the record, Kik is barely the first app to integrate the Kin blockchain.

Earlier this year, Kik offered $ 3 million Dollars for developers interested in building the Kin ecosystem Unfortunately, it was found that one of the selected apps later stored sensitive user data – including passwords, emails, usernames, and phone numbers – in plain text.

Later, Kik told Hard Fork that it works hard to have the apps in the process The Kin Developer Program is safe to use. " We will evaluate the safety of all apps in the program, b Before they submit the new versions with Kin integrations after the demo day, "a spokesman told Hard Fork.

Still, Kin's implementation into the beauty app Perfect365 – with 92 million, predominantly female users – is still the most significant implementation of its blockchain to date.

Despite the extent of the pilot, Kik was quick to admit, but with his Kin Blockchain, it still has some hurdles to overcome, including ensuring the platform is completely decentralized (which is currently this is not the case), and opportunities are created for users to actually use their own KIN token.

Until then, Kik seems to be very happy when riding smaller pilots with Kin. Of course, this will have to change someday – or the messaging giant may be forced to reassess the usefulness of its cryptocurrency and the entire blockchain platform it supports.

Published December 6, 2018 – 14:09 UTC


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