Technology

Kik now lets you tip users with cryptocurrency – but there’s a catch

Kik is preparing to deploy his cryptocurrency Kin on his mobile messenger in a big way.

The company announced a new failover feature, optimized by the Kin Blockchain. Starting today, Kik users will be able to send cryptocurrency tips to moderators and administrators. For the moment, this feature will be exclusively available for group discussions, but Kik plans to open it to all users in the near future.

" The addition of the admin flip-flop encourages public group directors to create good Kik discussion experiences, while giving attendees the opportunity to thank the administrators for maintaining these spaces in the application, "said Kik Product Manager, Laura Newton, to Newton Fork.

In fact, some piercing-eyed Redditors have already been spotting the tilt widget in the wild.

However, there is one disadvantage: the cryptocurrency failover feature will only be available for some users at this time. It will also be limited only to Android (sorry, iPhone owners).

"The initial deployment involves 1,000 public groups," a spokesman in Hard Fork said. "A public group has a maximum capacity of 50 users, thus a potential reach of 50,000."

While Kik previously allowed users to purchase special themes using cryptocurrency KIN, the failover feature is virtually the first feature powered by a chain blocks which facilitates direct exchanges between users.

"Kin's integration with Kik began with a simple experiment, allowing the team to gauge the user's response to the cryptocurrency, and repeat this information," he said. Hard Fork, Ted Livingston, founder of Kik. "The introduction of this new peer-to-peer experience is a huge step forward in making Kik a prime example for new and old participants in the Kin ecosystem."

How the failover works

The use of the failover feature is quite simple. All you have to do is click on the Kin-shaped icon at the top of your device's screen. The application will show you the full list of users that you can leave a tip.

Currently, this only works for administrators and moderators. Another thing to keep in mind is that the failover feature is only available for Android users at the moment. So if an administrator uses an iOS device, the feature will not work.

"Y You can only tip users with a colorful administration icon," said a spokesman in Hard Fork. "Administrators with gray icons are iOS users."

However, administrators should not expect tips. Indeed, Kik has set the daily tipping limit at 500 KIN, which is a little over 1 ¢ at current exchange rates.

Although Kin started on Ethereum and raised an ICO in the form of a token ERC20 he has since migrated to his own blockchain – a custom branch of the Stellar network accompanied by A new native KIN. token. All failover transactions will be done in the native token.

Unfortunately, Kin has not yet put in place mechanisms allowing users to exchange the native token against fiat and other encrypted currencies. The company said it expects the native token to be available in a number of purses at its launch. However, there is no precise timetable for this.

Blockchain purists will be disappointed to learn that the native Kin Blockchain is not yet fully decentralized. The platform operates on a consensus mechanism on delegation of evidence of participation (DPoS) similar to that used by EOS .

Needless to say, less decentralization brings some advantages: speed is one of them. " Kin Blockchain is currently processing 120 transactions per second," a spokesman in Hard Fork said. In comparison, the Bitcoin network can process about 7 transactions per second and Ethereum – about 15 to 20.

Unlike other solutions such as Proof-of-Stake and Proof-of-Work from Bitcoin, where everyone can be a validator, transactions in DPoS blockchains are processed by a number of pre-selected validators . This entails some risks of centralization and conflict of interest. Unfortunately, Kin can not yet reveal its validation partners.

" The decentralization of the Kin channel chain is a major priority for us at the present time, and we are in the process of selecting partners to validate transactions and continue efforts," he said. a spokesperson in Hard Fork. "This group of partners will call the Kin Federation."

Kik, Kin and the others

For the record, Kik is far from the first application to integrate the chain of Kin channels.

Earlier this year, Kik offered $ 3 million to developers interested in building the Kin ecosystem. Unfortunately, one of the selected applications turned out to be which stored sensitive user data – including passwords, emails, user names and phone numbers – in plain text .

Kik later told Hard Fork that he was working hard to make sure that the applications of his Kin development program were safe to use. " We will evaluate the security of all program applications before submitting new versions with Kin integrations after the demonstration day," said a spokesman in Hard Fork at the time.

Still, Kin's implementation of the Perfect365 beauty app, which has 92 million users, mostly women, remains the most significant implementation of its blockchain to date.

Despite the scale of the pilot project, Kik quickly recognized that he still had some obstacles to overcome with his chain of Kin channels, including ensuring that his platform is totally decentralized (which is not currently the case) as well as creating opportunities for users to actually use its native KIN token.

So far, Kik seems perfectly happy to lead smaller pilots with Kin. Of course, this will have to change someday – if not the messaging giant could be forced to reevaluate the usefulness of its cryptocurrency, as well as the entire blockchain platform that l? ; feeds.

Posted on 6 December 2018 – 14:09 UTC

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