Kin, the new cryptocurrency backed by the social media app, Kik, announced $3 million in funding to 40 blockchain-based applications launching on its development platform.
First announced back in July, the Kin Developer Program challenged 25 developers to create apps that “successfully create meaningful earn, spend, and peer-to-peer use cases for the Kin cryptocurrency in their apps.” The company raised their acceptance rate after receiving so many quality applications.
Kin’s Global Development Approach
After raising $98 million during their ICO last year, Kin will divide $3 million out to the 40 projects. Innovations exist in the gaming, health, news, and entertainment industries, among others.
Participating teams come from 38 countries, totaling over 200 developers. As of today, projects will begin development in prep for the virtual demo day on October 2nd. Approved applications will then launch on the Kin blockchain and receive 50 million KIN ($7,000) and $15,000 in fiat. Kin will also mentor the different teams to ensure their success.
Apps with 10,000 monthly active wallets (MAW) by January 1st, 2019, gain a second incentive payment. The third incentive payment comes on April 1st, 2019, for those with 50,000 (MAW.) Rewards extend up to $115,000 per developer.
According to the announcement, each application went through an extensive review process:
“Each application was carefully reviewed by our selection committee, comprised of four team members and a technical advisor. These members included: Natasha Shine-Zirkel (Director of Partnerships and Developer Relations), Ayelet Laub (Product Manager of the Developer Platform), David Sherman (Head of Product Studio), a Kin exec (To be announced at a later date), and Yossi Segev (Tech Lead of the Developer Platform).
A Wide Range of Use Cases
Projects were chosen based on the quality of their team, use case, and potential. The selected projects represent a wide range of use cases for the Kin token.
A project called Matchmaker, for example, is described as a “crowdsourced, gamified matchmaking app.” Users will earn Kin by introducing profiles to one another. To “match” with a profile, a user will pay Kin to the matchmaker to find a significant other.
Another app, Kinguist, rewards users for creating educational modules in their native language to teach others. Students will spend Kin on advanced modules to further their knowledge.
The entire project list can be found here.
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