About Kin (KIN)weiss-badge

Overview

Kin (KIN), related to the word 'kinship,' is a cryptocurrency aimed to 'ring people together in a new shared economy and will serve as the foundation for a decentralised ecosystem of digital services.' The goal is for Kin to be used as a standard digital currency for digital services as it will be used for all transactions within the ecosystem. Kik will be the first digital service integrated into the Kin ecosystem. Kik is the application that the Kin ecosystem will operate inside of. It will encourage adoption and establish value for the cryptocurrency. For instance, the Kin wallet will be blended into the Kik application. Lastly, the Rewards Engine will be the economic foundation to promote Kin as a widely adopted currency. Stakeholders will receive Kin as a daily reward depending on their overall contribution to the ecosystem. Digital services are encouraged to use the Kin platform and join the ecosystem as a result.

Technology

Kin is an ERC20 token built on the Ethereum network. Ethereum uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and produce new blocks on the chain, similar to Bitcoin. PoW is the original consensus algorithm and is considered highly secure. However, it is criticised and limited by the processing power required to mine, which has a negative impact on the environment. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain. Transactions placed in this block are considered confirmed. Kin recognises there are some limitations to building on the Ethereum network, such as scalability, and plans to minimise the implications by implementing a semi-centralised hybrid on-chain off-chain transaction service. The Kin foundation will host a centralised off-chain ledger with an API available to digital service partners, which will avoid high transaction fees and ensure the network does not experience bottlenecks.

Future Focus

The Kin team is focused on achieving governance, research, and development goals, which align with their mission to create a new shared economy. They hope to develop an independent reward mechanism that is protected against economic vulnerabilities and gaming while ensuring all transactions are accounted for in a trustless way. For more information regarding Kin, visit the official site or read their whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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