Waterloo-based Kin Ecosystem Foundation, the Canadian non-profit organization which oversees the digital currency Kin, has committed $3 million USD (approximately $4 million dollars CAD) in both fiat currency and digital currency to up to 25 qualified development projects integrating the token.

The newly launched Developer Program will begin with the funding for the total equivalent of $3 million USD across up to 25 blockchain developers who successfully launch their own Kin-based economies.

The digital currency was launched by Kik Interactive, creator of the global chat platform Kik, boasting around 300 million registered users. The platform was valued at around $165 million CAD in 2017 before launching the Kin coin and sale. Its ICO at the end of 2017 was the highest profile ICO at the time and raised nearly $130 million CAD.

Kik Interactive has a managed services agreement with the Kin Ecosystem Foundation to launch the Kin Developer Program. The Foundation is a non-profit tasked with the governance of the digital currency Kin and creating the Kin open ecosystem, it is also tasked with the ecosystem’s move to a fully decentralized model operating independently of Kik Interactive.

An opportunity for Canadian developers with Kik Foundation and Kin

Under the scheme, chosen developers will be provided with support and membership as well as access to the Kin Ecosystem software development kit (SDK). The program will be three-phase and see successful participants awarded at the end with the equivalent of $115,000 USD.

“Up until now, developers haven’t had access to a consumer-ready cryptocurrency that can easily be integrated into mainstream apps and platforms,” said Ted Livingston, founder and CEO of Kik, and Kin Ecosystem Foundation board member. Livingston goes onto explain that’s exactly what the Developer Program offers as well as the financial incentive to “create natively with Kin.”

The program, he hopes, will bring Kin closer to its goal of becoming the “most used digital currency.”

Getting involved in the ecosystem

Developers must apply by an August deadline, then build and launch a consumer application which integrates the Kin Ecosystem SDK or uses it to add features to an existing application.

The applications, crucially, must also create opportunities for users to spend the native digital currency and can allow users to earn Kin either within the application outside of it.  

To be eligible developers must achieve set goals. Phase one will be the application going live and reward the developer with part of the funds. To earn the remaining funding, the application developed by successful applicants must achieve 10,000 monthly active users by the end of phase two, and 50,000 users by the end of stage three.

“The Kin Developer Program empowers developers to create meaningful experiences in consumer applications using the cryptocurrency Kin,” said the press release.

The Developer Program creates an opportunity for developers in Canada and elsewhere but does have some strict goals for developers to adhere to in order to receive the funding. The ecosystem will benefit from new applications and users of the native digital currency.

 

Image Credit: Kin logo

 

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