Achieving product-market fit in the crypto industry with mobile apps
In the latest episode of the SlateCast, the host, Akiba, had a conversation with Kevin Ricoy, the Head of Growth at the Kin Foundation, to discuss the foundation’s goal and mission. Ricoy discussed the background of the project and the problem it aims to solve.
The Kin Foundation is a nonprofit organization that supports apps, brands, and services that utilize the Kin cryptocurrency. The foundation aims to solve every app and game developer’s problem, which is how to monetize without ruining the user experience.
The foundation’s goal is to create an in-app currency and monetization solution using crypto. The idea behind the project is to combine the concepts of in-app currency and monetization with crypto, which would provide all the benefits of crypto without the downsides of traditional in-app currencies.
The Kin project was created by the team behind the popular social media app Kik, which had 300 million registered users. The team discovered in 2013 and realized that it could be the solution to the problem they were facing.
Kin acts as a universal mobile app token, where if an app has a token that is not blockchain-related, it can be swapped for Kin tokens, providing more utility and value. The idea is that people will buy Kin to use it, not as an investment. In the long run, the foundation believes this will be the key to Kin’s success and use in everyday life.
Ricoy also highlighted that the industry will slowly realize that not every project needs a token and that creating your own token is much more likely to fail. The foundation believes that it is not sustainable for 1000 games to launch with their own tokens and that it is better to work together and integrate the same token, giving it value through a shared economy.
The Kin Foundation aims to build an ecosystem where people are willing to trade their local currency for Kin in order to do business in that economy. The foundation aspires to create a currency people want to use rather than just a speculative investment.
In conclusion, the Kin Foundation is working towards a solution that would allow app and game developers to monetize their platforms without affecting the user experience. The foundation is focused on creating a digital app currency that provides real value and utility, aiming to create a strong economy that is sustainable in the long run.