Kin Foundation, which oversees the cryptocurrency developed by Kik, has announced a $3 million developer program aimed at taking the “Kin economy” forward.
The company raised nearly US$100 million in the Kin token distribution event (TDE) last year. It aimed to integrate Kin, an ERC20 token on the Ethereum blockchain, into Kik as the primary transaction currency.
The Kin Developer Program aims to empower developers to launch Kin-enabled apps. According to the official announcement:
“This inaugural program commits nearly $3M to up to 25 qualified developers who successfully create meaningful earn, spend, and peer-to-peer use cases for the Kin cryptocurrency in their apps. These select developers will have the individual opportunity to earn up to $116,000 USD in combined fiat and Kin currency, and they will have access to the Kin Ecosystem software development kit (SDK) and the Kin Playbook, a guide that provides information on successfully launching a Kin economy.”
Applications are now open and selected participants will be announced on August 15. The shortlisted participants will attend Kin Camp, a virtual education session to learn about Kin and get started with the Kin Ecosystem SDK. The participants will have until October 2 to create their proposed use case.
Following the virtual demo day on Oct. 2, approved apps will go live and receive the first incentive payout. Of these, the developers who reach 10,000 monthly active wallets (MAW) will receive the second incentive payout on January 1 and, subsequently, developers who reach 50,000 MAW will receive the third incentive payout on April 1.
