The Kin crypto ecosystem started out as an ERC20 token on the Ethereum blockchain back in 2017. The platform drew a lot of public attention at the time, especially among the younger demographic. The platform promised to resolve the various bottlenecks that hamper developers from establishing their applications in the modern digital economy.
Given the unwelcoming dominance that big tech holds over the digital landscape, Kin’s developers sought to create a level playing field through a platform that not only lets developers monetize their applications but also allows users to interact through Kin’s instant massager service, Kik.
Now, Kin is launching the Code app, which is set to revolutionize micropayments on the internet. Here is a deeper look at what Code by Kin is all about and whether Kin is on track to build the killer app for crypto micropayments.
Code App: A Micropayment Solution
At its core, the Code app is a micropayment juggernaut. Built on the Solana blockchain, Kin’s Code app aims to make crypto transactions much simpler and more accessible to the masses.
The app leverages Solana’s smart contracts and Layer 2 solution so that users can send and receive micropayments even when there is an outage on the Solana blockchain network.
Each user is guaranteed peace of mind when it comes to the storage of their digital assets, as the app enables peer-to-peer transactions on non-custodial wallets. What’s more, the app sets itself apart from traditional crypto exchanges and platforms with a zero-fee policy for all transactions.
As if that is not enough, the app also promotes user anonymity with an algorithm that is designed to protect not only a user’s identity but also their history and wallet balance.
Code’s Journey from Inception to Rollout
Since the Rollout of Code, Ted Livingston (CEO of Code) has been a crucial player not only in the Kin ecosystem but also in the entire crypto space at large.
Known for his popular slogan “Only Possible on Solana”, Livingston has remained vocal about the potential of Code, saying in one of his posts that,
“If we want our friends and family to finally “get crypto” we need to make it simpler to use.”
Code has also attracted praise from other onlookers, including co-founder and CEO at Helius Labs, who said the Code app was “the fastest money-sending experience he had ever seen.”
Kin Fueling the Financial Inclusion of Billions
Kin’s Code comes at a time when the cryptocurrency and digital asset space is under heavy scrutiny by regulators in the U.S. Kin itself is not a stranger to the SEC’s lawsuits as its messaging app “Kik” was involved in a lawsuit with the SEC in 2019 over Kin’s 2017 token sale.
The SEC’s complaint stated that Kik’s digital asset was sold to U.S. investors “without registering their offer and sale as required by the U.S. securities laws.”
In its defence, Kin responded, saying that the SEC’s charges were based on flawed legal theory. Even so, Kin’s Kik platform was given a $5 million penalty.
In their pursuit of creating a secure environment, regulators have often introduced proposals and regulations that, while aiming to protect consumers from rogue players in the industry, have raised concerns within the crypto community. Critics argue that these measures might stifle innovation, hinder market growth, and impede the broader adoption of decentralized technologies.
In the past few months, regulators in the U.S. have engaged in long-standing legal battles with popular crypto exchanges such as Binance and Coinbase, even leading to the resignation of Binance’s CEO.
Amidst all the ongoing chaos in the crypto space, Kin’s Code emerges as a beacon of resilience amid this regulatory storm. As an open-source platform for micropayments on a peer-to-peer network, Code brings freedom and control to crypto enthusiasts and broadens the net of financial inclusion to the masses.
Kin’s Code operates independently of any centralized authority, offering a model that challenges the traditional regulatory paradigm. The non-custodial and open-source nature of Kin’s Code provides a level of autonomy that may become increasingly attractive in an environment where regulatory oversight seems to be tightening.
Crypto Micropayment: A Game Changer
Micropayments in the crypto and DeFi space have been more theoretical than practical until now. The Code app, with its groundbreaking micropayment capability, is set to change how users interact with crypto. The app uses the Kin cryptocurrency, which is designed to incentivize developers to build products and services on the Kin ecosystem.
The Code app has kicked off on a good footing as it solves the surging demand for seamless and accessible micropayments, all while eliminating transaction fees. In an era where traditional financial institutions often struggle to provide efficient and cost-effective micropayment solutions, Code emerges as a breath of fresh air.
The app’s innovative approach not only aligns with the growing need for frictionless financial transactions but also challenges the limitations imposed by traditional banks and centralized crypto exchanges.
User Experience and Feedback
The Code app allows users to send and receive money to anyone as simply as spending cash through their Kik messenger app.
A user can pull out a bill for any amount and send it to another user through the Kik messenger app and have that bill paid directly on the app. What’s more, users can also send and receive money from any other messenger app and only move to the Kin ecosystem to collect and exchange their crypto for a currency of choice.
Apart from sending and receiving Kin, users can also send and receive money in over 100 currencies from anywhere in the world. The app also lets users send Kin cryptocurrency using links that are called Cash links. This makes it easy for users who are already used to traditional apps as the transition from fiat money to crypto becomes even easier.
The Code app is currently available on iOS, and their Android app is coming soon.
Future Prospects and Expansion
So far, Code has received positive feedback since its inception. In addition to the positive comments from the CEO of Helius, Experts such as Chris Burniske (partner at Placeholder VC) have also opined on Code, saying it is “one of the most pleasing ways to instantly send and receive funds using crypto.”
Other onlookers, such as Anatoly Yakovenko (co-founder at Anatoly Yakovenko), have also mentioned that the app sets the bar for micropayment apps.
Going forward, Code’s CEO has insisted on the importance of finding repeatable use cases for the app, thus encouraging mass adoption.
While there are multiple challenges standing in the way of Code’s mass adoption, Livingston is hopeful that with a long-term strategy, Code will unlock daily utility for Kin among crypto enthusiasts.