Added: Rashana Semon - Date: 04.02.2022 00:04 - Views: 48707 - Clicks: 2490
Kik Points was a centralized digital economy that lived within Kik for about 2. Now, I want to take this opportunity to unpack some key insights from Kik Points — the centralized economy — that emphasizes the impact of a decentralized economy. The core function of messaging is relatively commoditized. Platforms like iMessage and WhatsApp serve the function of communication — the key differentiator with Kik is that its username-based.
This empowers users to own their digital identity. The product experience was simple. Users got a wallet — they could earn Kik Points by engaging with brands and could spend on digital content. Having a wallet and the opportunity to earn and spend generated a high level of intrinsic value.
Three key insights illustrated this: higher retention, more friends, and more messages. These were exciting metrics, but the vision was always bigger. Users have a lot more to offer in the community than just engaging with brands. And they have a desire to spend on more things than stickers, and to do this in more places than just Kik. Sure, users spend between 30—40 mins per day in Kik, but they also spend another 2 hours on other platforms.
This was the impetus to sunset Kik Points even though it was going well. Centralized digital economies are the equivalent of Starbucks paying their employees in Starbucks Stars — sure the employee may want a daily coffee, but they probably want to spend their earnings elsewhere too. Just like an employee is motivated to come and work because they have purchasing power for all the things they value, so too does a digital service benefit from users being able to capture value elsewhere.
And vice versa — if a digital service is a destination for a user to spend, the digital service will benefit from that user acquiring purchasing power where they can do so most effectively. But with the embedded incentives inherent in a cryptocurrency, collaboration actually maximizes value generation.
I like to use a party as an analogy here. The goal is to create the best user experience, so how to earn kik points are the party-goers. In the current model of competitive, centralized digital services, every digital service is trying to throw their own party.
One party digital service may have great music but bad food and poorly mixed drinks. Another party may have great food but terrible music countryand so on. Party goers are forced to choose between these parties, or spend a little bit of time at each one. But what if all the party hosts decided to throw a big street party?
The host with the good music brings their speakers, the host with the good food feeds everyone, and so on. Now, all party-goers show up to one place and have an awesome time! The DJ is going to get more tips; the bartender is going to sell more drinks; the food vendor is going to sell more food — everyone wins.
In a digital sharing economy powered by Kin, everyone wins too. The second learning was that in order for a user to amplify their digital experience, this frictionless experience needed to extend to all the places a user is spending their time. A decentralized ecosystem of digital services underpinned by a common currency, Kin, accomplishes this for the user. The Kin How to earn kik points Engine aligns the incentives of these digital services such that total value creation is maximized through collaboration.
Kin is money for the digital world. Earn, spend, and transfer value across an ecosystem of apps and services. Get paid for developing engaging user experiences with Kin. Medium is an open platform where million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more. If you have a story to tell, knowledge to share, or a perspective to offer — welcome home.
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Kik creates digital currency as basis for rewards engine