The popular social media site Kik is planning to launch an ICO for a new cryptocurrency called Kin which is short for Kinship. Sources reveal that it will be created as a ERC20 token on the ethereum blockchain. Not only will Kik be able to use it, but many other platforms and companies.
Something like this might provide competition for platforms like Steemit. Kik is well established and has a large user base, the introduction of a blockchain will expand their sphere of influence further. This is good and bad for some reasons. The bad (for Steemit): there will be pressure on Steemit to out perform Kik because being a social media platform that pays for posts will no longer be a novelty. The good: more people are introduced to cryptocurrencies which might drive some traffic towards Steemit.
Kik currently has 300 Million registered users who will all be earning Kin after the ICO. But what will be the implications? Will Facebook dip into their bottomless coffers if Kik solidifies the proof of concept?
This poses a danger for Steemit and Steem. Look at Vine. At the time they were one of the only platforms to include video and their whole niche was 6 second videos. It took off, but if you've been around for the last few years, you can see that it went the way of the dodo. But why? Well for one the bigger guys in the oceans next door decided to enter the area because of Vine's success. Instagram videos became popular and so did Facebook live and other video tools included. With Kik paying out Kin, it bodes well for users getting paid out and for the outlook of Ethereum, but again Steemit loses what made it special to begin with, much like vine did.
So how can Steemit stay ahead of the curve and keep innovating and sustaining it's growth? What can we glean from these past cases so that Steemit can avoid the potential iceberg up ahead? Leave a comment with your thoughts. If you're serrious about Steemit's success and ability to stay competitive, give this post and upvote and resteem it. Thank you for reading!
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