Overcoming the 5 biggest hurdles facing the crypto industry right now

If personal data is the new oil, then the big tech companies have been mining it with both hands. This is bad business for consumers (who have no choice but to accept that the surveillance economy uses most of the major products and services), as well as for app developers and content creators, who are hampered in your efforts to monetize.

Web 3 promises to solve this problem by establishing an open and decentralized economy based on cryptocurrency, where each participant can take advantage of the opportunities it presents, without being exploited.

“Data monopolies operate in the same way as any large legacy company: y have the fastest, cheapest and most profitable solution at all costs, even at the expense of users or society at large,” said Kevin Ricoy, Chief Growth Officer. of Kin. Ecosystem, a community of developers using Kin’s modular SDKs to create cryptocurrency-based experiences in their digital applications and services.

“But today,” Ricoy said, “consumers are beginning to gravitate toward solutions that focus on the human being in their mission.”

However, to realize this vision of the promise of Web 3, there are a number of hurdles to overcome.

Developers must be able to monetize the amazing user experiences they are creating.

It’s easy to talk about a user-centric economy, but creating meaningful and sustainable digital experiences is only possible when developers can make a living without being forced to sacrifice user trust.

only recourse for many developers has been to turn to an ad-based monetization caral, but this can easily turn into a slippery slope. Rather than rewarding users for the value they bring to a platform, display advertising can not only harm the user experience, it can also serve as a vector for mass data collection and tracking.

“We reward developers for extracting microeconomic contributions and creating meaningful experiences.”

William Mougayar

But there is a much better and more user-centric way for developers to monetize, and that is through social currency. With Kin, for example, developers are paid to create engaging user experiences.

Kin Foundation pays approximately $ 300,000 to developers through the Kin Rewards Engine each week.

“In the same way that miners are rewarded for validating transactions, we reward developers for extracting microeconomic contributions and creating meaningful experiences for their users,” said William Mougayar, CEO of the Kin Foundation. decipher.

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Users must be taught that their personal data is valuable

Consumer platforms present themselves as free to use, but these providers rarely anticipate the types and sheer volume of data they collect.

practice is so common and so widespread that users have been tricked into accepting it as a (not so) quid pro quo standard. This is both a moral and a practical problem. When the goal of app development becomes understanding how much a developer can annoy users through clumsy monetization without forcing them to leave the platform, then we’ve lost our bearings.

That’s why consumers need reeducation – their data is valuable, and the time they spend interacting with content deserves fair compensation. By using a decentralized digital currency to incentivize rewards and the exchange of value between users, Kin helps align users, content creators, and developers around a new paradigm: one in which consumers no longer have to compromise. your data to take advantage of the services and platforms. love.

Users must be compensated for the effort and value they bring to a platform.

In stark contrast to the immense value that users and content creators generate in the digital world, they have historically been treated as the cogs of a machine that does not recognize their contribution.

To build a working Web 3 economy, developers need the tools to create experiences that drive user engagement and interaction in a mutually beneficial way. good news is that there are already easy-to-use SDKs that can help make that happen.

applications that make up Kin can reward consumers for the attention, time, knowledge, and content they create, while also benefiting the developer.

Grab Tapatalk, a free social app that aggregates discussions from internet forums. With Kin, Tapatalk users were able to earn Kin tokens in exchange for in-app actions, such as completing their profile or liking various posts. Users can spend the Kin they earn by tipping content creators or on other applications and services that accept Kin.

But earning and spending is more than just a monetary transaction, Ricoy said. decipher.

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“se are tokens of appreciation,” he said, “and each one helps improve the user experience.”

re must be compelling use cases to create meaningful crypto adoption

Despite dominating the headlines, cryptocurrencies are still considered a novelty by many today. Part of the problem is that crypto technology is not widely applied to support practical use cases.

For a cryptocurrency to gain meaningful adoption, it needs a reason to be, and users need a variety of potential ways to earn and spend it through apps.

Kin is the foundation of an ecosystem of applications that allow users to earn and spend cryptocurrencies on different platforms.

2/5 @Kin_Ecosystem set is a gigantic tokenized community. Each user can earn / spend their Kin within a vibrant community of independent apps. Each Kin app has a variety of income / spending patterns, be it social, gaming, content, video, chat, NFT, or community related.

– William Mougayar (@wmougayar) September 1, 2021

If developers want to build loyalty, they can reward Kin users for logging in X times a day. If they want to increase the number of users, they can distribute rewards in exchange for referrals. Apps can increase engagement through daily, weekly, or monthly in-app challenges with rewards on Kin.

In return, users can use their Kin to unlock premium services, buy digital goods, or even exchange their cryptocurrency for real-world items; the possibilities are truly endless.

Cryptocurrency integration needs to be simplified

re are millions of developers in the world, but cryptocurrency and blockchain have yet to find their way among many mainstream developers.

y mostly use Java, are unfamiliar with the complexities of blockchain infrastructure, and do not integrate cryptocurrencies into their applications because the learning curve is too steep, not to mention the likelihood of incurring high fees and having to wait a long time for customers. Payments.

“Kin’s modus operandi is to empower developers and users.”

Kevin Ricoy

It does not have to be this way. For developers, blockchain-based applications should be as easy to build as using any API. Kin offers a wide variety of simple modular SDKs and out-of-the-box technologies and tools to simplify the development of cryptocurrency rewards-based Web 3 applications. As a result, the transactions that take place within the Kin authorized applications are free and can be completed in 1-2 seconds. It’s no wonder, then, that Kin is the # 1 cryptocurrency SDK for both installations. Android AND iOS, according to the Apptopia tracking app. is a recent scan of Solana ecosystem transaction activity positioned Kin as the top cryptocurrency by transaction volume, second only to SOL, Solana’s native token.

As developers increasingly realize how easy it is to integrate cryptocurrencies into their applications, a fairer digital ecosystem will follow.

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” modus operandi of giants like Facebook and Google is to empower themselves, but our modus operandi is to empower developers,” said Ricoy Decipher. ” only way to build a fairer digital world is to make sure that treating users as the product is no longer the norm.”

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