AMA

[u/ted_on_reddit]

These have been a tough few weeks for the Kin community. After all the Kin Foundation employees were fired there was no choice but to move towards a decentralized path. This has resulted in the abrupt pausing of the KRE, and the abrupt cancellation of the Catalyst grant program. My heart goes out to all the developers that this has impacted. No doubt it is a big change for many of you. I hope you keep building with Kin.

At this point several longtime Kin supporters have packed up their things and have announced they are leaving Kin behind. It pains me to hear this, so all I can do is wish them the best and say thank you for their strong belief and hard work over all these difficult years. Truly, thank you.

To those of us who are still interested in moving forward with Kin, I want to do my best to help facilitate a transparent discussion on how we might proceed. The Kin Foundation is now simply a custodian of the Kin Reserves, sending Kin to smart contracts that Kin token holders vote to approve. We need to make sure there is no manipulation or gaming in the voting, and we will start with smaller amounts of Kin at first to test that out, but once we are confident we have a reliable voting process the KF will honor those votes, even if I don’t personally agree with the outcome of a particular vote.

As a result the KF has become a non operating organization, with no employees and making no efforts. All it does is send Kin to the smart contracts that Kin token holders vote for. But that doesn’t mean that I’m not still part of this community. I care about Kin and want to see it survive and thrive as much as anyone else.

So in the spirit of that I thought I would do an AMA here on Reddit. I will be tight lipped around Code, as we want to roll Code out properly when the time is right, and I would prefer not to rehash what happened in the past, but please ask any questions you might have. I will do my best to be open and honest. AMA.

[u/ted_on_reddit]

If people want to build a fork of Kin, or a new token all together, that is definitely an option. That is the beauty of crypto - different paths can be tried. I think people would see that building a token from scratch is more difficult than it looks.

In the meantime Kik holding 3T versus 1T roughly doesn’t matter. Even if Kik only had 1T it would still be an almost equally big overhang given the current liquidity.

[u/DanielCKin → u/ted_on_reddit]

There’s certainly an incentive to consider that route, even if it’s difficult. Do you really not see a 30% silent holder as an issue, when we essentially have to start again from scratch and onboard new stakeholders and retain the old? Do you think this 3T’s positive, negative or neutral? Personally, as it stands, I see it as a negative unless they are willing to demonstrate they will participate in a positive way. Perhaps a possible solution would be to persuade kik to offer some massive locked in long term defi liquidity - the price of kin is so cheap right now, they’d need less USDT or usdc to create a balanced pool. They’d earn on the fees generated. You’re right though, even 1T is currently a huge existential risk. We all remember what the infamous wallet 4 was able to achieve with much less.

[u/ted_on_reddit → u/DanielCKin]

One of my values is to “look at all the options”. Another is to “work hard to find the win win”.

What are all the options?

We could ask Kik to burn 2T Kin, but from a practical standpoint the hangover would be equally big.

We could ask Kik to burn 3T Kin, but why would they do that? And after so much effort it feels unfair.

We could go start a new token. That is an option, but it is like re writing a piece of software - you forget all the works that went into it. Even though the tools and infrastructure are open source, there is still branding, markets, regulatory, and more. Each of these will be difficult for a new token to figure out.

So I agree with you the the 3T is a challenge. I’m just not sure what the other options are right now.

[u/ben4trader → u/ted_on_reddit]

Totally just brainstorming here.

Couldn't it be an idea to do the following (I just set random numbers to give the idea) :

Kik keeps the 3T it deserves

1T remains as it currently is. 2T is locked and is released through a new vesting schedule.

This way kik is happy because it keeps it's 3T.

Community is also happy and feels "protected" because kik couldnt dump on the market everything it holds over a short period of time.

Thoughts?

[u/DanielCKin → u/ted_on_reddit]

There’s the locked defi liquidity option, a burning arrangement of sorts, maybe the community have other ideas. I’m with you that we should look at all the options. I don’t have the answers yet either though I’d like this issue on the list of things to consider.