Kinesis ICO review / KVT (KAU and KAG) tokens overview
📣 Kinesis ICO review / KVT (KAU and KAG) tokens overview 📣Today we’re going to take a look at the Kinesis project. But before we go any further, here’s a disclaimer.
What is Kinesis project about?Okay, let’s see how the Kinesis team lays out their ideas.
To sum up the info provided on their official website, we’ll just say that Kinesis is being designed as another global currency or a monetary system as they put it. And the emphasis is on the currency being a store of value and a medium of exchange. This is achieved by basing the Kinesis currencies 1:1 on directly allocated physical gold and silver.
So basically the team offers a solution to the volatility problem by introducing an asset-backed digital currency combining blockchain technology with two of the greatest stable and definable stores of value: gold and silver.
And then you might be wondering, why not just go for actual gold and silver instead? Well, the developers plan on making their system give yield to these precious metals, incentivizing their use. There are a number of ways to receive your share for participating in the Kinesis ecosystem as a minter, depositor, holder or recruiter. You can learn more about this by pausing the video and reading the text on your screen.
What market is Kinesis platform about to enter?The concept of backing a blockchain-based currency with precious metals has been implemented before. In fact, there is a literal gold rush happening now in the crypto world, and even countries are looking to issue their own gold-based cryptocurrency. There are quite a few projects currently working on resurrecting the gold standard in our digital era. Airgead, Egold, GoldVein, Darico and AURUM X are among Kinesis chief competitors to name just a few.
All about the Kinesis tokens: KVT, KAU, KAGKinesis has two primary currencies – KAU and KAG. And according to the official website, their holders are entitled to the actual gold and silver bars that must be stored in some kind of vault. We haven’t dug up much on their location. Tom Coughlin, CEO of Kinesis said in an interview for Yahoo! Finance, “When you buy the currency, you instantly purchase real gold or silver. This is secured in vaults around the world, free of charge. Your holding can even be transferred back to physical gold or silver.”
ICO pre-sale starts on November 12 and ends next year February 28.
Additionally, there will be the Kinesis debit card that allows for instant conversion of the tokens into fiat currency anywhere in the world where Visa/Mastercard is accepted.
The protocol is forked off the Stellar blockchain which means that it should carry all competitive advantages that Stellar has, such as low fees and high speed of processing the transactions. The Kinesis Currencies will be launched in November 2018. Kinesis coins are minted into existence as a representation of physical precious metals on a 1:1 basis. For example, 1g of gold to 1 KAU and 10g of Silver to 1 KAG.
To perpetuate growth of the Kinesis Monetary System, Kinesis have released the Kinesis Velocity Token (KVT). KVT’s are limited to 300,000 only and holders of the KVT tokens will receive a 20% proportional share of the transaction fees from the Kinesis Monetary System. This will create an additional layer of income for token holders on top of the value of the token itself.
Now what about Kinesis MVP?To support the use of the currency the Kinesis team has come up with several auxiliary products – the Kinesis Debit Card, the Digital Wallet and the Kinesis Blockchain Exchange. Unfortunately, little information has been found concerning the progress of these items’ development.
A sneak preview of the latest version of the Kinesis wallet user interface has been made available for display last month. Other than that, much has been left unanswered, since our request in the Telegram group was replied by the admin with “As soon as there is news we will share with you”.
Who is on the Kinesis team?Now, what can we highlight in regards to the team promoting Kinesis? A lot of info on each member can be found online, so we’ve decided to tell you about two key figures on the team.
Thomas Coughlin is the Chief Executive Officer (CEO) of Kinesis Limited as well as Allocated Bullion Exchange (ABX). He has worked in the investment, funds management and bullion industries for approximately seventeen years.
Michael Coughlin is the Chief Financial Officer (CFO) of Allocated Bullion Exchange (ABX). His tertiary accountancy education was completed at the University of Southern Queensland, with Post Graduate studies at the University of Queensland in Economics, and Canberra University in Taxation Law. Michael has a total of 41 years of experience as a CPA in the accountancy and financial services professions.
Considering Kinesis opted to use the Stellar blockchain, 8 individuals currently developing the line of products might well prove sufficient. There are a couple of them we’d like to mention here.
Sam Jeston is the Technical Team Lead of the development team in Brisbane. He is responsible for the KVT token solidity, fork of the Stellar network, wallet development and all exchange systems.
Carl Foster is a software developer creating and maintaining the blockchain network and developing the applications to interact with the currencies.
Kinesis CommunityKinesis was airdropping free Ethereum last May, giving away $100,000 in the cryptocurrency.
As for the activity on social media, the project has a pretty large following of 8,715 people on Facebook, but seems to be neglecting its official Twitter profile which only has 1,761 users keeping an eye on it.
However, the airdrop campaign seems to have brought a lot of audience to the official Telegram group that at the moment has over 15,000 users.
What is in there for me?Those who want to protect their investments from volatility caused by political instability could greatly benefit from Kinesis.
From an investor’s point of view, however, there’s only one point of concern with Kinesis. The company is registered in the Cayman Islands, which is offshore territory, so potentially there might be some regulation issues in the future. Also we’d like to highlight the lack of data on the progress that the team is making. You will be hard-pressed to find any updates posted on such major social media as Twitter or YouTube, for instance. Any investor could certainly use as much info as possible.
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