Kin is conducting an ICO for its token beginning on September 12th. This is the highest profile attempt to augment an existing business with a token based model. We believe there are many other organizations examining the tokenization of existing businesses and will be watching the outcome of this project closely. Kin has the potential to enhance the existing user experience, create new use cases within Kik, produce new monetization streams for developers, and invigorate the app’s community. Unfortunately, key technical details about the token are currently lacking. A formal white paper has not been published and the codebase for their smart contract is not available for audit. Finally, the specifics about the ICO sale, including valuation and inflation rates are misleading. Our analysis shows a significantly higher valuation and first year float increase.