Livingston, whose erstwhile messaging app Kik was a darling of the Canadian tech scene in the mid-2010s, has proposed to “burn”—or remove from circulation—Kin tokens held by the now-defunct Kin Foundation and Kik, which make up about 70 per cent of the total supply of the cryptocurrency, which currently has a US$14.2 million market capitalization. (The Logic)

Talking point: The proposal is the latest twist in the ongoing drama with the pioneering cryptocurrency, which was the subject of a 2019 U.S. Securities and Exchange Commission suit that led to the shutdown of the messaging app. In February, Livingston and the team at his current startup Code had a messy split from the Kin Foundation, a non-profit created to support the cryptocurrency. As a result, the Kin Foundation disbanded, but its significant treasury of Kin remains. Similar to a stock buyback, burning crypto tends to increase its value by reducing supply. On Reddit, Livingston said the proposal would make Kin “fully decentralized, with no inflation, no foundation, and no website.”