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Homepage / News December 17, 2017 131 views

Kik Ditches Ethereum “The Dial-Up” Cryptocurrency

Kik Ditches Ethereum “The Dial-Up” Cryptocurrency

Kik Ditches Ethereum

Altcoins

Ethereum is usually promoted as the ultimate resolution for decentralized apps, with some even claiming that it will be the substrate for developing all software program in the future. This grand vision is in conflict with present reality nevertheless where ethereum now can not even hold onto one particular of its greatest mainstream adopters, Kik.

Also Read: Israeli PM Netanyahu Says Bitcoin Is Increasing as Banks Are Destined to Disappear

Kik Kicks Ethereum to the Curb

Kik Ditches Ethereum Ted Livingston, founder and CEO of Kik Messenger, has revealed in his most recent community Q&ampA that the Kin token will be switched away from ethereum. He said that the wise contracts altcoin is “trying to be everything to everybody, and that makes it common-objective and slow.” Livingstone &nbspfurther derided ethereum as “the dial-up era of blockchain.”

Kik Messenger has over 300 million registered users, and is mostly popular with teenagers. It is recognized for features preserving users’ anonymity, such as allowing registration with no a phone number. Kin was meant to be an ERC20 token primarily based on ethereum which will be integrated into Kik as the major transaction currency. Its ICO earlier this year raised almost $100 million from a lot more than 10,000 investors from 117 nations. The token developers are now altering it to be stellar-based as an alternative.

Congestion, Cats, and Gas Fees

Kik Ditches Ethereum The reasons cited by the Kik CEO for abandoning ethereum are its present lack of reliability and scalability for handling quite a few transactions. The developers were testing Kin with just ten,000 users and found ethereum fails to match their needs.

In addition, the costs of employing the altcoin are now as well prohibitive for handling micro-transactions. The typical transaction fee on ethereum is now $1.08 and the median cost is $.377, according to Bit Information Charts.

A single may possibly have expected that the flood of ICOs launching&nbspERC20 tokens may be the lead to of ethereum’s congestion and backlog problems, but the truth is a bit more ridiculous. People playing around with virtual pets known as&nbspCrypto Kitties&nbsphave contributed towards congesting the ethereum network and driving expenses up.

Are the problems affecting ethereum at the moment just temporary or is this likely to be a permanent problem? Tell us what you consider in the comments section beneath.


Photos courtesy of Shutterstock.


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Published at Sun, 17 Dec 2017 13:58:44 +0000

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