Kik presses ‘paws’ on cryptocurrency launch, blames blockchain cat craze

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The most popular CryptoKitties have traded for six-figure sums, with users spending a total of about US$16 million on the game. Even at 10,000 users, we’re starting to push the limits of what the Ethereum blockchain can handle.”Cryptocurrencies are collectively worth more than US$500 billion and evangelists are touting the blockchain technology powering them as having more economic potential than the internet. Any blockchain is going to have scalability issues.”Anthony Di Iorio, a founder of Ethereum and chief executive and co-founder of Jaxx, a multi-cryptocurrency wallet, and Decentral, a Toronto innovation hub, said he doesn’t mind that Kik is leaving the platform he helped create.“I’m an evangelist of the entire ecosystem. He said the company is dealing with a steep learning curve and a community of investors that’s quick to lash out.“You’re always going to disappoint people,” he said. “It’s good to see them testing, trying and seeing what’s going to work.”Financial Postcbrownell@nationalpost.comTwitter.com/clabrow Cuddly, adorable digital kitties trading on the Ethereum blockchain are to blame for a delay in distributing Kik Interactive Inc.’s new cryptocurrency to users of the Waterloo, Ont.-based messaging app.In a Q&A streamed live online Wednesday, Kik chief executive Ted Livingston said the network congestion caused by the CryptoKitties craze is an example of deeper reliability issues with Ethereum, a platform for making decentralized applications based on blockchain technology.

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Cuddly, adorable digital kitties trading on the Ethereum blockchain are to blame for a delay in distributing Kik Interactive Inc.’s new cryptocurrency to users of the Waterloo, Ont.-based messaging app.

In a Q&A streamed live online Wednesday, Kik chief executive Ted Livingston said the network congestion caused by the CryptoKitties craze is an example of deeper reliability issues with Ethereum, a platform for making decentralized applications based on blockchain technology. Kik still plans to introduce Kin, its new Ethereum-based cryptocurrency, to a small group of users in the next few weeks, but Livingston said he’s planning to move the token to a different network called Stellar before introducing it to everyone else.

“We’ve been using Ethereum today, and to be honest, I call it the dialup era of blockchains,” Livingston said. “The scale is very low. Even at 10,000 users, we’re starting to push the limits of what the Ethereum blockchain can handle.”

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