The CEO of Kik Messenger, Ted Livingston, did a vlog where he answered questions that many people had on the messaging platform and their recently released token, Kin. Amidst the Q& A session, he released some interesting news, a follow up to what they have been considering for a while now. As Bitguru reported earlier, the company, Kik Messenger, has been carefully considering and looking into a move away from the ethereum blockchain. They saw some issues and believed that the ethereum blockchain would not be suitable for them in the long-term. They are focused on being able to design for scale from the start so that they can take a long-term stance and have found that, for them and their Kin token network, Stellar and its blockchain might be the best way to go. Ted Livingston confirmed as much in this video just this past Wednesday.
So what are the problems with Ethereum?
The priority of a scalable blockchain is of utmost importance. In fact, it’s the second primary thing that they are working on. The CEO noted that he was able to witness again why he wanted to make the move when CryptoKitties came on the blockchain. He had to wait to upload an update to the Kin network, and his wait time was at least 2-3 days. This was unacceptable to him because of his priority of providing a great service for his users quickly and reliably. He commented that they have been using Ethereum to date and it seems to him like it’s the dial-up era of blockchains. As they have been using it and trying to “shoehorn into Kik,” they’ve found it to be “super complicated”. They’re finding that they have to add all these fees automatically on behalf of their users so that they can account for Kin, Ether, and the tribute for GAS for the processing of transactions. Then he noted that the scale is very low and that 10,000 users may be pushing the limits of Ethereum. So with all these issues and frustrations, they have chosen to move to Stellar.
The move to Stellar is supposed to take place in the second quarter of 2018. Stellar, according to Ted, was built by the team who built Ripple, and Stellar is a platform that is custom built for an application like KIN. To him, Stellar is not like ethereum, which seems to try and be everything to everybody. Instead, Stellar takes a focused approach, specifically catered, fast, reliable and inexpensive transactions.
The team is going to be testing out the claims of Stellar, around their scalability, by load testing it over the next two to three weeks.
The possibilities of cryptocurrency
Ted, then went on to argue or state there are various possibilities for cryptocurrencies, he doesn’t see cryptocurrencies as just a replacement for dollars, or something to buy coffee with, he sees it as something more.
His vision for Kin is to “facilitate the exchange of value between people in the digital world.
“In the digital world today, we have billions of consumers participating in all these sorts of services, providing value to each other, offering great advice, hosting great experiences, and providing great content. But there’s one problem, no one’s getting paid.”
He states that the current financial system is built for the physical world and not for the digital world. This is the new digital sharing economy.