Kik founder calls Blockchain “unconvincing” after raising USD 100 million in ICO
Kik Ceo and founder Ted Livingston had mentioned his opinion publicly at a conference to the world earlier that surprised everyone about the blockchain stating, “Almost nobody should be looking at it.”
What made this statement all the more looked in depth is the fact that Ted Livingston has raised over USD 100 million in an Initial Coin Offering for his organization in 2017.
He goes to state at the conference, “Unless you’re trying to build one of the most-used cryptocurrencies in the world, it’s very low odds that blockchain is going to create value for you.” He mentions his experience that he had with the cryptocurrency Kin, which is Kik’s digital token. The technology wasn’t very convincing according to Ted, unless if you are working with it on some of the very old traditional cryptocurrencies like Bitcoin. In practical usage, he goes on to mention, bitcoin and other few currencies out there only seemingly add value and is the only real use case.
Although the field of the blockchain technology is in constant research and development, Livingston says that there are not a lot of practical applications on the blockchain technology that will benefit from using it. According to him, it is more of a fad than of any beneficial relevance.
Ted tells that the genius in having digital currencies is nothing but their scarcity. The reason that they are so very scarce and limited in number is the reason why everyone is after them more than anything these days and is also the reason why their valuation seems to increase or decrease day by day in a highly volatile fashion.
Livingston explained: “What does blockchain do at the end of the day? It allows you to have a database that’s trustless. That can be applied in a bunch of ways, but most of those ways, you still need trust.”
And although he keeps a pessimistic attitude to the technology, he maintains a positive acknowledgment of the fact the digital currencies have created an enormous incentive, the main reason being that there are billions of dollars involved. He adds, “Today, the ‘Bitcoin computer’ is 100,000 times more powerful than the top 500 supercomputers in the world combined.”
The “Bitcoin Computer” is a network of all the participants in the world participating in validating and running the Bitcoin protocol on their personal devices thereby creating an effective economic system that will award the participants within the network with a small unit of bitcoin. This, hopefully, could be adopted as the go-to currency in the coming future.
In a similar fashion, Livingston also hopes that the digital currency Kin can be used by the Kik users world ide to make purchases on their app and also send and receive the same to each other.