KingTiger Casino Temporarily Shuts Down Due To Ethereum Network Congestion
August 13 2021 - 12:17PM
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KingTiger Casino recently went out of operation due to Ethereum
congestion issues. The online casino announced that they wouldn’t
be operating until they get a suitable solution for their users. On
their website, the company said they shutting-down due to
congestion on the Ehereum network. According to them, it has become
impossible to run their games on the network with their current
format. Related Reading | Coinbase Removes USD Coin (USDC)”
Backed By Dollar” Statement For now, KingTiger Casion is searching
for a better solution to accommodate their new games and advanced
features. Presently the casino services are not working, but users
are still able to access their wallets. Funfair Technologies, the
owner of KingTiger, also allows users who wish to create new
accounts to do it. Also, KingTiger Casino has assured non-custodial
wallet users that they can still control their assets. They assured
these users that they could keep their funds in their personal
wallets until they want or move them to an ERC-20 address. A Brief
On Funfair And KingTiger KingTiger was using the FUN token to
operate. This is not surprising since the parent company, Funfair
technologies, is behind the FUN token based on smart contracts.
Funfair technology is a gaming platform using Ethereum smart
contracts to execute transactions. The platform is decentralized
and was launched in 2017. The company is yet to make further
statements concerning this temporary shutdown of its casino.
Ethereum Hard Fork To Provide Alternative To These Problems One of
the reasons that made the recent London hard fork commendable is
that it aims at solving the Ethereum network issues. Before now,
there were unsteady transaction fees and a lack of scalability.
Also, the network was becoming too congested following the rise of
DeFi and NFTs on the network. But with this upgrade, the community
is hoping to see a solution to the scalability issues. Related
Reading | Lionel Messi To Get Paid In Crypto For Joining Paris
Saint Germain With the hard fork, there is now an additional 800
deflationary blocks formed following the excessive burning of ETH
that surpassed mining rewards. As a result, this mechanism
automatically decreased Ethereum supply temporarily. At the time of
writing, ETH targets to cross the $4k mark following Bitcoin's
growth | Source: ETHUSD on TradingView.com After the upgrade, the
price of Ethereum went as high as $2,000 and later broke the $3000
level. However, as of now, the transaction fees on the Ethereum
network are still high. Before the upgrade in July, the transaction
was as low as $4 but has now added $16. But even at its level, it
is still lower than the $33 which Uniswap charges on its network.
Featured image from Pixabay, chart from TradingView.com
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