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  0.680 3.54% 19.88 19.87 19.88
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KingTiger Casino Temporarily Shuts Down Due To Ethereum Network Congestion

13/08/2021 5:17pm

NEWSBTC


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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