Ted Livingston, CEO of Kik, the company behind the eponymous messenger, spoke quite pessimistic about blockchain technology (although the project has attracted almost $100 million through the sale of tokens last year).

Livingston said:

The blockchain itself does not represent for you any value. Except that in that case, if you really intend to create one of the most popular cryptocurrency in the world.

Livingston spoke about the cryptocurrency at a technology conference True North on may 30, and also gave an interview to the Financial Post, where he shared his experience of creating a digital currency Kin related to the Kik messenger. He doubts that there are many practical applications for blockchain technology in addition to bitcoin and other cryptocurrencies.

According to him, the genius of these currencies is that they create a “digital deficit” which allows you to create a limited number of tokens and share them on the network, even if participants do not trust each other. However, this lack of trust that is suitable for transactions between strangers, is uncomfortable for many other applications:

Why are all designed blockchain? It allows you to create a database, there is no need to entrust these details to some parties. This can be implemented in many ways, however, in most cases, the trust still needed.

The blockchain can create an immutable public record, from which, for example, a guest of the restaurant knew where was the fish, which is now on his Desk, and the way she did. But there is nothing valuable, especially if a fisherman is lying about where he caught it.

Livingston admitted that he was however amazed at the huge incentives involved in Cryptoprotected money:

Today the “bitcoin computer” 100,000 times more powerful than the top 500 supercomputers of the world combined.

Livingstone’s plan was to create a digital currency Kin built into the Kik app and others that would allow payments between users. App Kik would pay developers who create interesting new features.

However, not all went smoothly. After last year’s app Kik has raised about $100 million during the ICO, the developers encountered technical problems on the Ethereum platform. It was necessary to devise something new.

Livingstone said that the company has successfully created its own blockchain for the coin Kin — hybrid Ethereum and Stellar, two of the cryptocurrency and open source.

The next step for the developers — the actual launch of the blockchain along with the application Kik. Livingston does not specify when it will happen, but says:

We decided that, once in the “crypt” so many unknowns, we will no longer assign any dates, but will try as soon as possible to resolve the issue.

Thus, the survival of the Kik messenger will depend on the success of the promotion of the blockchain.

Last year it was reported that Kik 15 million active users. In an interview with the Financial Post Livingston also said that his project “millions of monthly active users”.

If Kin will increase significantly in price, the developers, the EIC will allocate 3 trillion. the tokens that make them all the benefits from the enterprise. Livingston believes that the “crypto game” — the only way to compete with the tech giants:

It is unreal difficult game. We are trying to provide FOR their users, but we need money to survive. We play against monopolies such as Facebook and Google.