Upcoming ICO: Digital Kittens Delay SophiaTX Token Sale
A digital kittens gaming app has clogged the Ethereum network. As a result, Switzerland’s SophiaTX was forced to reschedule its token sale. Instead of Dec. 5, the upcoming ICO will now launch on Dec. 7. It’s not the first ICO to be delayed as a result of network problems, and it probably won’t be the last.
The startup took to its blog to announce to future deal participants that the upcoming ICO was postponed for a couple of days, blaming circumstances outside of the company’s control. Apparently in the hours leading up to the original launch date for the token generating event, the Ethereum network slowed considerably as a result of issues stemming from the “success” of gaming app CryptoKitties on the network, according to SophiaTX CEO Jaroslav Kacina.
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The upcoming ICO management team expected that a percentage of the buyers of the company’s digital token would be paying with ETH, and proceeding with the planned sale would have delayed those transactions. This was particularly concerning given that the SophiaTX ICO rewards investors for early participation, and delays would have interefered with an otherwise level playing field. SophiaTX will accept BTC, ETH and DCT for payment during the token sale.
SophiaTX Goes It Alone on the Blockchain
SophiaTX’s Kacina took a swipe at the vulnerabilities in the Ethereum network: ”The recent incident demonstrates why we have chosen to build SophiaTX as a proprietary blockchain technology. Businesses require sufficient speed, security, and features that are required for a mainstream adoption by businesses, currently not provided by either bitcoin, Ethereum and others.”
Indeed, SophiaTX is developing its own blockchain on an independent platform from existing networks, including Ethereum. SophiaTX’s blockchain is designed for business and it integrates with SAP and other apps including ERP and CRM. This latest snafu on the Ethereum network seems to make the case for SophiaTX’s proprietary platform, even if unintentional.
They are selling 500 million of the SPHTX tokens and will direct the proceeds toward R&D, partnerships, compliance and innovation.
SophiaTX took the digital kitten interruption well, all things considered, with CEO Kacina saying in his blog that he’s more of a dog person anyway.