After doing the research and emailing with the original developer of Kittehcoin, we’ve come to a few realizations we want to share – along with our new approach as we move forward.
Issue 1: the coin is unstable
The coin was hacked a long time ago and according to the lead developer, the hack allowed a miner to mint new coins (in the billions) when they found a block. As a result, the number of Kittehcoin in circulation is almost double what it should be – and this drives down the value of the coin.
Issue 2: fear and suspicion
Understandably, there is a great deal of suspicion when a group (like us) comes along and offers to revitalize the coin. Understandably. Some forum chatter claims the original hackers are now trying to pump the coin’s value to cash out. For whatever it’s worth: we aren’t the hackers and that isn’t our goal.
The original idea:
Our original idea for Kittehcoin was to fix the bug and then build an encrypted messaging app on it.* However, since there is no way to escape the suspicion that we are the original hackers trying to profit off hack, we decided to scrap that idea.
So that is what we are going to do.
The new plan moving forward:
Phase 1: fix the bug in Kittehcoin to prevent new coins from being created by a “greedy” miner.
Phase 2: we’re designing and building an app for this coin that will address the over-abundance of coins – starting (but hopefully not ending with) with Kittehcoin.
Once we complete Phase 1 & 2, we’ll have a more stable coin that miners, users, developers, and holders can trust.
Stay tuned for more details and look for a new post on Thursday about our latest hire.
* We’re still moving forward with development on this idea – just not on Kittehcoin. Instead, we think a better approach for the messaging app is to fork Litecoin (LTC) or build with Ethereum’s ERC-20 protocol.