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Revision as of 16:15, 25 February 2018 by 75.157.65.47 (talk)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)CryptoKitties is a blockchain-based virtual game that allows players to purchase, collect, breed and sell virtual cats. It represents one of the earliest attempts to deploy blockchain technology for recreational and leisurely purposes. The game's popularity in December 2017 congested the Ethereum network, causing for it to reach an all-time high in transactions and slow down significantly.
Background
Whereas CryptoKitties is not a cryptocurrency, it operates on Ethereum’s underlying blockchain network, which offers something similar. Each CryptoKitty is unique and owned by the user, validated through the blockchain, and its value can appreciate or depreciate based on the market. CryptoKitties cannot be replicated, taken away, or destroyed. Users can interact with their CryptoKitties, having the ability to buy, sell, and sire (breed) them. A test version of CryptoKitties was unveiled at ETH Waterloo on October 19, 2017, the largest Ethereum hackathon in the world.
As of December 2, the high selling cat was sold for 246.9255 ETH (~$117,712 USD) on that day.
The virtual cats are breedable and carry a 256 bit distinct genome with unique DNA and different attributes(cattributes) that can be passed to offspring. Several traits can be passed down including cool down time (how much time is required before a cat can breed), whiskers, fur color and background color.
Technology
A CryptoKitty's ownership is tracked via a smart contract on the Ethereum blockchain. CryptoKitties are distributed automatically, via smart contract, at the rate of one every 15 minutes (672 per week) for one year. Each CryptoKitty is represented in the form of a non-fungible ERC-721 token, which allows for each entity to have specific attributes.
Based on the limited number of cats going into circulation and their limited genomes, there is a limit of 4 billion total cats that can be bred. Each cat will have a distinct visual appearance (“phenotype”) determined by its immutable genes (“genotype”) stored in the smart contract. Because cats are tokens on a blockchain, they can be bought, sold, or transferred digitally, with strong guarantees of ownership. A CryptoKitty does not have a permanently assigned gender. While they can only engage in one breeding session at one time, each cat is able to act as either matron or sire. The owner chooses with each breeding interaction
A group known as Axiom Zen innovation studio developed the game. Until November 2018, Axiom Zen intends to continually release a new CryptoKitty every 15 minutes, with the rest of supply determined by breeding of crypto-kitties. Crypto-kitties owners may put them up for sale for a price set in ethers.
Reception
There are concerns that Cryptokitties is crowding out more serious, significant business that use the Ethereum platform. As of December 5, 2017 Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game's release just a week earlier. "CryptoKitties has become so popular that it's taking up a significant amount of available space for transactions on the Ethereum platform," said Garrick Hileman, from the University of Cambridge.
Ethereum miners increased the gas limit in response to CryptoKitties, which allowed for more data per block and increasing transactions per second.
References
- Cryptokitties Analysis Paper "The Leisures of Blockchains." Information Systems & Economics eJournal, Social Science Research Network (SSRN). Accessed 19 December 2017.
- "CryptoKitties craze slows down transactions on Ethereum". 12 May 2017.
{{cite news}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ Cheng, Evelyn (2017-12-06). "Meet CryptoKitties, the $100,000 digital beanie babies epitomizing the cryptocurrency mania". CNBC. Retrieved 2017-12-10.
- Tepper, Fitz. "People have spent over $1M buying virtual cats on the Ethereum blockchain". TechCrunch. Retrieved 2017-12-10.
{{cite news}}: no-break space character in|title=at position 63 (help) - "CryptoKitties Mania Overwhelms Ethereum Network's Processing". Bloomberg.com. 2017-12-04. Retrieved 2017-12-10.
- "CryptoKitties cripple Ethereum blockchain". BBC News. 2017-12-05. Retrieved 2017-12-11.