Remember the exciting days of collecting Yu-Gi-Oh cards? Or, maybe you were more of a Pokemon game fan? Well, if you have a desire to rekindle your nostalgic "Gotta Catch 'Em All" attitude and are interested in cryptocurrency, today you are in luck. Enter the world of CryptoKitties.
CryptoKitties is a new game, part of the Ethereum blockchain that allows users to purchase and collect virtual cats. After you have obtained the cats, you can breed them with each other to try to create valuable new creatures. What does that mean? By breeding cats, you will be able to create new virtual tokens.
Award-winning venture studio, Axiom Zen, developed this cute crypto. The diverse team of talent wanted to do something that appeals to those that are uninitiated into the cryptocurrency world. The gamification of this cryptocurrency hopes to make blockchain technology more accessible and fun for potential users.
When the CryptoKitties currency launched, it was the most active smart contract on the Etherum network, contributing to roughly 2% of all Ether Transactions. In their press release, Benny Giang, CryptoKitties' Head of Community stated, "The reaction to CryptoKitties in Waterloo was incredibly validating. We helped crypto newcomers set up a MetaMask wallet, call a function on our smart contract, and come out of the other end being super enthusiastic about everything blockchain."
The Evolving Cryptocurrency Market
If you haven't been living under a rock, you are well aware of the buzzwords of "blockchain" and "cryptocurrency." Blockchain systems are centered around decentralized virtual tokens. These tokens are not controlled by any specific owner, business, or entity. The seemingly unstoppable and wildly popular Bitcoin is based on these principals. The same economic value can be applied to anything, opening the gates to an infinite amount of cryptocurrency possibilities.
How Does it Work?
Each of the cute little cats represents a virtual object or token on the Ethereum blockchain. As two CryptoKitties breed, their offspring's appearance, biography, and traits result from each parent's 256-bit genome, creating 4-billion possible genetic combinations. Developers create unique cats every 15 minutes. These cat tokens will not be created again, adding more value to the cats over time. And do not worry about any market manipulation. According to the technical director Dieter Shirley, “Anyone on the team with knowledge of the breeding algorithm is prohibited from playing.”
Maybe these cute cats could be a fun alternative to Bitcoin in the coming future. We are still waiting for Nintendo to release a Pokemon-styled cryptocurrency. Gotta Catch 'Em All!