There’s no question that cats are the rulers of the Internet. Our feline overlords are on the front page of Reddit every day, in countless Youtube videos, and don't forget now they’ve taken over the cryptocurrency and bitcoin the other competitor Ethereum.
What Is It All About
CryptoKitties is a game where some people can collect, trade, and breed virtual kittens by using contracts on the popular Ethereum blockchain, and also over the past couple days, the game has exploded all over the internet, and the popularity went all over the world. It was actually officially released on November 28th which is not a long time for this. The Owners Of Axiom Zen, known as the Vancouver and San Francisco-based tech company made the game, but then they already had to raise the price of joining because of the sudden influx of new players was lagging up Ethereum’s network and it almost broke.
But what do cats have to do with cryptocurrency you ask?
The Crypto Kitties is om built the same thing that allows the cryptocurrency to be possible. You just need to get some Etherum and then use it to pay for your very first cat friend. Once you bought your first kitten, the transaction gets added into the blockchain as it normally does for all permanent receipt of your purchase.
CryptoKitties is sort of like buying a virtual toy, except with digital scarcity built into the purchase. There was never any central authority for overseeing the game and with everything and instead it was traced to the blockchain. The permanent online record is meant to guarantee that the kitties you buy and that the money you spent won’t just disappear at night when you sleep.
The CryptoKitties website describes them as “crypto collectibles.”
You can buy or sell and trade, and also even breed! This is all made possible by the concept of digital scarcity this means that there is an infinite number of kittens that can be created. It’s the same principle that sets an upper limit on the number of bitcoins that can be mined at 22 million.
This is what CryptoKitties from experiencing inflation. The plan is for all possible kitties to come into existence by November 1, 2018, spontaneously. After then, the only way to get your hands on a new kitty will be by breeding ones you’ve bought from other players or already had.
Breeding, however, allows players to spawn other kitties from the ones they already have. This has its limits. Like with real cats, it takes two to make a new one. Each time your original cats create another, it takes the cat longer and longer to be ready to breed another. This increased cool-down time is in place to make sure that no one tries to start a virtual kitty mill.
While it may be tempting to call CryptoKitties it’s very own cryptocurrency, the creators of the game insist that it’s not. Rather, it’s a product that can simply only be purchased using ether.
This new market of collectible kitties has unprecedentedly taken the crypto-world by storm. People who never would have never thought about purchasing Ether are now rushing to get their hands on some fancy cats. You can chalk up its popularity to people’s obsessions with collecting things. It plays off of the same concepts that fueled Pokemon Go’s moment in the limelight. Only this is using the best damn animal on the internet.
Remember That Crypto Kittens Will Be The Future Of The Digitial Currency.
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