Cute kittens are invading the Ethereum blockchain
Last week, a new game similar to the famous Tamagochi of the 90’s has gained attention on the Ethereum blockchain, by becoming the most consuming smart contract application on the network.
I invested some time ago on Ethereum, the second largest crypto currency in terms of market capitalization after Bitcoin. I find Ethereum interesting because of its scalability and panel of applications beyond just being a crypto currency, to the point it is sometimes called a “decentralized computer” (I think it will eventually become the blockchain of SMEs because of that).
According to TechCrunch:
People are spending a crazy amount of real money on the game. So far about $1.3M has been transacted, with multiple kittens selling for ~50 ETH (around $23,000) and the “genesis” kitten being sold for a record ~246 ETH (around $113,000). This third party site tracks the largest purchases made to date on the game. And like any good viral sensation prices are rising and fluctuating fast. Right now it will cost you about .03 ETH, or $12 to buy the least expensive kitten in the game.
This week, close to 15% of all Ethereum network traffic is used up by Crypto Kitties. As a comparison, the second biggest application, with about 8% of network transactions, is EtherDelta, the popular decentralized token exchange. Due to that exponential growth, the Crypto Kitties team had to double the cost to breed new cats in their game.
Who would have expected that cats would become hype on the blockchain and would probably help improve the protocol to cope with the transaction load?