It is cryptocurrency meets cuteness. The latest trend to hit the financial technology world, CryptoKitties is an online platform for collecting and breeding digital cats. Built using the Ethereum platform and blockchain technology, the innovation is already making waves.
Collectible. Breedable. Adorable. What are CryptoKitties?
Think of it as cross between a Tamagotchi and the blockchain, taking charm and adding tech to create what’s sure to be an addictive product. CryptoKitties is a relative newcomer to the scene.
Founded in 2017, premiering at ETH Waterloo Hackathon with its worldwide release on 28 November 2017, the product’s team is made up of startup founders, crypto-enthusiasts and talented developers.
The project aims to bring blockchain technology into the consumer world. The appeal of combing digital cuteness with fresh tech is not unheard off, take for example the Pokémon GO craze of 2016, that seamlessly merged augmented reality, real-life and gaming.
Science meets adorability. How does CryptoKitties work?
CryptoKitties uses the blockchain software of the Ethereum network to allow users to create so-called digital contracts for the sale of their digital pets known as CryptoKitties.
Blockchain, a technology that creates an ever-growing list of records known as blocks, is what stands behind the project. With each digitally coded ‘block’ containing a hash pointer to the previous block alongside a timestamp and transaction date, blockchain is said to be unbreakable.
Benny Giang, CryptoKitties’ Head of Community, speaking on the idea behind the concept said: “At its core, blockchain is a way for people to prove ownership and trustfully transact. A game based on collectible cats seemed like the most approachable introduction.”
Livestock of the digital era. How to buy and sell CryptoKitties?
Despite the similarities to cryptocurrency, digital money created using blockchain software, CryptoKitties themselves are not a currency. The creators encourage the idea that they are more akin to a cryptocollectible.
Currently, users are unable to buy a CryptoKitty using a credit card or real-world money, they need a digital wallet filled with Ether, the cryptocurrency of the Ethereum network, to make a purchase.