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Cryptocurrency cat breeding game
Craze posts $4.8m of transactions
Just when you thought the world of cryptocurrencies couldn't get zanier,
along comes "Crypto Kitties".
The online cat breeding game, which has been likened to both Beanie Babies
and Pokemon, has taken the crypto-world by storm, reports The South China
Based on Ethereum's blockchain, the game allows users to breed, buy, and
sell kittens with ether, a rival cryptocurrency to bitcoin. It was created by
AxiomZen, a San Francisco- and Vancouver-based company.
Just like bitcoin, the game has blown up with US$3.3 million ($4.8m) worth of
transactions. Some kittens are listed on its site for more than 50 ether, or
approximately US$22,500 at ether's price at the time of this writing. More
than 20,000 cats have been sold thus far.
"CryptoKitties" appears to be pushing Ethereum to its limits with pending
transactions on Ethereum's blockchain reaching new highs since the game
exploded in popularity, according to data from Etherscan.
"[It's] causing a backlog of transactions," Josh Olszwicz, a bitcoin trader and
writer for Brave New Coin, told Business Insider in a Twitter direct message.
The game accounts for more than 10 per cent of the activity on Ethereum's
blockchain, according to EtherGasInfo.com.
"Ethereum is very actively managed by well-known founders," according to
Joe DiPasquale, founder of BitBull Capital, a cryptocurrency fund of
"I am confident management will be able to improve the transaction speed,"
"I am surprised by the success of the game."
Ethereum's blockchain was designed to provide the basis for a number of
use-cases outside of digital currencies. Companies ranging from 4G Capital,
which seeks to help grow businesses in Africa via smart contracts, to
WeiFund, a crowdfunding platform, are running applications on Ethereum.
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