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The Big Business Of Cryptokitties Is Being Automated

The Big Business Of Cryptokitties Is Being Automated

The Big Business of CryptoKitties Is Being Automated Great, now digital kitten mills are a thing. The most popular use of Ethereum right now isnt startup fundraising or anything even remotely useful. Instead, people are sucking up Ethereums resources to breed and trade digital cats called CryptoKitties. Theyre basically Beanie Babies, except they dont physically exist, and so far the Ethereum community has collectively spent over $2 million USD on them. With so much money on the line, some CryptoKitty players are coding tools to automate parts of their digital kitten mills, mostly with apps that scan for high-value kitties. At least one tool on GitHub, an online repository for open source code, purports to be a trading bot. Organic CryptoKitty traffic is already clogging up the entire Ethereum network , and the specter of bots has made some manual users understandably frustrated . Read More: 11% of Traffic on the Ethereum Blockchain Is Being Used to Breed Digital Cats CryptoKitties is an app by Canadian startup Axiom Zen, and it was introduced to the world at an Ethereum hackathon at the University of Waterloo in October. The game works like this: the CryptoKitty code continually generates new, basic cats (called gen0 kitties), which the community then breeds and trades. Breeding two kitties involves sending some ether, Ethereums in-house cryptocurrency, to smart contracts that use the two base values to create a new one: a brand new kitty! Its all on the blockchain, in public view, which means that every CryptoKitty is provably unique. Some kitties have sold for as much as $75,000 USD . One Reddit user, who posted that they (manually) buy cheap gen0 cats just to breed and sell, told me in a private message that they are considering canceling a vacation to the Grand Ca Continue reading >>

Cryptokitties: The Tech Behind Thecraze

Cryptokitties: The Tech Behind Thecraze

Kitties have officially taken over the blockchain. Several articles have been written about the kitty phenomena and they have received significant mainstream exposure as well. In fact, even Vitalik Buterin has gotten in on the act! So, just to give you a very brief idea , cryptokitties is one of the first games that has been created on the blockchain. The idea is to breed, collect and hold digital kitties. The game was made by Vancouver based blockchain company Axiom Zen . Like I have said before, there have been many articles written on the topic and that you can checkout. In this article, we are going to look under the hood. We are going to see the nuts and bolts that powers this whole system. Also I want to aPAWlogise in advance for all the cat puns (it has begun already hasnt it?). Genetic algorithm is an optimisation technique used to solve non-linear optimisation problems. It works pretty much the way biological genetics works. It starts with an initial generation of candidate solutions that have been tests against the objective function. The algorithm then generates subsequent solutions from these parent solutions using bio-inspired operators like: selection, crossover, and mutation. While the genes inside our body consists of proteins and various other elements, in GA they are represented via numbers. So lets take a look at how evolution works using genetic algorithm. We will only be using binary cases i.e. cases where the genes can be represented as 1s and 0s. Selection: Selection basically means retaining the best performing parents from one generation to the next. These well-performing parents are the ones that are preferred for reproduction. So eg. the two parents chosen via selection are: Cryptokitties uses the Genetic Algorithm to create a new kitty. It u Continue reading >>

If You Havent Already Gotten Into Cryptokitties, You Might Be Too Late

If You Havent Already Gotten Into Cryptokitties, You Might Be Too Late

Today in getting more people interested in cryptocurrency by putting a cat on it, we go to Kotaku: CryptoKitties lets you exchange a made-up thing called Ethereum for fake cats. If Ethereum sounds familiar, it might be because a Billfolder used it to pay for moving expenses in August. Now people are using it to breed virtual cats. You can either have two of your kittens sire a third or pay another user to mate with theirs if youre in the hunt for specific characteristics. The kittens then have a cooldown that restricts how fast they can make new ones helping to limit inflation. When the new kitten is born it comes with its own unique characteristics as well as a label designating which generation of kitten it is (starting back with the original set Axiom Zen made, gen 0). Ifthat sounds familiar, you probably played Final Fantasy VII in the 90s. (I spent so many hours breeding Chocobos.) The gist is that people are using Ethereum to buy, sell, and breed these cats, andas Kotaku reportstheyve spent $6.7 million doing so. (This number will very likely be higher by the time you read this; go to CryptoKitties Sales to see the latest figures.) Also, this whole thing ONLY STARTED ON NOVEMBER 28. I found that particular detail by scrolling the CryptoKitties Twitter account, where I also found this tweet from last Saturday: SOLD!! Founder Cat #2 for $23k USD to a cool cat named Rawb pic.twitter.com/aJk362jUwi CryptoKitties (@CryptoKitties) December 2, 2017 When you visit the official CryptoKitties site, which is so cute that it makes me immediately want to participate in the game, you get introduced to the term cryptocollectible: Bitcoin and ether are cryptocurrencies but CryptoKitties are cryptocollectibles. You can buy, sell, or trade your CryptoKitty like it was a traditiona Continue reading >>

People Have Spent Over $1m Buying Virtual Cats On The Ethereum Blockchain

People Have Spent Over $1m Buying Virtual Cats On The Ethereum Blockchain

People have spent over $1M buying virtual cats on the Ethereum blockchain Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain.And like most viral sensations that catch on in the tech world, its blowing up fast. Built by Vancouver and San Francisco-based design studio AxiomZen , the game is the latest fad in the world of cryptocurrency and probably soon tech in general. 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. So now we have people using Ether, an asset with arguably little tangible utility to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017. In all seriousness, its a little bit reminiscent of the beanie baby trend where people were paying insane amounts of money for stuffed animals. But if the popularity continues to increase these people may be able to make a return by reselling or breeding their rare kittens, or theyll be stuck holding the virtual cryptographic keys to a virtual rare kitten when the market crashes in a few day, like eventually happened with beanie babies. There are a few cool things about the game though, and putting aside the valuation absurdity its actually a cool way for beginners to interact with the Ethereum blockchain. First off, its important to understand that since its played on the Ethere Continue reading >>

"cryptokitties" Clones Are Already Popping Up In China Quartz

Last month, the global cryptocurrency community flocked en masse to CryptoKitties, a game that lets users breed and trade virtual kittens using ethereum, a virtual currency like bitcoin. At one point, 12% of all ethereum transactions were going toward the game, as users spent the equivalent of tens (and possibly hundreds) of thousands of dollars on the virtual felines. Chinese crypto enthusiasts have been left out of the fun, however. Playing CryptoKitties requires using a wallet service called MetaMask, an extension for the Chrome browser. Downloading MetaMask requires access to the Chrome web store, which is blocked by the Great Firewallthere are ways around that, but its a hassle. To fill the absence, a number of CryptoKitties clones have popped up in Chinahighlighting pent-up demand for the game, as well as Chinese companies tendency to ape a fad thats heating up elsewhere. In recent days, news hit Chinese media that NetEase, one of Chinas largest game distributors, will release a game entitled Beckoning Cat, named after the feline figurines often found in Chinese and Japanese homes and restaurants. Details remain scarceNetEase offered only a website showing a cat silhouette and text reading Blockchain pet cats, collect limited supply, coming soon! Its unclear how the game will work, or when exactly it will be released. NetEase did not respond to Quartzs requests for comment. But if it is taking cues from CryptoKitties, it wont be the first Chinese company to do so, as at least two others have beaten it to the punch. A firm calling itself PetsChain launched a title called Cloud Petstore late last year. The company did not respond to Quartzs emailed questions. Aside from the Chinese language and other localized tweaks, it closely resembles CryptoKittiesthe cats them Continue reading >>

Cryptokitties - Everything You Need To Know

Cryptokitties - Everything You Need To Know

Blockchainhas started taking the world by a storm of innovative use cases. For those whove come in late, the blockchain is the underlying technology behind cryptocurrencies like Bitcoin , Ethereum etc.(Take a look at our detailed blockchain guide ) Industries across the globe have started experimenting with this technology to explore every possible niche of their sector to solve different problems in ways never tried before. And with every industry trying hard to make use of this technology, why should the Gaming industry fall behind! Thats why interesting blockchain-based games are being introduced for the consumers to feel even more associated with this revolutionary tech i.e. blockchain. And one of the most interesting and innovative blockchain game is Cryptokitties, which is also our topic of extended discussion today. In this introductory write-up of Cryptokitties, I will walk you through the below mentioned salient points of this unique idea: CryptoKitties is a blockchain-based game where you can breed, collect and HODL kittens that are made & generated over Ethereum blockchain. These digital kittens or cryptokitties are just like humans that are unique and cannot be replicated, taken away or destroyed by anyone. Still not making sense? Bear with me and read further. I will break it down in simpler words so that you are absolutely clear by the end of this post. Cryptokitties is a blockchain powered game. Just like cryptocurrencies that thrive and are born on the blockchain, cryptokitties are also born and thrive on Ethereums blockchain.Just like each Bitcoin or Ether, each cryptokitty is also unique. These cryptokitties are like a new form of collectibles called cryptocollectibles. Their team is quite diverse that includes numerous start-up founders, crypto-enthu Continue reading >>

Good News: Ethereums Cryptokitties Are Probably Not Securities. | Coin Center

Good News: Ethereums Cryptokitties Are Probably Not Securities. | Coin Center

Good news: Ethereums CryptoKitties are probably not securities. Ethereum just got overrun with cats; the cats are literally slowing down the network with their feline machinations, their idiosyncratic personalities, and yes, their breeding lots of cat breeding on Ethereum. The cats are called CryptoKitties . Just like bitcoins or ether, CryptoKitties are peer-to-peer tradeable, provably scarce digital items that are accounted for by an open blockchain network. Unlike those cryptocurrencies, each item (each kitty) is unique with its own set of attributes: striped, droopy-eyed, slow (yes, slow is one), and many more. Rather like some of the ICOs you might have read about, there is a company that is selling some of these digital items and financing its operation from those sales. From their FAQ: The CryptoKitties team releases a new Gen 0 CryptoKitty every fifteen minutes (up until November 2018). The starting price of Gen 0 CryptoKitties is determined by the average price of the last five CryptoKitties that were sold, plus 50%. There are complicated and controversial legal arguments about why some ICOs might be unregistered securities issuance while other might not be. The SEC has yet to offer a bright line test but has identified a few specific projects as securities and indicated that it looks to the flexible test for an investment contract, the so-called Howey Test , in order to determine whether any particular token sale is securities issuance. Our framework for securities regulation of cryptocurrencies has outlined the nuts and bolts of that standard and advocated for an innovation friendly approach since 2015. CryptoKitties look less like securities under that flexible test for a few reasons. One important prong of the test is whether buyers are relying on the mana Continue reading >>

Blockchain-obsessed Cat Lover? Cryptokitties May Be For You

Blockchain-obsessed Cat Lover? Cryptokitties May Be For You

By Rachel Layne MoneyWatch December 21, 2017, 5:30 AM Blockchain-obsessed cat lover? CryptoKitties may be for you With the financial world gripped by bitcoin and whether the market for cryptocurrencies is a bubble , the same technology behind the phenomenon is being used to tap other familiar cultural obsessions: collectibles. And cats. Lots and lots of adorable cats. CryptoKitties is an electronic game from Canadian firm Axiom Zen, where people can electronically buy, collect and trade cartoon cats. Purchases are made using ether, an emerging tool for online payment, via the Ethereum online marketplace. Each kitty has its own unique electronic DNA, according to an Axios Zen video explaining how the game works. What's more, kitties can be "bred," just like real cats, resulting in new kittens with unique codes. Indeed, the way these digital felines evolve are a good way to explain blockchain , the technology underlying bitcoin and other cryptocurrencies, to those who just don't get its lure. "Typically, when people who are excited about the blockchain talk about a blockchain, they talk about data sovereignty, trustlessness, rules without rulers -- all sorts of things that make no sense to anybody and also don't solve problems that people know they have," Mack Flavelle of parent company Axiom Zen said in an interview. "All of those are great, big and important ideas. And they are millions of miles away from what people know in day-to-day life. Whereas if you can say, 'Hey you can own, you can collect, you can breed these adorable little kitties, that falls into a normal interest sphere." "So it makes tangible some of these concepts that are big and strange around distributed ownership that are otherwise impenetrable," he added. Flavelle, whose title at Axiom Zen is "inst Continue reading >>

Cryptokitties Is The Ethereum Cat Collecting Game Thats Seen Over $1m In User Spending

Cryptokitties Is The Ethereum Cat Collecting Game Thats Seen Over $1m In User Spending

CryptoKitties is the Ethereum cat collecting game thats seen over $1m in user spending People are currently spending an absurd amount of money collecting virtual cats in CryptoKitties , a new craze running on the Ethereum blockchain which has taken the crypto world by storm. Since its launch, around $1.3 million has been transacted through CryptoKitties. Going by independent site Kitty Sales , many kittens sell for around 50 ETH (roughly 17,500), with the original kitten going for a whopping 246 ETH (86,000). While price fluctuates, the cheapest kitty is around .03 ETH, or 10.50. Built by design studio AxiomZen as one of the worlds first crypto games, its actually an interesting introduction to how cryptocurrencies work. Unlike other digital collectable games, such as Neopets, CryptoKitties has a lot more in common with physical media like the Pokmon Trading Card Game . For starters, as this takes place on the blockchain, its permanent. When you buy one of these completely unique kitties, its 100% yours and nobody can take it away. Youre free to buy and sell it and holding onto it could improve its value. It basically works just like a cryptocurrency does, with all of its inflated worth being determined by the markets interest in it. It is a little bit weird that Ethereum, a cryptocurrency with little tangible use has found itself useful in buying virtual cats that definitely have no use. Currently, around 15% of all Ethereum network traffic is dedicated to CryptoKitties. Interestingly, this growth in network traffic use has shown that Ethereum may not be able to scale properly. Currently, its taking longer than expected to generate a new kitty, and the price of creation has gone up to help make it reliable. If one viral game can slow down the network, what happens whe Continue reading >>

Cryptokitties: I Could Breed Virtual Cats For Aliving

Cryptokitties: I Could Breed Virtual Cats For Aliving

CryptoKitties: I Could Breed Virtual Cats for aLiving One thing is for certain. Cryptocurrency is wildly popular, and its changing the way we look at the world. This week, its changing the world through virtual cats. Yes, digital cats. And yes so far, weve spend over $1.3 million on these virtual cats . Not too long ago, Cryptokitties.co launched, proving to the world that anyone can understand the Ethereum blockchain and ERC20 utility tokens. The concept is simple. You begin by purchasing a virtual cat in exchange for Ether. This is a one-of-a-kind cat, and only you own it. There is no other cat exactly like it in the world. Crypto-geeks call this simple concept non-fungibility. Once you have two cats that arent related (we dont encourage incest in the crypto-community), you can breed them together to birth a new cat. All of these cats can be sired out to the community for breeding, or they can be sold on the marketplace. Pretty easy, right? Whats incredible about this seemingly simple venture is that its teaching your average, everyday person how to use basic cryptocurrency. The CryptoKitties program runs off of MetaMask , and the transactions are completed by using Ether to buy, sell, and trade the cats, which are essentially utility tokens. And just think, most people think learning how to use crypto is difficult. CryptoKitties is much more than a fun little game, however. In a matter of hours, it has become wildly popular, accounting for nearly 13% of all gas use on the Ethereum Network. People even started steaming CryptoKitties on Twitch , giving away cats for free and sharing tips on how to best breed your felines. While most of the cats for sale on the CryptoKitties marketplace are decently inexpensive (you can get your very own kitty for around $10 at the tim Continue reading >>

Whats Rare? Whats Desirable? Cryptokitties 411

Whats Rare? Whats Desirable? Cryptokitties 411

What makes some CryptoKitties more valuable than others? Why do some kitties plummet in value while others dont? How can you tell ahead of time? Kitties get their value from two things: RARITY and DESIRABILITY. If a cat can maintain both over time, itll hold its value much better than the new hotshot cat with shiny antlers. Here are some things to think about before buying the expensive kitty in the window. There will only be 50,000 Gen 0 cats, and they will no longer be produced after November 2018. Other generations can be created through breeding, but Gen 0 cats cannot. They will be more scarce than higher generations. There are five tiers of cattributes. There are basic traits and then four tiers of mutations. Gen 0 cats only have basic traits (so far, at least). The other traits have to be developed through mutation and breeding. A low-generation cat with mutations is difficult to create and will thus remain rare for longer. Look at the Trait Chart to see the tiers of traits. The darker the blue, the rarer the trait in low generations. (Note: after a gene has been created through mutation, it can be passed through breeding just like basic traits.) TRAITS ARE NOT INHERENTLY RARE. CERTAIN CATS WITH CERTAIN TRAITSARERARE. Fancies, like SantaClaws, have special artwork and can only be created through breeding a perfect blend of cattributes (see my post on How to Make Fancy Cats ). Fancies are harder to create so they usually stay rare for longer. For each trait, cats have a dominant gene and three recessive genes. When all four genes match, it is a purebred cat in that trait. Theyre difficult to create (especially purebreds in multiple categories), so they maintain their rarity longer. Theyre also really useful because they give more predictable breeding results, and Continue reading >>

Rarity Cryptokitties 411

Rarity Cryptokitties 411

What makes some CryptoKitties more valuable than others? Why do some kitties plummet in value while others dont? How can you tell ahead of time? Kitties get their value from two things: RARITY and DESIRABILITY. If a cat can maintain both over time, itll hold its value much better than the new hotshot cat with shiny antlers. Here are some things to think about before buying the expensive kitty in the window. There will only be 50,000 Gen 0 cats, and they will no longer be produced after November 2018. Other generations can be created through breeding, but Gen 0 cats cannot. They will be more scarce than higher generations. Read More Before reading this post, you should know how to read a kittys genes . Each trait in CryptoKitties has a mutation pair that, when bred together, gives a small chance (usually 14%) of generating a brand new trait not necessarily seen in either parent. Those new traits are referred to as mutations. After a gene mutates, it may then be passed on to offspring the same way as basic traits. Because Gen 0 cats only have basic traits, mutations tend to be rare at low generations, so they are often (but not always) more valuable. (Note: Mutations are separate from the recessive genes that have a chance to gene swap into the dominant position.) From a technical point-of-view, mutations occur when pairs of neighboring genes (e.g. 00010 & 00011) are bred together. If they mutate, the mutation takes the gene with a 1 at the end and moves it to the beginning (e.g. 00011 > 10001). You dont really need to know that, though. You can just use the following method. In the chart below, you can see that topaz and mintgreen are a neighboring pair. In the right-hand column, it says they mutate into gene i. Find i in the kai column and trace it back to eye color. T Continue reading >>

Learn How To Master Cryptokitties

Learn How To Master Cryptokitties

Every product here is independently selected by Mashable journalists. If you buy something featured, we may earn an affiliate commission which helps support our work. You've heard there's a new kitty-related crypto fad in town, and you want in on the action. This is exactly what you're looking for. In this article, we'll explain how to play CryptoKitties , the game that's taking the world by storm (and earning some people a fair amount of money). SEE ALSO: Cryptokitties is Ethereum's hit game, but it's threatening the entire network CryptoKitties is a digital goods trading game that lives on the Ethereum blockchain. It lets you purchase, trade, and breed digital kittens. The game has no straightforward "goal" you can simply buy a digital kitten, and it will eternally be yours due to the nature of blockchain technology. However, kittens come with different visual features, called traits, and some of these traits are rarer than others. Naturally, most users are trying to breed rare cats, not only because they look cool, but also because they can be very expensive; one particularly rare cat was recently sold for more than a hundred thousand dollars. In fact, the total kitten sales so far are around $3 million dollars ; pretty impressive given the game launched last week. Before we go on any further, please note that this game requires ether (the currency of Ethereum) to play, which can be converted into real money, and that it can get expensive fast (though it can also be lucrative if you play your kittens right). It also resembles a bit of a pyramid structure, meaning that early adopters were able to buy rare kittens cheaper than you probably will be able to. Finally, the game is currently putting quite a strain on Ethereum's network, and if this becomes a serious proble Continue reading >>

The Cryptokitties Economy

The Cryptokitties Economy

What does the future of virtual kittieshold? If youre reading this article, youve probably already seen the picture of this adorable, sparkly kitty all over the media. You probably also remember it to be the virtual cat that sold for over $100,000. Undeniably, thats probably why you bought some kitties for yourself last week, hoping to earn some Ethereum on rare cattributes. I was one of those cat-crazed people. For those of you new to CryptoKitties: Unlike Neopets, Tamagotchis and other virtual pet games, CryptoKitties is based on Ethereum, a type of tradeable cryptocurrency and platform that people actually buy with real money. For tips on how to play, heres a great article . From an economic standpoint, the kitty fad is completely irrational. CryptoKitties are no more than bits of code stored within a database. Even Arthur Camara, a software engineer on the CryptoKitty team in Vancouver, stated: Look, we havent said kitties 1100 are rare. Thats peoples perspective of scarcity. People just think theyre more important for some reason, maybe its how they look. The way the game works is that the kitties that breed the most will make those traits more popular. So if you breed a lot of kitties with green eyes, thats going to be less scarce. People control that scarcity in a way, and create that value themselves. Its the users creating that idea of scarcity with the genes and with their kitties. (Pearson, Dec 7) Camara pointed out that no one in particular is controlling how the game is being played out it is the user that create the idea of scarcity based on favorable and unfavorable traits of the kitties. With this concept in mind, well explore the CryptoKitties economy on a business cycle. The first stage of CryptoKitty economy is growth. In the past two weeks, we saw a Continue reading >>

Cryptokitties Maker On $100,000 Digital Cats: 'it's Crazy'

Cryptokitties Maker On $100,000 Digital Cats: 'it's Crazy'

CryptoKitties Maker on $100,000 Digital Cats: 'It's Crazy' If theyre going to value or devalue in the future, I honestly dont know. CryptoKitties, if youre mercifully unaware, are digital collectibles that people buy and sell on the Ethereum blockchain for cryptocurrency. The game, which launched at the end of October, has become immensely popular in the last week or so and rare kitties are going for well over $100,000 USD. Its rather controversial since CryptoKitties are essentially digital Beanie Babies (pro: provably unique, con: dont physically exist), that can cost a lot of money. CryptoKitties are really just bits of code on the blockchain, and two bits of code can be combined (or bred) to create a new and unique bit of code, which creates a new kitty. This code gives them defining visual characteristics, which may make them more or less valuable. Then, people buy and sell their cats. The game is so popular that the resulting traffic has been blamed for slowing down the entire Ethereum network recently. "I honestly believe there is an Ethereum before and after CryptoKitties" What you may not know, though, is that CryptoKitties arent a random lark by some fun-loving coders. The game is a product of Vancouver-based company Axiom Zen , and the company makes money on it. How much, exactly, is hard to say, but with more than $8 million USD spent on kitties so far according to one third-party site, the company has made at least $300,000 from the 3.75 percent cut it takes on every CryptoKitty trade alone. Thats not counting what the company makes from selling brand new kitties , which are minted every 15 minutes. To get a sense of what CryptoKitties wild ride has been like from the inside, and if the team is worried about a CryptoKitty market crash, I called up Arthur C Continue reading >>

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