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Success of CryptoKitties positive for ‘Crycash’ cryptocurrency for gamers

Success of CryptoKitties positive for ‘Crycash’ cryptocurrency for gamers

Late last month, one of the first cryptocurrency games was launched by Ethereum. That game? CryptoKitties. Owning lots of cats is no longer only the domain of cliched spinsterhood, CryptoKitties has brought cat-ownership to blockchain. The game can currently only be played on a desktop browser, but will be launching on mobile soon.

What is CryptoKitties?

The game makes cat ownership and breeding into a marketplace for Ether, Ethereum’s token. Each cat is connected to a blockchain contract. Each cat has its own unique virtual-DNA and when cats breed, the kittens are also then unique and can themselves be bred or traded. The cats are being bought and sold for astronomical sums; the BBC reported that one cat was sold for over $100k.

The developers that created CryptoKitties have described them as ‘breedable beaniebabies’ and they’ve also been likened to Pokemon cards – certainly, the parallel’s are evident in the frenzied interest in the game. Earlier this week it was reported that the game had generated $12m in transactions. As one of the first, and most successful, games built on cryptocurrency, we should expect more to pop up – that’s where Crycash comes in.

What is Crycash?

Crycash may not have been inspired by CrytpoKitties but certainly the success of the game based trading platform is fortuitous for Crycash, a cryptocurrency tipped as being for gamers. In a press release from their partner Crytek, Crycash was described as: “an independent decentralized ecosystem of products for gamers fueled by an all-new, gamer-centric cryptocurrency.” Most cryptocurrencies are ‘mined’, in which computers solve problems to open the blockchains. Where Crycash works differently is that these problems are solved within gameplay. Crytek’s current game ‘warface’ will be integrated with the cryptocurrency.

Potential challenges

CryptocoinsNews has suggested that the game exposes the limitatons on the Ethereum platform, saying: “CryptoKitties have single-handedly overwhelmed Ethereum’s network, which means slower transaction times for all applications running on the decentralized architecture.” The algorithm may just not be efficient enough for the game and the blockchains may be overwhelmed with unnecessary data. Another argument is that business transactions should be the primary purpose for cryptocurrencies and when something deemed more trivial gets in the way and slows down the network then this puts the central business at risk.

CryptoKitties is bound to be just the first in a string of games that whip players into a frenzy, the rest is yet to be seen.