Why Japan Fell in Love with Monacoin, the Cat Meme Cryptocurrency

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Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain. Built by Vancouver and San Francisco-based design studio AxiomZenthe 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.

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. 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 This means users literally own their kittens. Unlike playing Neopets where everything was stored on a central database and your pet was deleted when the company shut down, CryptoKitties is decentralized and will live forever on the Ethereum blockchain.

The game is run via a set of 5 Ethereum smart contracts written by AxiomZen, and users interact with it via their own Ethereum address. Right now the easiest way to do that is by using the Chrome extension MetaMask which gives you the ability to send and receive Ethereum directly in your browser. This traffic is making it hard to play CryptoKitties, and a lot of transactions like buying and selling cats are taking longer than usual to process and needing multiple attempts.

This will ensure your kittens are born on time! The extra is needed to incentivize miners to add birthing txs to the chain. Long-term solution will be explored very soon! And anyone can sell their kittens via an auction, where they pick a starting price and an ending price and the price declines over time until someone buys it. Kittens can also be created by breeding them, which the game calls Siring.

You can put your own kitten up for sire for a specified amount of ether and someone can breed with it, and they get the offspring and you get the ether. The shorter the time the better, since you can sell the offspring sooner and breed again. This means kittens with shorter cooldown time usually sell for more. Each kitten has a bit genome that holds the genetic sequence to all the different combinations kittens can have. These include things like background color, cooldown time, whiskers, beards, stripes and so on.

Some of these genes can be recessive, meaning a kitten without stripes could still breed one with stripes. That means the community is independently deciding what traits are rare by paying a premium for them. For example, kittens with a gold background have been selling more than kittens with other colors. Users can only self-customize the name of their kitten, and often use this space to advertise rare attributes like color or generation. Each time a cat breeds the generation increases one.

So the offspring of a Gen 0 kitten would be a Gen 1, and so on. Earlier generation kittens seem to be selling for more money, both for the intangible rareness factor and the tangible fact that earlier generation kittens usually have shorter cool down times. They also take a 3. Unlike some viral projects, the team behind CryptoKitties was set on building out this product regardless of this hype.

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