Skip to Content
Uncategorized

Ethereum’s First Killer App Is Here, and It’s a Game Where You Create Digital Cats

December 4, 2017

Even though it just launched last week, CryptoKitties, a platform for “breeding” and trading collectible digital cats, is already too popular for the network to handle, accounting for 12 percent of all transactions on Ethereum. Its sudden emergence has stressed the network, causing a significant backlog of pending transactions.

If you’d like to buy a “cryptocollectible” cat, first you need some of Ethereum’s cryptocurrency, called Ether. The most expensive one somehow went for more than $114,000, but the median sale price for a blockchain-secured, tradeable digital feline asset is currently $11.44 worth of Ether. If you buy two, you can use more Ether to execute a program that makes your digital cats the parents of a new kitten. “Think breedable Beanie Babies,” says the game’s website.

Cute. But the Cryptokitty-caused congestion on the Ethereum network is also exposing a core challenge facing blockchain builders: applications running on blockchains still are much slower than what we’ve come to expect from Internet apps. If Ethereum is to live up to its promise of being a “world computer,” its developers will need to answer a number of thorny questions about how to make it better able to handle large transaction volumes.

Still, the digital-kitty-induced transaction backlog has a silver lining, Peter Van Valkenburgh, director of research for the cryptocurrency-focused think tank Coin Center, argued on Twitter: “I love it when cryptocurrencies grind to a halt from actual retail-level use rather than attacks or politically-motivated spam transactions. I guess my cryptokitty will have that bun in the oven for a while, worth it.”

Keep Reading

Most Popular

Large language models can do jaw-dropping things. But nobody knows exactly why.

And that's a problem. Figuring it out is one of the biggest scientific puzzles of our time and a crucial step towards controlling more powerful future models.

How scientists traced a mysterious covid case back to six toilets

When wastewater surveillance turns into a hunt for a single infected individual, the ethics get tricky.

The problem with plug-in hybrids? Their drivers.

Plug-in hybrids are often sold as a transition to EVs, but new data from Europe shows we’re still underestimating the emissions they produce.

It’s time to retire the term “user”

The proliferation of AI means we need a new word.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.