Chinese Baidu Launches New CryptoKitties-like Service

Baidu, considered China's Google, has launched a new CryptoKitties-like service as part of its wider work with blockchain
05 February 2018   498

China's search engine giant Baidu has launched a new CryptoKitties-like service called Leci Gou. The service is based on the digital adoption and trade of puppies, the transactions for which are recorded on a blockchain. It is not yet clear whether Baidu is using a public network or its own internal one.

Leci Gou Leci Gou web-site

The service proposes various digital puppies with different designs and prices, with each ranked by their scarcity. Baidu users are able to adopt one crypto-dog and receive 1000 points for free on the marketplace, which can be further used to trade with other owners.

Leci Gou Leci Gou web-site

The website details that the service was developed by Baidu's in-house blockchain team, which is also a member of the Linux Foundation-led Hyperledger consortium.

Baidu also said the project is available for public use but is still being tested and further developed.

The Baidu project is similar to CryptoKitties, the ethereum-based digital pet initiative, that went viral late last year and led to a deluge of transactions on that public network amid swelling interest. It also sparked a range of copycat projects hoping to piggyback on the CryptoKitties craze.

Cloning BTC Doesn't Fix Its Flaws, Weiss Rating Believes

Researchers from Weiss Rating says that "Bitcoin is as brilliant as it is flawed", and, unfortunatelly, clons inherit its flaws
24 April 2018   11

Clones of Bitcoin has BTC's flaws. This idea Weiss Rating tries to provide in its new research.

Weiss notes that bitcoin was conceived as the basis of a fundamentally new financial system, over which no centralized structure would have control. Nevertheless, as the development of the crypto currency, its shortcomings become more and more obvious. They flow, according to the rating agency, from the "disadvantageous position of the pioneer" bitcoin.

As is often the case with the first iteration of any new technology, it is slow, expensive and has fatal design problems that are not easily overcome.
 

Weiss Ratings

These are main BTC disadvantages: 

  • There is no easy way to upgrade Bitcoin’s protocol (software code).
  • Transactions take up to an hour to confirm. 
  • Another major design flaw is lack of “settlement finality,” meaning that a transaction is never truly closed in an accounting sense.
  • Bitcoin has a limited supply.
  • Bitcoin cannot be used as a real currency. 
  • Bitcoin mining (based on Proof-of-Work) is very centralized, with just a handful of miners controlling the majority of the hash power.
  • Bitcoin mining requires the consumption of ever-increasing amounts of electricity.

Here’s Bitcoin’s strength, its first-mover advantage: Despite all its deficiencies, Bitcoin can boast one thing that no other cryptocurrency in the world has: global brand recognition. Most people around the world have heard of Bitcoin; they know what it is.
 

Weiss Ratings

Unfortunately, trying to solve one or two problems, copies of bitcoin still inherit its fundamental weaknesses: low speed, inability to scale, high costs, energy inefficiency, lack of privacy, etc.

Weiss recognizes that Bitcoin Cash, for example, is 8 times faster than the original bitcoin. Bitcoin Gold is more decentralized from the position of mining. But this is hardly enough.

This are the problems of "BTC Copycats":

  • The Bitcoin copycats still use deflationary models.
  • They still rely on unsustainable electricity consumption for securing their networks.
  • They still rely on a fee structure that gives too much power to the miners, often creating conflicts of interest between them and the end-users.
  • They’re still plagued by the difficulty of upgrading the protocol.