Crypto animals are taking over Ethereum network

Virtual collectibles games like Cryptokitties, Etheremons, Cryptopets and Cryptopuppies are gaining more and more popularity and can cause Ethereum network transactions fees skyrocket
26 December 2017   657

In the beginning of December of 2017 Cryptokitties became one of the most popular applications based on Ethereum network, which allowed its users to buy and breed cute kitties valued in Ether, and the kittens reached incredible prices in the market, letting AxiomZen company earn $25 million in one month selling kitties.

Currently there are more than 87 thousands cryptokitties and their price varies from 0,003 to more tan 1,5 ETH.

Cryptokitties rangeExamples of cryptokitties available for purchase

It was only a matter of time before someone wanted to repeat the success of Cryptokitties and more and more applications for buying and breeding crypto animals started to emerge.

For instance, a new phenomenon of Etheremon has started to gain popularity after the beta verson launch on December 20. Right now, the only thing you can do with Etheremon is keep them, which earns you a small amount of ETH every time someone else buys that same type of Etheremon. The prices for Etheremons range from 0.37 ETH, which is $298 to 1.2 ETH, which is respectively $966. 

Etheremons available for purchaseExamples of Etheremons available for purchase

The users of the collectibles game seem to like it despite the extremely high prices for pet Pokemons and despite the fact that one of the game's smart contracts now accounts for 2.82 percent of transactions on the Ethereum network and has caused transaction fees to jump. 

Moreover, there is another project called Cryptopets, which is scheduled to be fully launched in the middle of January of 2018. The users will be able to buy up to 20 different cryptopets, breed them, make them play and fight battles. The most expensive pet will be Unicorn, which will cost 2 ETH.

Cryptopets examplesCryptopets examples

There is also Cryptopuppies project, which is very little known about, and its official website states that the project is "coming soon", although some information about it can be gathered from twitter account, which already has almost 2000 followers.

In case with Cryptokitties the price for Ethereum transaction rose from $0.3 to $1.4 only in one week, and lead to the longer period of transactions processing with extra payments. 

If the number of such games increases, the Ethereum network might experience a serious test for strength.

Ethereum pending transactions queueEthereum pending transactions queue after the launch of Cryptokitties

At the moment of press, these are the main market parameters of Ethereum:

  • Average Price: $772,93
  • Market Cap: $74 651 233 573
  • 24h Volume: $2 188 920 000

Ethereum Community Fund Created

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the new fund
16 February 2018   112

Prominent members of the Ethereum ecosystem open a fund designed to support projects developed on the blockchain of the second largest crypto currency. This is reported by CoinDesk.

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the Ethereum Community Fund (ECF). Their goal is to introduce the services on the basis of Ethereum in the infrastructure of companies, which they can be useful.

The fund's founders also intend to launch a grant program that will provide "permanent financial security" to selected projects, the press release said.

The founder of Ethereum Vitalik Buterin directly participates in the work of the fund, in a letter to CoinDesk confirming that he acts as an adviser.

Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished. Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help make that possible.
 

Vitalik Buterin

Co-creater, Ethereum

ECF is not the only organization dedicated to the development of the Ethereum ecosystem. Ethereum Foundation, a not-for-profit organization that also makes a significant contribution to the development of the platform, in January announced the launch of two sponsorship programs designed for developers seeking solutions to scale the network. The Enterprise Ethereum Alliance provides resources to companies interested in applying Ethereum, and links Fortune 500 companies with crypto-cash start-ups.