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   1168

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

Mizuho to invest in Ethereum Startup Omise

Neutrino, the country’s first blockchain space of Ethereum-based startup Omise Japan, will be sponsored by one of Japan’s three so-called ‘megabanks’ Mizuho
25 May 2018   71

The country’s first specialized blockchain co-working space Neutrino was instituted  by Omise in Tokyo in March of 2018. Omise, a Thai-based launch, sees Ethereum co-founder Vitalik Buterin among its advisors and closed a $25 million ICO in new financing last year to construct a decentralized payments platform Omise Go, powered by OMG, an ERC20 token cryptocurrency. The project aims to advance study to ultimately deploy operational implementations of blockchain tech and cryptocurrency in services and businesses.

One of the largest Japanese banks Mizuho declared on Friday that it will sponsor the coworking space in an arrangement that will also see the bank turn a “long-term tenant” of the coworking space.

Mizuho considers that blockchain is a decentralized technology that will have a transformative impact across industries, beginning it will “simplify and optimize” business operations of different types. In outlining its own aims to implement the technology to deliver better financial services to its customers, Mizuho guesses Neutrino and the interactions within the coworking space “will bring us one step closer to developing commercial applications for blockchain technology.”

In addition to sponsoring Neutrino, Mizuho will be a long–term tenant of the coworking space, and we look forward to finding applications for blockchain technology and being able to develop new business areas together with the wide variety of sponsors, members, and other specialists Neutrino plans to attract.
Megabank, Japan

Mizuho has experimented and deployed a number of blockchain applications in record keeping, cross-border securities transactions, trade finance with tech partner IBM and document sharing.