I was watching TV in the morning and suddenly felt uneasy about the ” breaking news” that stopped airing regularly and appeared on TV. Did North Korea launch a missile? Should I sell my shares quickly? Shouldn’t I run to the airport right now? Many thoughts stirred in my head. The identity of the breaking news was ” The Korean Government’s position on cryptocurrency.” The conclusion was a short statement saying, ” There will be tight regulations, but there will be no reason to close the market. ”
I will talk a lot about this from now on, but I think it will be a little different today.
I’m going to talk about the “Crypto-kitties” that triggered my curiosity in these days.
This is main screen of “Crypto-kitties”. “Crypto-kitties” is a “Dapp” (decentralized application ) launched within the Etherium network, Which Etherium based character fusion simulation game that buying, selling, and growing cat characters. Formal service upgrade was made at “Axion Zen” on 28 November 2017.
Etherium Network’s transaction processing speed has been slowed down with more than 200,000 cat characters or $ 20 million worth of transactions are being made in the first week of its launch.
As of the end of 2017, when we look at the Top 10 ETH Contracts By Transaction Count Over 1,500 Blocks at ETS Gas Station (https://ethgasstation.info/gasguzzlers.php), which means that the Etherdelta (the traffic used to buy and sell Etherium) is using 2.81 By comparison you can see that ” Cryptokitties” is used 11.85. It means that are receiving such a hot attention. As of January 15, 2018, this is reversed to 11.1 versus 0.64, which means that the bubble has crumbled.) The bubble has disappeared, but I think Cryptokitties have that meaning. This is because it is quite useful to understand the concept of block chains and Etherium. (It is more fun than anything.)
If I say yes without explanation, it would be like to talk about flying clouds, so I would like to explain the concept and why “Crypto-kitties” is special. The “Crypto-kitties” are a little different from the usual ones we know. All tokens issued on Etherium base comply with the ERC 20 standard, but the Cryptokitties comply with the ERC 721 standard. (ERC is the criterion that must be met when issuing tokens based on Etherium.)
ERC20 = Fungible, ERC721 = Non Fungible
As shown in the picture above, 98,336 cats are on sale in the marketplace. Prices are not dollars. It is the price of Etherium. In “Coinbase”, the current price of the One Etherium is $ 1,328. If you multiply, You couldn’t help but wonder at the astronomical price of this cat.
How does ” Axion Zen ” make money?
The significance of the revenue model for “Axion Zen” is also unique. Most other block chain projects raise funds “ICO (Initial Coin Offerings)”. ” Axion Zen ” did not follow that approach and built its own profit model. “Axion Zen” In the process of buying and selling cats, it receives a commission of 3.75 % in the course of its ” Etherium ” Exchange. In addition, every 15 minutes by Smart Contract, a new limited edition “Gen 0” cat is released to earn sales revenue.
In the next article, I will look at how to use “Crypto Kitties” from the user’s standpoint.