These are all ERC-20 tokens powered by the Ethereum blockchain.īecause these tokens represent money, they’re called “fungible” tokens (as opposed to "non-fungible”). Some real world examples are “0x”, “OMG”, “MKR”. These are a specific type of token that represent money. You might have heard of some cryptocurrencies referred to as “tokens”. “What on earth does that mean?” You might ask. Just like CryptoKitties, our color tokens are going to be non-fungible tokens. It will also facilitate the transfer of color tokens between users. In our case, the blockchain will keep track of how many color tokens have been created, and who owns them. This redundancy is what allows the data to be stored publicly - it prevents discrepancies in the data because all of the computers must agree that they have the same information! All of these computers share the responsibility of storing the data redundantly across each computer. It’s a peer-to-peer network of computers, or nodes, that all talk to one another. See, a blockchain is a giant shared database that anyone can access on the web: You can't do that with a traditional database, but you CAN do it with a blockchain application. Let’s say you wanted to withdraw your color token and use it inside another application. This would work just fine, but it has one major problem: you cannot take full ownership of your collectible item and send it somewhere else. If we were going to do this inside a traditional application, we would normally store these tokens inside a database that we control. Inside our app, we’re going to create new collectible color tokens. Let’s look at how we’ll use the blockchain in the application that we’ll build in order to understand how it works. If you’re brand new, you might be wondering what a blockchain is or how it works. 1.2 What is a Non-Fungible Token (ERC-721)?.Many of these business cases were reportedly crippled by these rapidly multiplying digital cats. Breeding CryptoKitties became so popular, it prevented other businesses working on the platform from being able to verify their transactions quickly. As a network gets busier, a queue starts to build. The total volume of CryptoKitties sales stands at over 61,000 ETH ($21m) as of October 2020.ĬryptoKitties' popularity quickly became a problem for the Ethereum network, which could only process so many transactions at any one time. Within a week of the game launching, CryptoKitties accounted for 13% of all transactions on Ethereum. CryptoKitties: born on Ethereum, now on FlowĬryptoKitties was originally built on top of the Ethereum blockchain. Then click on "Sire with my Kitties," and pick a cat to act as Dame hit "OK, give them some privacy" to open up a transaction window, and soon you'll have your very own bouncing baby CryptoKitty.Īlternatively, you can breed one of your cats with a public sire, which will incur a small transaction fee. To breed two Kitties you own together, click on one of them in your litter, and then click the "Breed" button that pops up this will be the Sire. You can also bid on a CryptoKitty if it isn't up for sale, but it's up to the owner to decide whether they want to accept or not. Then, all you need to do is head on over to the CryptoKitties marketplace, create an account, pick a cat that takes your fancy and click "buy now." Assuming you've got enough ETH in your wallet, you'll be greeted with a Dapper transaction window where you can finalize your purchase. To get your hands on your own CryptoKitty, you'll need a couple of things: a computer or mobile device, a cryptocurrency wallet such as MetaMask, and some Ethereum. How do I buy a CryptoKitty? The CryptoKitties marketplace. Its visual appearance, or phenotype, is determined by the immutable genotype stored in the smart contract. Any two CryptoKitties can be bred using a genetic algorithm, an offspring is produced with its own unique traits (or "cattributes"). ERC721 allowed for the creation of unique, non-fungible tokens.ĬryptoKitties was originally designed to explore the concept of digital scarcity, using smart contracts and ERC721 tokens.Įach CryptoKitty is unique and has its own digital genome, stored in a smart contract. Before the existence of ERC721, tokens on blockchains were fungible, or interchangeable any one Bitcoin or Ethereum token is identical to any other. How do CryptoKitties work?ĬryptoKitties are non-fungible tokens, originally built on the Ethereum blockchain using the ERC721 token standard. $0.04772211 0.97% Terra Classic (Wormhole)īut CryptoKitties has one key difference up its sleeve: each CryptoKitty is completely unique, represented on the blockchain by a non-fungible token (NFT).Ī pioneering example of the technology, it captured the imagination of the crypto community with a fun and tangible example of what you can create using distributed ledger technology.
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