DIGITAL currency Ethereum has plummeted in the wake of a proposed trading ban from South Korea and opened on January 12 at £849 ($1,150).
The cryptocurrency can be purchased from the Coinbase app where users can also buy Bitcoin. But what are CryptoKitties, the new game which has increased the value of Ethereum?
What are CryptoKitties?
CryptoKitties, dubbed the next big cryptocurrency, is a new application built on the Ethereum chain.
It was launched on Thanksgiving and became available for transactions in December.
Players can buy and sell virtual cats for as much as $10,000, in a bid make hundreds of thousands more in real value.
Users purchase their collectable kitties with Ethereum, and then breed them to create more kitties.
Each cat has its own set of genes, uniquely coded as “Cattributes”. Users will make more money if their cat’s genes are appealling to other players.
The players can make two of their own kitties breed a third, or they can pay another user to mate with theirs – if they’re looking for particular characteristics.
But the kittens have a cool down period, restricting how fast they can make new ones, in a bid to limit inflation.
Trump’s question about migrants force reporter to say ‘s***hole’ live on BBC
KID SEX ROW
Netflix accused of glamourising child sex trafficking with new drama ‘Baby’
‘SHE WAS SCREAMING IN AGONY’
OAP ran over elderly neighbour and killed her while reversing
ARE YOU MAD?
Hundreds of Brits still visiting North Korea despite crackpot Kim
SOMETHING IN THE WATER
What is the cryptosporidium parasite found in Clevedon tap water?
BREXIT ON TRACK
EU boss rejects Nigel Farage’s call for second referendum
‘IT REALLY ISN’T ME’
Luis Figo’s daughter Daniela, 18, denies appearing in sex videos
HOW TO TARGET FLOATING VOTERS?
Bizarre plan for MPs to sit on FERRIES in the Thames
PREM STAR HELD OVER CHILD RAPE
Ex-Premier League star investigated over gang rape of minor
‘I KNEW HE DIDN’T MEAN IT’
Mum’s relief after coroner rules death of son was an accident
BEHIND CLOSED DOORS
Tanning boss lived double life as kingpin running huge cocaine racket
Is the cryptocurrency as valuable as Bitcoin?
CryptoKitties has become hugely popular since its launch.
Currently, it makes up around 4 per cent of all Ethereum transactions worldwide, it has already made $1.3million in sales.
Bitcoin has went against all odds this year.
After experts deemed it almost useless, the currency is now rocketing in value.
Peter Atwater, who studies market sentiment and heads Financial Insyghts, believes CryptoKitties can prosper.
He said: “The popularity of virtual cats fits the euphoria we see elsewhere in the crypto-currency space. It feels very reminiscent of the Candy Crush craze that helped propel the King Entertainment IPO back at the peak of the ‘Unicorn’ era in mid-2014.”
CyrptoKitties developers believe it will thrive because unlike Bitcoin, players will still have the value of their kitties secured on the Ethereum blockchain, even if the game and its creators disappear.
But there are risks with this cryptocurrency. Each time traffic to the network rises, CryptoKitties experiences a transaction backlog, so kitty fans are forced to wait for their new pets to be issued – which could affect how much money they earn.
Since the cryptocurrency is still in its infancy, its value is extremely volatile. Experts urge users to only invest money that they can afford to lose.
We pay for your stories! Do you have a story for The Sun Online news team? Email us at [email protected] or call 0207 782 4368 . We pay for videos too. Click here to upload yours.