Using Cats to Explain Cryptocurrency and Blockchain

 

By now, most people have heard of bitcoin. Bitcoin is a virtual currency that has had a huge rise in value during 2017.

Bitcoin however is just one of many cryptocurrencies.

A cryptocurrency is a kind of money that does not exist in the form of bills or coins. It is not overseen¹ by banks or supported by governments. It is exchanged digitally between buyers and sellers using encryption for security.

Amounts of cryptocurrency are created through a method called mining by developers.

Mining involves users of the system lending computing² power to record the exact same transactions during a certain “block” of time. This activity is called a blockchain. A blockchain is a global record of how cryptocurrencies are exchanged.

Because cryptocurrencies and blockchains are technically³ complex, they can be difficult to understand. This has prevented many people from using bitcoin or other cryptocurrencies.

One company is trying to change people’s opinions with its new online game CryptoKitties. The game lets people use blockchain technology to buy, trade and breed virtual cats.

Axiom Zen is the company behind CryptoKitties. It says the game operates on a blockchain that uses the cryptocurrency ethereum, which is sometimes also called “ether.” People use ethereum to buy CryptoKitties.

The game requires users to buy ethereum from an exchange site – such as coinbase – and then transfer amounts into a “cryptowallet” system called MetaMask. Once this is completed, people can log onto the CryptoKitties site and play the game.

The company says each kitty is unique, has a name, and is represented by a number. A new one is created every 15 minutes.

Creators of the game say one reason CryptoKitties are highly collectible is because each has its own set of genes⁴, just like people. When players breed kitties, the newborns carry on genetic⁵ traits of the parents.

Elsa Wilk is the marketing⁶ director for AxiomZen. She says the worldwide response has been huge since the launch of CryptoKitties. One of the company’s goals has been to educate people who know very little about cryptocurrencies.

“We have introduced blockchain to the masses by making the product user friendly, giving it a friendly face and really putting our own special touch on it.”

But the game is not only about education and fun: people can also make a lot of money playing it.

For example, some CryptoKitties are highly collectible and sought-after. Just days after the November 28 launch, people had reportedly spent more than $2 million on the virtual kittens.

A third-party site that follows sales says several CryptoKitties sold for amounts equivalent to more than $100,000. The site noted⁷ that as of December 29, the most valuable CryptoKitty was worth more than $191,000.

Elsa Wilk agrees that money can be made from CryptoKitties. But she warns people to be careful about how much they put into any cryptocurrency. She added that it does not cost a lot to try the game.

“With CryptoKitties, we went out of our way to price the kitties in such a way that anybody can buy one. So if you have 10 dollars and an ethereum account, you can buy a CryptoKitty.”

So what is next for AxiomZen after the success of CryptoKitties?

“We are working on our 2018 roadmap and we've had a number of requests for battling cats or CryptoDoggies or CryptoDinosaurs. We haven't, I would say, finalized⁸ our plans around that yet. But I can tell you that we are considering a number of options and this is definitely not the last you've heard of us.”

I’m Bryan Lynn.

Words in This Story

virtual – adj. existing on a computer or the internet

cryptocurrency – n. digital currency that uses digital security measures to prevent it from being copied or misused⁹

encryption – n. the act changing (information) from one form to another especially to hide its meaning

transaction – n. an occurrence in which goods, services, or money are passed from one person or account to another

breed – v. to produce young animals by sexual reproduction

wallet – n. a container used to hold money

unique – adj. being unlike anything else; being the only one

trait – n. quality that makes a person or thing different from another

equivalent – adj. equal in value

1 overseen   

v.监督，监视( oversee的过去分词 )

参考例句：

• He was overseen stealing the letters. 他被人撞见在偷信件。 来自辞典例句
• It will be overseen by ThomasLi, director of IBM China Research Laboratory. 该实验室由IBM中国研究院院长李实恭(ThomasLi)引导。 来自互联网

2 computing   

n.计算

参考例句：

• to work in computing 从事信息处理
• Back in the dark ages of computing, in about 1980, they started a software company. 早在计算机尚未普及的时代（约1980年），他们就创办了软件公司。

3 technically   

adv.专门地，技术上地

参考例句：

• Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
• The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

4 genes   

n.基因( gene的名词复数 )

参考例句：

• You have good genes from your parents, so you should live a long time. 你从父母那儿获得优良的基因，所以能够活得很长。 来自《简明英汉词典》
• Differences will help to reveal the functions of the genes. 它们间的差异将会帮助我们揭开基因多种功能。 来自英汉非文学 - 生命科学 - 生物技术的世纪

5 genetic   

adj.遗传的，遗传学的

参考例句：

• It's very difficult to treat genetic diseases.遗传性疾病治疗起来很困难。
• Each daughter cell can receive a full complement of the genetic information.每个子细胞可以收到遗传信息的一个完全补偿物。

6 marketing   

n.行销，在市场的买卖，买东西

参考例句：

• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。

7 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

8 finalized   

vt.完成（finalize的过去式与过去分词形式）

参考例句：

• The draft of this article has been finalized [done]. 这篇文章已经定稿。 来自《现代汉英综合大词典》
• The draft was revised several times before it was finalized. 稿子几经删改才定下来。 来自《现代汉英综合大词典》

9 misused   

v.使用…不当( misuse的过去式和过去分词 )；把…派作不正当的用途；虐待；滥用

参考例句：

• He misused his dog shamefully. 他可耻地虐待自己的狗。 来自《简明英汉词典》
• He had grossly misused his power. 他严重滥用职权。 来自《简明英汉词典》