Network congestion is becoming a big problem in Ethereum blockchain network. Reports indicate that as many as 30,000 transactions were put on hold as a result of the congestion debacle. The congestion has been attributed to the cat-trading game, Cryptokitties that has become extremely popular considerably clogging the blockchain.
Cryptokitties Growing Popularity
Bitfinex, one of the largest cryptocurrency exchanges has come under pressure as traffic from the cat-trading game continues to slow down other transactions. Developed by Axiom Zen, the Cryptokitties is a mixture of Pokémon and Ethereum. The game allows players to create, take care, buy bread and sell digital kittens that are in return stored in the Ethereum blockchain.
The Kitties function as cryptocurrency themselves and are traded over blockchain. The game launched with 100 founder kitties, each of which could partner to produce an offspring. Individual kitties can also sire new kitties that can be sold to other players. The Ethereum blockchain will continue to generate a kitty every fifteen minutes until November next year.
The game currently accounts for 15% of the network’s total traffic, 8% more than EtherDelta which is the largest smart contract on the blockchain. Due to the incredible load caused by Cryptokitties, most transactions from other smart contracts are not being processed and are currently in pending mode.
There are also reports that people who had placed orders to buy Kitties have not been able to complete their transactions. The fact that ether cryptocurrency transactions are not going through has not gone well with Ethereum users. Even with high commissions, users have not been able to perform quick transactions.
Ethereum users have already started to reach out to the game’s developers asking them to pause the game, to allow for the processing of other Ether transactions. Congestion is not the only issue that the users have had to contend with but as well as high fees that come with the game.
The congestion debacle highlights how the classical blockchain is unable to cope with the increasing load. Ethereum may have to think out of the box, if it is to solve the congestion problem ones and for all, as failure to do so could trigger serious repercussions.
CREDITS is one interesting blockchain platform that won’t be experiencing any congestions problems anytime soon. Its developers have developed a unique blockchain, able to provide speeds of up to 1 million transactions per second.
“There is no mining in our system, everyone buys CREDITS CS cryptocurrency at ICO. Thanks to this, we are going to release user’s computers from mining and lower the complexity of finding blocks. There is no need to adjust the complexity of tokens procurement restrictions, “Credits developers in a statement.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Ethereum Classic via Flickr
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…