Ethereum This Week: Cryptokitties Phenomenon, Is Bitconnect A Ponzi Scheme? And More

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Cryptokitties go crazy on Ethereum network

One of the first blockchain online games running on the Ethereum network has gone viral since its recent launch, becoming Ethereum’s busiest contract, taking up over 15% of traffic on the network and reportedly netting its founders $ 1.3 million in the process.

Cryptokitties.io is a blockchain game where people buy, breed, and sell the precious pussies for as little as a few dollars and ranging into the thousands of dollars for very rare breeds. Unusual and sought-after characteristics are twirly mustaches, beards and strange colorings with the cats being able to be traded in a Pokemon style trading card game.

In the last week as the game grew and grew and took ever more traffic on the Ethereum network, to the point where the developers Axiom Zen double the transaction fees in an attempt to reduce traffic and latency.

Here at Cryptocoin.news we are guessing this will be the green flag for many game developers to flood into the blockchain spectrum chasing new fortunes.

Is BitConnect a Ponzi scheme?

There has been much speculation amongst the crypto press of whether BitConnect is a legitimate scheme, investment, currency etc recently with it being rather unclear how it works and how the internal prices are really set.

Adding to the confusion is also that some exchanges have listed it as BTC confusing buyers looking for BitCoin Cash. When both Vitalik Buterin ( Ethereum founder) and Charlie Lee (Litecoin founder) were asked on twitter if they believed it was a Ponzi scheme, they replied it was most likely.

With this sort of press and seemingly much confusion as to how it actually works, are the days numbered for BitConnect?

Microraiden payments go live on Ethereum

After its initial launch on the ethereum test network many months ago, the Microraiden payment scheme has been activated to provide a new scaling level within Ethereum much similar to BitCoins micropayment scheme Lightning.

Although limited at this point to a maximum of  100  Radian (RDN) deposits until completely debugged and proven, the system aims to open up the Ethereum system for micropayments made almost instantaneously on a massive scale.

Ethereum breaks $ 500 barrier and then scales back

After reaching an all-time high of over $ 500 at the end of November and then falling within days to $ 434, Ethereum has been holding steady in the $450 to $ 480 mark

Whilst not having the over the top publicity that BitCoin is attracting, many are still seeing and believing that Ethereum has the ability to grow massively yet with the changes being put in place to improve the technology and its scalability.

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