So I bought Some Gen 0 Cryptokitties - Here's Why

Say Hello to my little friends. They're furry, they're colorful, they're... purely digital. Oh, and they can breed unique offspring, all via smart contract on the Ethereum Network.

Welcome to the age of decentralized, smart contract enabled digital collectibles.

But CryptoKitties isn't just trying to sell you a digital kitty. Instead, their goal seems to be a public-friendly approach towards broader understanding of blockchain technology. Because you have to use meta-mask, a browser plug-in that allows you to utilize decentralized applications and communicate with the Ethereum network, there is a line that a non-crypto "normies" have to cross into cryptocurrency in order to participate.

And that, they argue, is exactly the point. In their "Whitepapurr" they say:

• CryptoKitties’ key game mechanics are tied to actions associated with cryptocurrencies and smart contracts. In doing so, previously esoteric concepts are normalized and users are empowered with a basic fluency in the technology.

That doesn't mean people aren't crazy for these kitties. As of this writing one of these #cryptokitties has sold for over $100k USD! And I have to say hat's off to the proud owner of Kitty #1 Gen 0!

This is the 246 Eth Kitty #1 - First of its Kind

So What's Going On?

While a popular if unfair analogy, think of this as Beanie Babies 2.0. Except these "Beanie Babies" are unique, persistent digital assets operating via smart contract in a trustless way. Further, these smart contracts can spawn new smart contracts (New Cryptokitties) that are unique digital assets unto themselves, though associated through lineage to parents and children.

In plain english, this group has created a free-market system where they cannot artificially manipulate the supply of these CryptoKitties. That's an important distinction because it means that eventually there will be no more "Gen 0" CryptoKitties (Kitties born from the contract, not from other kitties) issued.

Currently they are issued from the smart contract at 1 per 15 minutes until 50,000 Gen 0 "Clock Cats" have been issued and sold. After that only breeding will produce more CryptoKitties.

What are they really worth?

In order to understand what these are worth the "Whitepapurr" uses the following formula:

Each CryptoKitty is not only a unique digital asset but each has its own phenotype and genotype stored as information in the Kitty Smart Contract.

So each kitty is a 256-bit genome that can breed with another 256-genome kitty, and I officially live in the future.

When you agree to put your Kitty out on the market for breeding or siring, the resultant offspring will be a unique mixture of the parents "DNA," and becomes its own living CryptoKitty that can be put out for breeding immediately (presumably).

I foresee a market for Gen 0 Kitties with no children and for the rare offspring. Given that there are approximately 4 billion possible outcomes for breeding, you can bet that some super rare births will burn through major news organizations (#cryptotwitter) with the same ferocity a beyoncé pregnancy does today.

What Can I do now?

At the moment there isn't much for me to do, as I'm not a collectibles trader by nature.

As far as I can tell, what I can currently do is:

• Pimp my kitty out for breeding by following the eggplant icon
• Sell my kitty
• Gift my kitty to someone

While that may not seem like much, behind the scenes there's a lot happening to make this all possible.

For example, they had to employ an auction mechanism into their platform to account for the need for gas to allow a transaction to be placed. Otherwise it would have cost to just have people place their CryptoKittie up for sale or breeding which is quite a negative user experience.

Eventually they could employ this same method to enable our CryptoKitties to do other activities besides the base human desires for sex and trade, like battle!

If you like that idea you should check out and follow @Steven_Mckie who outlined in tweets how a CryptoKitty Battle Arena could be born:

Probably won't happen for a while, but with development it is entirely possible

If you're a collectibles trader looking to also learn about Cryptocurrencies and the technologies associated with them, you may find a great entry point in this market.

If you aren't a collectibles trader but you want to learn more about cryptocurrencies, this may be the most user-friendly way to engage as it focuses on the technology in a more entertaining way, bypassing the usual air of finance and economics that inevitably permeates any blockchain talk.

I mean, who doesn't love cats and dogs? I bet CryptoPuppies is incoming.

Why did I Buy CryptoKitties?

I plan to #hodl my kitties, mostly because my landlady issued an emphatic "NO!" to the idea of me having a meatspace kitty.

I'm also participating because this is an interesting and innovative use of non-fungible tokens on the Ethereum Network that I will be able to shadow as it develops, learning alongside as the inevitable additional features are released.

Finally, there's no question that we have miles to go as far as crypto adoption is concerned and the learning curve is still considered too steep for some. Projects like CryptoKitty offer an entertaining way to learn about smart contracts and transacting in cryptocurrency while wearing your favorite pimp costume and breeding that one Kitty with the "good genes".

Should you buy a CryptoKitty?

Look, I'm no digital casset advisor, but I like this idea. It creates a fun way to learn about blockchain, genetics, and the realities of the pimp life.

With the highest bid paid for a CryptoKitty now established at 100k who knows, maybe you're kit could be the next rare k"it"ty.

Just gotta figure out how to explain to your kids in the future that their trust was funded with CryptoKitty earnings.

I've spent too much time considering whether or not to breed mine. What if one day they're the last Gen 0 CryptoKitties with no Kittens? Is virginity even a value proposition in this market?

I reached out to @CryptoKitties for comment but they were sun-bathing or otherwise uninterested in speaking with me. Just. like. a. cat. ;)

They're probably busy with the deluge of well-deserved attention coming at them, but a big congratulations on CryptoKitties. Click that link to learn more about how to get your own CryptoKitty.

I think Ted and Gen0 Virgin are going to like it here on Steemit. I just hope they don't pee on anything

As of now, it looks like #33492 "Clock Cats" are being released. Once 50,000 is reached, no more Gen 0 CryptoKitties will ever exist. Pretty cool. At this rate we should hit that final Gen 0 CryptoKitty in under two weeks, or about 11 days.

Are you going to get a CryptoKitty?

Here's the newest Kitty, though he doesn't seem to be for sale:

Have a great weekend, it's back to Javascript for me!

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Pruf