The Ethereum blockchain is a monument of untapped potential. Users will be discovering and implementing new ways to utilize open ledgers with smart contracts into the foreseeable future. But there’s a dark side to potential: the dangers of emerging technologies. Security and functionality come to Unikrn at the highest premium, which is why we developed technology to avoid these dangers.
In this case, kittens.
You may have noticed that transactions on the blockchain have crawled this week. The reason, it turns out, is the success of Crypto Kitties — equal parts crypto, pokemon and meme cats — has made the project grow from 4 to 14% of total blockchain network traffic in just a few days. It's actually a beautiful thing, as a life long gamer I love their vision. These guys are making money and making blockchain fun by creating, moving, and breeding digital kittens, it’s really neat.
However, the impact is there simply isn’t enough space in the mined blocks to validate all the pending transactions, so every Ethereum transaction for nearly every ERC20-based project slows down, and GAS is expensive. Except at Unikrn.
That’s because we took the time to think about our token’s core principles and potential uses before we ever launched a sale:
- UKG needs to be exchanged in low-latency, high-frequency transactions 24-7, for esports and gaming applications
- The UKG platform needs to be stable for future betting applications
- UKG needs to be secure when used on our platform, making our users less susceptible to phishing or hacking attempts
- The applications we build have to be fun, designed specifically for our users.
The UnikoinGold development team saw Crypto Kitties — or a project like it — coming. If the blockchain is susceptible to open development, eventually a high-volume overnight success is going to smash transaction speeds, potentially increase GAS and destabilize the ecosystem we need.
So we built the Unikrn Wallet. If you’ve used UnikoinGold to enter one of our jackpots or if you’ve earned it by playing Dota 2, League of Legends or CS:GO on Connekt, you’ll have noticed that our platform didn’t slow a millisecond while the blockchain came screeching to a crawl under the strain of moving kittens across the world..
That’s because our Wallet allows our users to transact on our platform without needing verification from the wider blockchain. It’s only when users transfer in or out to the public blockchain that they become subject to GAS and kitten blockages again (as the blockchain works to verify the exchange).
I’ve spoken widely about the dangers of bubble ICOs attached to no real-world product, preying on the market with encouragements of investment. Crypto Kitties just exposes how bad some of these ICO’s are structured. In fact, most ICO projects really have no idea how to deal with this backpressure of transactions on the blockchain short of waiting for Ethereum to hard fork.
UnikoinGold was developed as a utility token, with immediate application launches. As we expand applications, create liquidity and grow our platform, other tokens in our space will still be struggling with product and application, especially as they continue to be caught unaware by the kittens of the future.
Crypto Kitties’ impact on the blockchain is just another example of how UKG was designed with foresight in which we did not want to limit ourselves or our customers. We can switch to whatever tech we want whenever there is a good fit. The Crypto Kitties team have created an amazingly cool product that will make the blockchain community and economy better as a whole. Being prepared for all potential scenarios doesn’t hurt anyone. Our focus is and will remain on platform, customer, experience and security, UKG is being built with use in mind.
That means looking at potential obstacles in the future, not just focusing on the here and now. That means building a platform that will give our users something to enjoy. We’re about creating, not bloviating, and that’s what made us the biggest token sale in esports and gaming history.
That’s what will make us the decentralized token, with a strong support platform, for esports and gaming’s future. Just remember, we’ve been here for 3 years now, we’ve grown to be the strongest brand in global esports betting, we have plenty of work ahead of us!