Image of Bitcoin and Ethereum, two different cryptocurrencies.
Photo: Shutterstock

A number of men in suits standing at a table talking.From left: IEEE San Diego Blockchain local group cochair Ken Miyachi discussing policies regarding blockchain technology with University of San Diego law professor David Brennan at the 19 June networking event.Photo: Cazares Films

THE INSTITUTE Blockchain technology, best known as the foundation of cryptocurrency transactions, has the potential to replace existing databases, providing more transparency and security. Just about every industry, including energy, finance, and health care, is looking into how it can adopt blockchain’s decentralized ledger.

Keep Reading ↓Show less

This article is for IEEE members only. Join IEEE to access our full archive.

Join the world’s largest professional organization devoted to engineering and applied sciences and get access to all of Spectrum’s articles, podcasts, and special reports. Learn more →

If you're already an IEEE member, please sign in to continue reading.

Membership includes:

  • Get unlimited access to IEEE Spectrum content
  • Follow your favorite topics to create a personalized feed of IEEE Spectrum content
  • Save Spectrum articles to read later
  • Network with other technology professionals
  • Establish a professional profile
  • Create a group to share and collaborate on projects
  • Discover IEEE events and activities
  • Join and participate in discussions

Get unlimited IEEE Spectrum access

Become an IEEE member and get exclusive access to more stories and resources, including our vast article archive and full PDF downloads
Get access to unlimited IEEE Spectrum content
Network with other technology professionals
Establish a professional profile
Create a group to share and collaborate on projects
Discover IEEE events and activities
Join and participate in discussions

The Spectacular Collapse of CryptoKitties, the First Big Blockchain Game

A cautionary tale of NFTs, Ethereum, and cryptocurrency security

8 min read
Vertical
Mountains and cresting waves made of cartoon cats and large green coins.
Frank Stockton
Pink

On 4 September 2018, someone known only as Rabono bought an angry cartoon cat named Dragon for 600 Ethers—an amount of Ethereum cryptocurrency worth about US $170,000 at the time, or $745,000 at the cryptocurrency’s value in July 2022.

It was by far the highest transaction yet for a nonfungible token (NFT), the then-new concept of a unique digital asset. And it was a headline-grabbing opportunity for CryptoKitties, the world’s first blockchain gaming hit. But the sky-high transaction obscured a more difficult truth: CryptoKitties was dying, and it had been for some time.

Keep Reading ↓Show less
{"imageShortcodeIds":[]}