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Ethereum transactions facing slow down with a new craze of CryptoKitties

It has been observed that Ethereum transactions are facing slow down with a new craze of CryptoKitties. This new craze for virtual kittens is slowing down trade in one of the largest crypto-currencies.

These new CryptoKitties lets players buy and breed “crypto-pets” on Ethereum’s underlying blockchain network.

As per he developers of this game, CryptoKitties was a key step to making blockchains more accessible.

But its popularity has underscored one of the technology’s biggest downsides: its lack of scalability.

Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game’s release, by the Axiom Zen innovation studio, on 28 November.

An estimated $4.5m (£3.35m) has been spent on the cartoon cats, as per the Crypto Kitty Sales. The median, or mid-range, price of a CryptoKitty is approximately $23.06 (£17.19), according to Crypto Kitty Sales.

The game’s top cat brought in $117,712.12 (£87,686.11) when it sold on Saturday, 2 December.

CryptoKitties can be bought using only Ether, a crypto-currency that acts as the fuel of the Ethereum blockchain network.

Users have to install a Chrome extension called MetaMask, which acts as a digital wallet and lets players send and receive Ether from their computers. Ether must be purchased from a crypto-currency exchange before it can be added to MetaMask.

Axiom Zen releases a new CryptoKitty every 15 minutes, but the rest of the supply is powered by the breeding of existing crypto-pets. Owners of kittens can put them up for sale and set their own price in ethers.