Category Archives: ERC-721

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Exclusive: CryptoCare, a New Blockchain Platform for Charity

Listen to the interview with the Co-Founders of CryptoCare on the 30 October 2018 BitcoinNews.com Daily Podcast below.

BitcoinNews.com spoke exclusively to Phillip Birtcher and JP Hennessy, the co-founders of CryptoCare, which is a blockchain platform designed to raise funds for charity. Soft launching two weeks ago, CryptoCare runs on the Ethereum network and generates ERC-721 non-fungible tokens called CryptoCare Pals for each person that makes a donation.

Birtcher says, “About a year ago I delved into the Ethereum rabbit hole, and we decided we wanted to make something for good, and in the last six months we started developing CryptoCare.”

Hennessy says “CryptoCare is a platform where we try to gamify philanthropy using crypto collectibles. Basically, we are trying to create a more easy and enjoyable experience to encourage the crypto community, specifically the Ethereum community, to support different meaningful causes.”

CryptoCare has partnered with nine charitable organizations including the Electronics Frontier Foundation, Freedom of the Press Foundation, Heifer International, GiveDirectly, Fight for the Future, 350.org, Rainforest Foundation US, WildMe, and GRACEaid. These charities fall under the categories of digital rights, humanitarian, and environmental protection. So far CryptoCare has raised USD 600, with 55% of that being donated to digital rights charities.

There is a leaderboard which shows who is the #1 donor, and that spot is held by someone who donated USD 101 as of 30 October 2018. Further, users who donate receive a CryptoCare Pal that is attached to a non-fungible token, similar to CryptoKitties. Users have full ownership of the CryptoCare Pals, but at this time there is no built-in exchange for trading the digital collectibles. The developers are considering creating a market for CryptoCare Pals in the future, and making the 1st wave of collectibles limited edition so they become more valuable over time.

95% of the donations instantly arrive at the charitable organization a user chooses, while 5% is kept by the platform. Hennessy says “We have done this as a labor of love, so we have been paying out of pocket for the maintenance costs. In order to make this a sustainable platform, we have included a 5% transaction fee”.

Users can name their CryptoCare Pals, and the more money they donate, the more evolved their collectible becomes. For example, when giving to digital rights organizations, the CryptoCare Pal evolves from a calculator into the internet and when giving to environmental protection, it evolves from a seed to a tree. The point is to make charitable giving fun, rather than the typical unexciting way that people give to charity online.

In the future, CryptoCare is considering adding a recurring donations feature, so people can keep donating and evolve their collectible, and compete on the leaderboard. This could be useful for miners who direct their mining revenue at a CryptoCare donation address, and could also be used for donation subscriptions. Also, more charities will be added to the site, possibly including a turtle conservancy.

CryptoCare appears a suitable charity organization for mining pools, exchanges and crypto companies to partner with since all donations are tracked on the blockchain. In general, large companies give a small fraction of their profits to charity, and it would be quite interesting if major exchanges and mining pools were competing on the CryptoCare leaderboard.

 

Donate to CryptoCare https://cryptocare.tech/adopt/

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Image Courtesy: CryptoCare.tech

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Non-Fungible Tokens Give Players True Ownership of Digital Assets

Non-Fungible Tokens (NFTs) are changing the gaming industry by giving players true ownership over digital assets that they acquire in a game. The ERC-721 protocol which makes it easy to create NFTs has sparked the development of numerous blockchain-based games, a new and growing industry.

Bitcoin and all other cryptocurrencies are fungible, which means that a Bitcoin is interchangeable with any other Bitcoin. It is necessary for cryptocurrency and currency, in general, to be fungible so it can act as an exchange of value.

Pokémon cards, baseball cards, works of art, and many more types of collectibles are non-fungible. They are distinct from each other due to their characteristics, and they have differing values so they can’t be exchanged at a one-to-one ratio with each other like currency.

ERC-721 is the standard for creating NFTs and uses the Ethereum blockchain to issue and exchange NFTs. This is much like how ERC-20 is the standard used to create fungible cryptocurrency tokens. Through smart contract technology, each NFT issued with ERC-721 is completely unique.

A gamer who acquires an NFT is given a private key, they can access the NFT with the private key to transfer it, and sign messages with the private key to prove ownership. This marks the first time in history that a gamer truly owns digital assets that they find, win, or purchase in a game. Even if the game server crashes or the game goes offline the NFT is cryptographically protected and stored in the Ethereum blockchain and will remain intact.

This breaks the old paradigm where in-game assets were controlled by the company that owns the game and dependent on centralized servers. NFTs decentralize digital assets.

Perhaps one of the most popular games that uses ERC-721 NFTs is CryptoKitties, where users can buy digital cats for Ethereum, breed them, and trade them. The game became such a craze at one point that Ethereum transaction fees skyrocketed due to network congestion. A CryptoKitty sold for a whopping USD 140,000 of Ether in May 2018.

Another popular NFT game is Decentraland, where users can purchase land and have full ownership over that tract of land in a virtual universe. They can build anything they want on the land. Decentraland has the potential to be a blockchain-based Second Life, with the added advantage of a cryptographically secure real-estate system.

The future is bright for NFTs; CryptoKitties and Decentraland are probably just the beginning. It is possible that a massive multiplayer online game like World of Warcraft, Second Life, or Runescape will eventually adopt NFTs or that a completely new game will be created around NFTs and gain global popularity, and become the basis for a major online economy.

 

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