Shrimp, Frogs, and Drugs Are Clogging the Ethereum Blockchain

Shrimps, Frogs, and Drugs Are Clogging the Ethereum Blockchain

Move over Cryptokitties. The ethereum network has a new batch of games to blame for rising gas fees. Over the past week, the viral success of dapps such as Ether Shrimp Farm, Ether Cartel, and Pepe Farm has congested the ethereum blockchain, questioning its readiness for enterprise adoption.

Also read: Cryptocurrency is Property in Russia, Justice Minister Confirms

Ethereum Endures a Plague of Frogs and Shrimp

In the same week that Fedex announced plans to build a logistics tool on the ethereum network, fresh doubts over its readiness for enterprise use have emerged. A clutch of new games, created and nurtured in the depths of 4chan, has raised gas prices and show the fragility of the blockchain in its current state. While not as fatal as Cryptokitties, ethereum’s first viral onchain game, Ether Shrimp Farm and its spin-off Ether Cartel have still taken their toll on the network.

The former dapp requires users to hatch and sell shrimp in a bid to maximize production before ultimately exchanging eggs for ether. Ether Cartel, meanwhile, takes the same concept and applies it to drug running. The game “features a high tech automated market that lets you instantly buy or sell drugs with a single transaction. The more kilos you have, the more drugs they produce (each kilo produces at a rate of 1 per day). Collect more kilos with your drugs to multiply your production.”

Shrimps, Frogs, and Drugs Are Clogging the Ethereum Blockchain
The most popular new dapps this week.

Meme Games Top the Charts and Up the Gas

After amassing 26,000 transactions in just 24 hours, 4Chan’s ethereum games saw gas fees more than double to $0.2. They have since settled at just over $0.1 per transaction according to Eth Gas Station but the games, including Ether Anthills and Pepe Farm, still occupy 9 out of the top 10 spots in Dapp Radar’s new dapps category. Ether Cartel and Fish Farm also occupy third and fourth in the top 10 for all dapps, just behind IDEX and Forkdelta. In the last week, Ether Shrimp Farm alone has been responsible for 43,000 transactions.

Shrimps, Frogs, and Drugs Are Clogging the Ethereum Blockchain
Pepe Farm

While many people have seen the amusing side of all this, not everyone is impressed. As one commenter pointed out, “If the 2nd largest cryptocurrency can be destroyed by cryptokitties and shrimp farms then it isn’t ready for prime time and we have a long way to go before mass adoption. These games may seem stupid, but they serve as valuable stress tests for the ecosystem as a whole, and show where the weak points lie.”

There are ways to design dapps so that they don’t require every single action to be performed onchain. Ethereum social network Peepeth is an example of this. The mischief-makers behind the likes of Ether Shrimp Farm, however, revel in the wreckage caused by the runaway success of their games. Like all memes, these dapps will soon die off, but will eventually be replaced by new blockchain-clogging contenders, much to the annoyance of other ethereum users.

What do you make of meme blockchain games – harmless fun or a waste of time and gas? Let us know in the comments section below.


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Goldman Sachs CEO Blankfein to Step Down, Bestowing Complex Bitcoin Relationship

Lloyd Blankfein, 63, is expected to step down as CEO of Goldman Sachs in December, leaving the bank’s future uncertain in several ways, including its relationship with bitcoin. The New York Times reported that Blankfein will likely depart following the company’s December annual dinner for retired partners. While the bank earlier this month announced plans

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0x, Zilliqa, Aelf, and Ontology Record 10% Gains as Tokens Outperform Bitcoin

In yesterday’s report, CCN noted that Aelf, the decentralized cloud computing blockchain network developed by a team of Chinese developers, increased by more than 17 percent against bitcoin. Today, on May 20, the price of Aelf increased by another 10 percent, becoming the second best-performing cryptocurrency in the market for two straight days. Trend of … Continued

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Colorado to Allow Bitcoin Campaign Donations

The state of Colorado is set to join a few others in legalizing Bitcoin political donations. According to local media, the state is currently considering a draft proposal concerning crypto donations for political campaigns. Colorado is Joining the Trend

Ubcoin: The Crypto-to-goods Exchange

Bitcoin Press Release: Until mid-July 2018 you can take part in the token sale organized by Ubcoin, a blockchain platform that utilizes the model used by online marketplaces like Amazon, Etsy, and eBay to create the world’s first truly efficient altern

Cryptocurrency is Property in Russia, Justice Minister Confirms

Cryptocurrency is Property in Russia, Justice Minister Confirms

The Russian Ministry of Justice has taken side in what looks like a lively debate about the status of cryptocurrencies that are still unregulated in the country. A bankruptcy case involving a modest amount of bitcoin has sparked discussions in Russian legal circles. Some say a crypto is nothing more than “a set of characters.” Others, including the justice minister, are categorical – cryptocurrency can’t be anything else but property.   

Also read: Cryptocurrencies to be Called “Digital Money” in Russia, Tokens – “Digital Rights”

Russian Justice Ministry Takes Side in a Legal Argument

Cryptocurrency falls under the legal category of “other property,” Russia’s Justice Minister Alexander Konovalov told reporters this week. With two draft laws on the matter still pending in the State Duma, he also noted that digital coins should not be considered electronic money, at least on this stage.

A bankruptcy case involving some bitcoin holdings has recently stirred the Russian legal community, which was challenged to provide a provisional answer to the question about the status of cryptocurrencies. In the absence of firm definitions in the current legislation, this question split Russian legal experts in two camps. On one side are those who think that cryptocurrencies have real value, on the other – their colleagues who believe they don’t, if the law doesn’t explicitly say so.

Cryptocurrency is Property in Russia, Justice Minister ConfirmsAccording to Konovalov, his department has adopted a “consolidated opinion” on the legal nature of cryptocurrencies and it supports the view that they should be defined as property. “If digital money is not property, its theft would not be considered criminal offense because there would be no object of the crime,” he warned.

“If cryptocurrencies are to develop, additional regulation will be necessary. The main point is to ensure that all this does not grow into financial pyramids,” Konovalov added, quoted by Prime. He is convinced that Russia should introduce rigid crypto regulations but also recognizes that the phenomenon is itself a “manifestation of the people’s desire to escape from total dependence.”

The Question Will Be Answered by the Duma Soon

Minister Konovalov’s comments added to the ongoing debate among experts and officials in Moscow on whether cryptocurrency can be considered a property in accordance with the current Russian legislation. The discussions were prompted by a bankruptcy filing from October last year. During the arbitrage proceedings, the debtor protested the trustee’s request to include his crypto funds, less than 0.2 bitcoin (BTC), in his bankruptcy estate.

According to his legal representative, such move is impossible as the term “cryptocurrency” is not mentioned in Russia’s Civil Code at all. The Moscow Arbitration Court accepted this position. “A conclusion can be drawn that cryptocurrency is a certain set of symbols/characters contained in an information system. It cannot be an object of the civil rights,” it said.

Cryptocurrency is Property in Russia, Justice Minister Confirms

But then, earlier in May, an arbitration court of appeals overturned this ruling recognizing cryptocurrency as a valuable property, as news.Bitcoin.com reported. On Thursday, the Ninth Arbitration Court of Appeals published its decision on the case. According to the document quoted by Interfax, cryptocurrency cannot be regarded as anything else but property. And, since the current civil law does not contain the notion “other property”, the widest possible interpretation of property is permissible, the court explained.

The question about the status of cryptocurrencies in the Russian Federation will be answered very soon. Two drafts have been filed in the Duma, the lower house of Russia’s parliament, and the one that focuses on legalizing initial coin offerings will have its first reading on Tuesday, May 22. The second bill is expected to amend the country’s Civil Code in order to regulate crypto payments. According to comments made by the Russian Prime Minister Dmitry Medvedev this week, the new legislation will refer to cryptos and tokens as “digital money” and “digital rights”, respectively. Whether this means that bitcoin will be accepted both as currency and property remains to be seen.

Do you expect Russia to eventually accept and legalize decentralized cryptocurrencies? Share your thoughts on the subject in the comments section below.    


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