Xiaomi, one of China's biggest smartphone makers, quietly launched its own CryptoKitties knock-off early today.
Dubbed Jiami Tu, (or CryptoBunnies, in translation), the service allows users with Xiaomi accounts to adopt digital rabbits with different designs and built-in scarcity on a blockchain system that stores the transactions for each adoption. However, it's unclear at the moment whether the company is using a public or private blockchain to support the product.
Xiaomi said in a service agreement that, to start with, it will only issue a limited number of digital pets, starting at 11:00 a.m. Beijing time every day. The amount available daily is as yet undisclosed.
Despite a somewhat subdued launch for the testing phase of the new service, it seems to have seen enthusiastic engagement from users, with all the CryptoBunnies available for today being adopted within an hour of the service starting.
Xiaomi also specifically highlighted that the platform prohibits any fundraising or trading between fiat and cryptocurrencies through the new crypto collectible, a precaution that follows the China's ban on initial coin offerings and cryptocurrency trading last year.
The service marks growing interest from Chinese enterprises in developing blockchain applications as a way to trial the potential of the emerging technology and increase user engagement.
Xiaomi has already joined the Linux Foundation-backed blockchain consortium Hyperledger in bid to utilize blockchain technology to boost the firm's internet solutions.
The CryptoBunnies launch also follows a similar move by the country's search giant Baidu, which rolled out a crypto dog service in early February.
CryptoBunnies image via Xiaomi
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff