CryptoCoins the Crypto

Site Blog of April 1st, 2018

Introducing CryptoCoins

Egg Cave on the Blockchain
Introducing CryptoCoins

Over the last year or so, you have probably heard about Bitcoin. Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoins exist on something called the blockchain, a digital ledger in which transactions made in a cryptocurrency are recorded chronologically and publicly.

Today, we are proud to announce Egg Cave's own version of a cryptocurrency called CryptoCoins. It will replace both Egg Coins and CaveCash as something that is technologically superior. CryptoCoins (CC) will be an ERC20 token that runs on the Ethereum blockchain app platform.

The Good News: You Control Your CryptoCoins, Not Egg Cave

To get started, you will need to begin familiarizing yourself with blockchain technology. You will need to understand that your CryptoCoins (the new currency at Egg Cave) will have both public and private keys. When someone sends you CryptoCoins over the blockchain, they are actually sending them to a hashed version of what's known as the “public key”. There is another key which is hidden from them, that is known as the “private key.” This private key is used to derive the public key. You can know your own private key, and everyone else on the blockchain knows their own private key, but the private key should not be shared with outsiders (that is, unless you want your CryptoCoins to be stolen!). Anyone who has access to your private key can access your funds.

What's cool about this: Egg Cave is no longer the centralized bank or distributor of Egg Coins or CaveCash. You control your own currency and Egg Cave can't tell you what to do with your tokens! Your tokens are also not subject to things like downtime or glitches at Egg Cave. They are yours and yours alone!

The Biggest Changes

~Egg Cave is no longer the central bank of any currency — it is being decentralized
~Egg Coins and CaveCash will be phased out starting April 2, 2018
~CaveCash balances >0 CaveCash will be reimbursed with the CryptoCoin ERC20 token based on their value in USD beginning April 5, 2018 at 12:00 AM ECT (Eastern)
~CryptoCoins will go on sale in an ICO (Initial Coin Offering) on April 2, 2018 at eggcave.com
~CryptoCoins supply will be capped at 21,000,000 CryptoCoins, solving the "inflation problem" that fiat currencies struggle with
~CryptoCoins won't be given out on Egg Cave as rewards for things like feeding, they will need to be purchased on cryptocurrency exchanges around the world like Coinbase or Binance (get ready to set up a brokerage account to begin trading!)
~Trades and Auctions will be converted to smart contracts (in order to trade, you will need to be a coder and programmer)

Real-Life Changes To Consider

The value of CryptoCoins will be tied to the US dollar. The exchange value will change over time which means you could gain or lose value. This means that you will be obligated to report your CryptoCoin capital gains on your taxes to whatever country you're currently living in. If you're in the US, please see Form 8949 with the IRS.

We understand that this is a pretty big change but are confident that, with such loyal players like Egg Cavers, that it will be a piece of cake for you to figure out.

The Learning Curve

Everything that we've talked about thus far is the easy part of cryptocurrencies like CryptoCoins. From here, it gets a little bit more difficult (i.e. what is my wallet address? What is another user's wallet address if I'm not sending to their Egg Cave username? What programming language are smart contracts written in so I can trade?). If understanding this has been too difficult so far, we're sorry to inform you that you may not be able to continue playing Egg Cave because its currency might be too advanced for you.

Next Steps: Create Your CryptoCoins Wallet

Egg Cave will manage your CryptoCoins wallet. In preparation for these changes, please visit eggcave.com/cryptocoins and click General Public/Private Key Pair. Using these keys, you can then generate your wallet addresses which is where Egg Cave users will be sending you CryptoCoins. Remember to keep your private key safe and never share it with anyone (unless you want to your coins stolen!).

The Crypto

To celebrate Egg Cave's evolution to a more secure, inflation-proof currency, the Crypto has appeared in the Cave. Find it there for a limited time (through the end of the month, April 30)!