Thanks to Pigzbe, the new interactive app that doubles as a cryptocurrency wallet, kids now have the opportunity to try to make grotesque amounts of money speculating on blockchain-based currency. The app, which supposedly teaches kids about saving money, was created by a former toy designer in concert with a UB-based company pushing Wollo, a family-friendly Bitcoin alternative. The new service entices children using a piggy bank avatar that looks like Peppa Pig and crypto-enthusiastic adults by using a decentralized platform called Stellar.
According to a company white paper, purchasing Pigzbe allows users to earn Wollo tokens by referring other people to the service and collect Wollo tokens via transactions with others — presumably parents. What makes the service singular is that it’s built to facilitate minor transactions. The value of Bitcoin changes rapidly but is currently hanging around $9,0000, whereas the value of a Wollo is just over $5.
Currently, there are a fixed number of Wollo coins, but, once the service is large enough, an exchange will be created, subjecting the currency to the same massive fluctuations as Bitcoin. Those fluctuations could present a memorable lesson about economic value for kids. Bitcoin is just recovering from a huge dip in value after years of steady gains against the dollar. Over the last five years, the cryptocurrency has appreciated by 8,472 percent.
The issue with Pigzbe, from a parental perspective, is not that there’s anything inherently wrong with introducing children to cryptocurrency, but that it’s difficult to figure out the timing. Research shows that children under the age of seven struggle to understand the fluidity of money or fully grasp the concept of fluctuating value. Blockchain, which is hard for many adults to understand, further complicates the point. In other words, Pigzbe may be brilliantly engineered for an audience that will never fully grasp or appreciate it.
In a sense, this makes it exactly like Bitcoin.