function createCheckerBoard() {
    var context = document.createElement('canvas').getContext('2d');
    context.canvas.width = context.canvas.height = 128;
    for (var y = 0; y < context.canvas.height; y += 16) {
        for (var x = 0; x < context.canvas.width; x += 16) {
            context.fillStyle = (x ^ y) & 16 ? '#FFF' : '#DDD';
            context.fillRect(x, y, 16, 16);
        }
    }

    return context.canvas;
}
Generates a checkerboard pattern to be used as a placeholder texture while
an image loads over the network.

@method  createCheckerBoard

@return {HTMLCanvasElement} The `canvas` element that has been used in order
                            to generate the pattern.