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Bitcoin Satoshi Vision (BSV) was one of the most successful forks of Bitcoin, more specifically Bitcoin Cash (BCH), until fairly recently, when the token lost most of its value compared to Bitcoin. One of the creators of Bitcoin Satoshi Vision, Craig Wright, believed that the changes that they propose to the fork are in line with what Satoshi would have wanted for Bitcoin.
Whether they were right or not is something that we will never know. However, this phenomenon of trying to go in the footsteps of the creators of some projects is still present in the cryptocurrency world. Today, we will analyse one of these projects that goes by the name Ryoshis Vision (RYOSHI).
Satoshi definitely needs no introduction to anyone who believed BSV was “the right Bitcoin,” but introducing Ryoshi is definitely necessary as this pseudonym is definitely not as common as Satoshi.
Ryoshi was a mysterious creator of one of the most popular meme coins, Shiba Inu. With decentralization as the biggest goal in mind, Ryoshi tried to develop a cryptocurrency that would serve everyone and would not have a single centralized point of failure. During the development of Shiba, Ryoshi for instance stated the following:
“We have from the beginning made it very clear that no one is in charge. There is no man accountable, no person responsible and no entity has the keys to the kingdom.”
Ryoshi was a strong believer of decentralization and tried to develop and deploy solutions that would be quicker, safer and fairer than the currently established centralized institutions.
Ryoshi wanted to create a completely decentralized monetary system that would not have a central authority, but instead, would be 100% owned by the community, thus delivering on his promise “for the people and run by the people.” Shiba was supposed to be one of those solutions. With the knowledge of who Ryoshi was, or is, we can now explore what the goal of this project is.
Ryoshis Vision (RYOSHI) is an ERC-20 token developed on the Ethereum blockchain that was not developed by Ryoshi, but by a developer known under the name Wifey. The goal of this developer was to honour the brilliance of Ryoshi and their ideas. But through Ryoshis Vision, Wifey also wanted to continue the legacy of Ryoshi, which can be defined by three goals:
And while Ryoshis Vision is not DAO as of now, it plans to slowly transform to one and then disrupt different segments of the cryptocurrency industry such as Metaverse or NFT. It also wants to tackle some of the issues that industries such as music, art, gaming or design are seeing in the modern world. Through this, Ryoshis Vision wants to help content creators, gamers, developers or artists.
This aim of the Ryoshis Vision can be traced back to its launch, which was delivered in one of the fairest ways possible. No pre-launch, no pre-mining or private seed rounds or tokens given to the team. On 7 August 2021, Ryoshis Vision was deployed on ShibaSwap, under the condition of owning Shiba tokens and thus having a SHIB address.
The token has also implemented a burn mechanism, which burnt 100% of its initial LP tokens, with half of the total supply of RYOSHI being burnt right to SHIB at the launch. Through this, Ryoshis Vision aims to create a revolutionary approach to a burning protocol solution for the Shiba Inu ecosystem that would also benefit RYOSHI holders through increasing the price floor due to decreasing supply.
Ryoshi Vision also made sure to cope with bots in their own way. Sandwich bots are programmes that are looking for pending transactions and place buying and selling orders at the same time. Through this, they try to collect the difference (spread) between the buying/selling orders at that very moment.
Ryoshis Vision has an in-built protocol that does not allow for this type of behaviour, since each wallet can only have one transaction per block, thus the bots are unable to perform their tactics. This also stops price manipulation and allows the protocol to be fairer.
As was mentioned previously, the launch of this token was probably one of the fairest that the current climate in the cryptocurrency world allows. Ryoshis Vision originally minted 1 quadrillion tokens on 7 August, the highest number the Ethereum network supports, just to burn half of it (500 trillion) the very next day.
The coin also has two important tokenomics features to the transactions. First, 1% of every transaction is burnt and added to the #1 Wallet forever. The second is that 1% of every buy, sell or transfer transaction is distributed to the rewards pool to be evenly distributed to the xSHIB holders on ShibaSwap, encouraging staking at this DEX.
These two mechanisms have, amongst other things, one goal in mind and that is to lower the amount of the tokens that are in circulation and hence increase the price floor of them, making the token deflationary by nature. Through this, Ryoshis Vision team wants to create a HODL friendly environment, especially for the long term. The endorsed slippage for the transactions is 2.5%.
What is interesting about the 1% fee that is distributed to the ShibaSwap hodlers, is the mechanism of how it’s done. The first distribution cycle started two weeks after the launch of RYOSHI and distributed tokens worth over 200,000 dollars out of a pool with value of 1 million dollars, to more than 81,000 hodlers of xSHIB. The following distributions are always meant to happen in cycles of approximately 20 weeks.
As you have surely figured out by now, the two projects, Shiba Inu and Ryoshis Vision are very close. However, in its visionpaper, Ryoshis Vision team made it absolutely clear that there is no competition between the two projects. On the contrary, they believe that the projects, just like their communities, should cooperate to deliver the best possible experience for both of them.
“We feel it is our pleasure and obligation to recognise the amazing initiative from the ShibaSwap team that inspired us in taking action.”
Yet, the projects are distinct and independent from each other, just like ShibaSwap is. While they seem to complement each other and work very closely together, the teams as well as their missions and goals are their own.
While there is no clear roadmap, the team has established some of the next steps that it is looking to take. For now, these are more in the exploratory phase, however, that does not mean that they will not be implemented.
As previously mentioned, Ryoshis Vision has the aim to help content creators and artists. This will possibly be done through their own NFT marketplace, which is a no-brainer for the team. The need for such a platform in today’s cryptocurrency world just seems to be too strong to be ignored by anyone.
Then, the team is establishing how it can help improve the experience of consumers as well as creators of music, games and esports. Overall, Ryoshis Vision aims to improve the entertainment sector.
Last but not least, owning Metaverse space to support the community-driven utilities is something that the team wants to deliver in the long-run. Having fully evaluated the need for such a place, the team behind Ryoshis Vision is committed to creating a Metaverse space that will serve all.
While we know the pseudonym of the creator of the project, Wifey, just like with Ryoshi or Satoshi, this does not give us any more details. The team behind Ryoshis Vision however wanted to be more transparent and thus revealed the structure in which it works.
As stated by its visionpaper, there is no CEO, CFO or COO. On the other hand, the project works with different teams, such as coordination team, dev team and admin team, which then sets working groups and establishes the structure and importance of the next tasks and the overall workflow.
Through this, Ryoshis Vision wants to establish at least some form of trust, while still remaining anonymous. The team even updates the community about any changes in management or teams through social media platforms such as Telegram or Twitter. Out of those, their Twitter account has about 26,000 followers, Telegram more than 5,000 followers and Discord approximately 4,000 followers.
Ryoshis Vision might have a potential to actually become one of the “vision” tokens that delivers something. Although the roadmap and the plan of the team is unclear, the token seems to be doing fairly well even in these difficult times for the cryptocurrency market. However, it will be necessary for Wifey and co., to develop the project more if they want it to succeed.
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