Last week, we discussed a revolutionary new idea – The BSOV Project. As we got to know, BSOV stands for Bitcoin Store of Value, which is a cryptocurrency project based on the Ethereum Blockchain. It is an ERC-20 token, allowing it to support all kinds of Smart Contracts. BSOV was initiated to function as an inherent deflationary asset. This meant that the total supply of BSOV will gradually keep decreasing, to make it a scarce asset.
BSOV today boasts a strong community, an increasing number of HODLers, and a loyal following.
But one could wonder, what would have happened if we had known who the mysterious Mundo was all along. What would have happened if the founder hadn’t disappeared, leaving the community to handle the reins. To understand that, let us get to know more about Mundo – BSOV’s very own Satoshi Nakamoto.
The Advent of Satoshi Nakamoto – Myth of the Modern Age
In 2008, when he came out with the Bitcoin P2P paper, Satoshi Nakamoto was just another internet user. He was part of a mailing group that shared ideas and improved each other. It wasn’t until Bitcoin was live and running that inquiry into Nakamoto’s identity started picking up pace.
Nakamoto was the first to solve the double-spending problem for a decentralized digital currency, creating a new asset, the likes of which the world had never seen before: Bitcoin. The founder continued to work on the software project for about another year and a half before disengaging from active development. This sudden disappearance, along with no direct influence on the network, made Satoshi Nakamoto a mythical figure. A God-like entity, sitting in the background, letting things run themselves.
The Influence of Mundo
As we had discussed earlier, BitcoinSOV (BSOV) was a project initiated by the Internet user calling themself – Mundo. It was a cryptocurrency designed with a Proof-of-Work consensus mechanism and a token supply that was deflationary-by-design. The Token relies on the security provided by the Ethereum blockchain to initiate and execute deflationary smart contracts.
Mundo, which literally stands for “World” in Spanish, initiated the BSOV smart-contract on 17th of June, 2019. When looking closely, one can find many similarities between Mundo and Satoshi Nakamoto.
Just like Satoshi Nakamoto, Mundo did not take control of the entire narrative, nor take control of token supply or any governing function. Mundo let the community form their own websites, their own narratives, and let the decentralized nature of a cryptocurrency grow organically by its own merits. This encourages the community to do things like they are doing right now — formalizing an upcoming BSOV Foundation.
The Deflationary Model – Mundo’s Touch
“So, what Mundo did was implement a deflationary mechanism into crypto which has nearly identical characteristics to the original Bitcoin (BTC), but without hardforking the BTC code. This idea is simple, but might prove to be extremely powerful” said Rouse, a BSOV community member, and HODLer.
The Bitcoin Store of Value or BSOV is a cryptocurrency initiated by anonymous internet users “Mundo”. As he/she/they described in the whitepaper, BSOV was designed as a protocol to maintain stability over long periods of time.
BSOV is in many ways similar to Bitcoin. Both are PoW based and Mineable, have a loyal community and boast an anonymous mythical founder.
Comparison To Bitcoin
What BSOV does differently is that it constantly tries to limit the number of tokens in circulation and increase the net cost of mining. This ensures that slowly, but gradually, upward pressure on the asset is initiated. On the BSOV protocol, 1% of the transaction fees from each and every block is burned by the community, thereby limiting the tokens and encouraging users to hold more. The project aims to make sure BSOV evolves into a reliable store of value, unaffected by market volatility and influence of supply and demand.
While Bitcoin (BTC) is classified as a Cryptocurrency, BSOV is classified as a Crypto Commodity. BSOV is, legally speaking more like a Commodity due to the deflationary mechanism which makes BSOV designed to be less suitable for day-to-day transactions, and more suitable as a long term Store-of-Value (SoV), therefore the name BitcoinSoV.
What has Mundo Done?
Rouse pointed out in a Medium post that other than being quite reserved and rarely active in the BitcoinSOV Community Chat, Mundo has given quite a few contributions
- 17th of June, 2019 — Deployed the BSOV Token smart-contract
- July 2019 — Created an ETH-donation wallet, which has been spent only 3 times until now.
- 17th of June, 2020 — Released the BSOV Whitepaper
Since June, Mundo has sort of disappeared from the BSOV scene. All operations, updates, wallet upgrades, and smart contracts are overlooked by the BSOV community. Mundo, following the footsteps of the mysterious Satoshi Nakamoto, has decided to sit back and let the market do its job. The BSOV project, driven by its revolutionary deflation model, will function and keep functioning independently of its founder. There could be a debate about whether leaving the project was a good or bad idea, but almost all will agree that without a central authority, the community becomes much more self-reliant, self-sufficient, and decentralized.