For the past few weeks we have been looking closely at BSOV, a deflationary community-driven cryptocurrency, so let us recap a little bit. Bitcoin Store of Value or BSOV is a cryptocurrency built as an ERC-20 token on the Ethereum Blockchain. It was initiated by an anonymous Satoshi-like figure calling themself – Mundo.
Mundo designed the BSOV protocol to be Proof-of-Work based, along with a deflationary supply schedule. So far, it seems eerily similar to Bitcoin. But what sets the BSOV cryptocurrency apart becomes visible when you look beneath the surface.
Adding Scarcity to Scarcity
BSOV’s unique structure comes mainly from two things – its non-violent and loyal community and the founder’s long term vision.
As we had discussed previously, a Store of Value is an asset that holds value over long periods. It is considered a pragmatism among economists that an asset that is scarce or deflationary, along with having real-world use, will continue to hold value even when other assets tend to fall over time.
The story goes like this. When the anonymous Mundo released the protocol, several developers quickly took notice of the idea and found it to be quite aligned with their principles. It didn’t take long for the word-of-mouth to do its magic, and pretty soon BSOV had a sizable and loyal following. The community quickly outgrew the network. With the eventual withdrawal of the founder, BSOV is now entirely community-driven.
And that is what Mundo had in mind.
The Long View
The BSOV network is a highly sophisticated protocol that values long term holding over short term gains. In essence, the protocol was designed as such that over time, a percentage of the supply that has been mined will be burned by the community periodically, thereby taking them out of existence. Along with that, the community has also pushed the limit by voluntarily time-locking about 20% of the entire network supply for about 4 years, cementing their loyal and long term stance on the long-term view.
Some of the biggest holders of BSOV tokens have time-locked their digital assets. The holders have agreed to a 4-year+ commitment to the network. One HODLer, who has locked about 210552 tokens is allowed to only withdraw 1000 BSOVs at the most. This means that if he follows the schedule, it could take 4 years for the HODler to fully remove their tokens.
From An Idea to Reality
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. And in many ways, this wave of decentralization is what helped the community realize the value proposition of BSOV.
The community, without any form of physical protests, violent acts, or show of power, has tried to show how there is a non-violent way of protesting. Their protest is against the traditional infrastructure of infinite money supply, of unlimited centralized power and abuse. By choosing to back a project that is deflationary in nature, limited in supply, and has no centralized authority to dictate terms, they have made their principles known. BSOV is a project that gives a platform for people to make their ideas known without any flagrant show of violence.
This concludes our series on BSOV. Through our research, we found the project to be quite interesting, owing to its long term outlook and deflationary schedule. It goes without saying that a successful network is built on a loyal community. BSOV’s community has shown incredible trust and loyalty over the anonymous founder Mundo’s vision. Their supply lock and readiness to make the protocol better was something we found extremely commendable.