Many thanks to community members for their continued support of the Who is Satoshi (WIS) project.
The team has been focused on product features and lacks some communication with the community.
We hope to make some efforts in the exchange of information.
Today we would like to discuss with you the development of the Web3 application ecosystem and the long-term goals of WIS products.
In the past few years, various innovative DeFi projects and GameFi projects have flourished, and many phenomenal products with great influence have appeared.
The construction of these upper-layer protocols and applications has made the encrypted economy starting from Bitcoin more diverse.
In this round of bear market, DeFi's high leverage and bubble were crushed on a large scale.
GameFi's leading products also return to rational values.
But more users have the knowledge of DeFi and Dapp, and have the ability to participate in Web3 applications.
Protocols such as Uniswap provide the infrastructure for Web3 liquidity, while leading GameFi products such as Axie and Stepn have introduced more mainstream people into the Web3 ecosystem.
This makes the participating users of Web3 appear more diverse.
We would like to discuss Axie and Stepn.
Both products have had a huge impact and contribution to the industry.
Although the prices of both game tokens continue to fall, it is different from the death spiral and should be understood as the return of rational value after the bubble disappears.
Axie is the hottest product in GameFi design. Even provided new work and revenue models for many teams in the Philippines and Malaysia. In the process of product operation, Axie developed a dual-token model. Although its sub-tokens have been under pressure to sell, the price and market value have been shrinking. But the design ideas have influenced a lot of other products.
The infinite life cycle of NFTs assets is destined to make Axie's decline curve inevitable. Game guild and token mining studios, like sweet poison, made Axie's rapid growth and became the biggest incentive for its downward spiral.
However, the overall market value of Axie's main token is still very high. This product has successfully cultivated many mature GameFi professional studios, and has also provided a population with basic knowledge for other new GameFi products.
We noticed Stepn because its app publisher is Find Satoshi, which bears an interesting similarity to the brand name of WIS Who is Satoshi. Stepn is a very good product, which further optimizes the X-to-Earn model on the basis of Axie.
Stepn uses the core design of Move-to-Earn, in addition to NFT assets and Token income, it also tries to generate more income outside the system.
The game sub-token GST is also designed with a lot of system consumption.
Although GST has been falling all the way, the external ecological value generated by Stepn has brought a lot of positive value to the entire Web3 industry.
We do not support using the downward spiral of game sub-tokens to extend the life of the product.
This means that product design is not divorced from the essence of a Ponzi scheme.
Such a design will lead to a large loss of investment assets of mid- and late-stage participants.
They were forced to make a capital investment into the product, but the benefits were captured entirely by the project's early investment funds.
Early participants will see the team continue to expand the application scenarios and gameplay of NFT, and continue to expand the value of utility tokens and governance tokens.
In the design concept of the WIS team, the Metaverse identity of Web3 is the same as the identity in the real world. It requires the accumulation of behavior and capital in order to obtain social value and status in Metaverse.
During early testing of our product, some studios were familiar with the Axie and Stepn economic systems. These studios calculate precise ROI, then quickly mine tokens and sell them. This behavior is discouraged in WIS product design.
Why can encryption be the fastest growing field in the world? Because investors in the cryptocurrency space are always more likely to make repeated investments than to convert invested capital into cash for ongoing consumption.
The economic system design of WIS will encourage and guide users, from basic physical investment (Move-to-Earn), to basic intellectual investment (Play-to-Earn), and then gradually into the rolling investment income of capital (Business Idle Games) . From personal time investment income, it gradually develops into the ability to manage team income and resource use.
The birth of the Metaverse is like an opportunity to discover the new continent of America. But no matter what kind of new opportunities, those who keep working hard will surely get bigger and longer-term rewards.
In an entirely new economic system, whose money does the participants end up earning? Any valuable new ecosystem should not be a zero-sum game like the Ponzi scheme. Early users should not and need not earn chips in the pockets of new users. They should work with creative users to create value and build community.
An economic system based on a Ponzi scheme is not sustainable. In a healthy economic system, the increase in tokens must be synchronized with the increase in the internal and external value of the system. The growth of value depends on the continuous contribution of community users to the system, including construction, recommendation, investment and many other behaviors.
Why has Japan experienced a decades-long economic recession, while the United States and China have been able to maintain high economic growth for a long time? The essence is whether the participants in the economic system continue to contribute to ecological value.
On the basis of continuous product construction and community construction, the new ecology will form a basic value system. After the token has value, the ecology will attract more consumers to enter.
Tokens will become tools to support consumption and begin to maintain stable and enduring value. Early participants and builders will benefit, and a whole new economy will be built.
We just launched a new version about gems. The 1.13x version makes the supply and demand relationship of tokens more reasonable. And let the functional progress of the token be enhanced.
A new version of the land will be released soon.
Land assets are an important part of the WIS Metaverse. After the system goes live, the initial completeness of the WIS App will be improved.
The team plans to start the second phase of Open Beta testing after the new version of the land is stable. We will appropriately promote new users to participate in the testing of the new version. And began to optimize the value of the economic system in the second stage, as well as improve the user experience of applications and protocols.
WIS products start from the value of PFP and build a community based on NFTs culture.
Then we released the NFT exchange protocol, as well as the Web version of the Marketplace application.
Subsequently, the WIS app started with Move-to-Earn was launched.
In the continuous update of the app, the gameplay of Play-to-Earn has been gradually expanded.
Using the design of SBT, it gradually accumulates a pure Web3 anonymous identity system for users, and derives it into modules for Free-Mining and DeFi governance.
Together with community users, we have gradually built a framework for Web3 applications from scratch.
But right now we are still in a very early stage.
If the final state is described as 100%, the team believes that the current level of completion is at most 30%.
We still have a lot of features waiting to be implemented and improved, and we need to work with the community to complete them.
In the vision of the WIS team, the WIS ecosystem will eventually become a Web3 social connector.
Continue to grow the community, and the community continues to provide valuable assets and various social gameplay based on these assets.
Users will accumulate and form their own independent Web3 anonymous identity system in the WIS ecosystem,
and can use this identity system to anonymously present their Metaverse qualifications in various Web3 applications.
In tribute to Satoshi Nakamoto and Bitcoin, the WIS team chose to work anonymously from the beginning. And the team will continue to grow the project and community anonymously. We believe this is more in line with the spirit of Web3.
The WIS team is not a public chain development team and has no interest in the design and development of the fat protocol. The technical direction that the team focuses on is light protocol, L2 and Web3 application layer.
This positioning of the team will deeply integrate and cooperate with more fat protocol products. We want to better connect the infrastructure of the crypto-economic system with mainstream users.
The WIS project was initially tested on the Matic and Rinkeby testnets, whose public chains are Polygon and Ethereum. In the past few years, the team has accumulated a lot of EVM-based technologies, so we also pay attention to all EVM-compatible ecosystems. These include Binance Smart Chain as well as Satoshi Testnet which has just entered the beta phase. Because of the relevance of the brand name, we noticed the Satoshi Testnet, and the initial prototype of the WIS project was tested on the testnet.
Although our product is still very early in the testing process, we still have the support of many enthusiastic users in the Satoshi community. At the same time, we have seen many users with strong technical capabilities, as well as users who continue to invest in supporting the WIS project.
We are always very grateful to the early participants, even though the Satoshi brand was later changed to Core, the team still hopes to contribute to the Core ecosystem. We hope to build more usable web3 applications and a healthy economic system based on the Core ecosystem.
Some members of the WIS community may be offended by comments made by someone from the Core Discord channel.
We know that many WIS community members are also members of CoreDAO.
Web3 should be open and inclusive, and each web3 component will cooperate with each other to grow stronger.
In the development of all kinds of new things, positive and negative remarks cannot be avoided.
We hope that members of the community will not pay too much attention to such remarks.
The final product, economic system, and community development will really answer all questions.
Here we would like to share some information with the community: