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Privacy for everRYOne — Ryo

TradeOgre has been all the rage lately and I’m not one to miss out on a crypto party so with today’s article we’re going to be looking at one of the PoW privacy coins on there with Ryo. Ryo itself is a coin with an interesting backstory to say the least so with this article today I’ll be taking a brief look at the history of the coin and the team behind it, the purpose of Ryo, and all the features the dev team has in store.

 

what is ryo currency

 

The History of Ryo

I’ll be trying to keep this section brief, but I’m a sucker for history and the tumultuous beginnings to Ryo help cement to me the validity of the project and show the values of those on the development team, so here’s a quick run down.

 

 

Ryo was launched as a fork of Sumokoin a short 10 blocks after Sumokoin hard forked back to the original Cryptonight PoW algorithm that would allow for ASIC mining. This fork and creation of Ryo was led by one of the previous developers of Sumo Fireice_UK. Fireice had been on the team in order to help develop the Cryptonight-Heavy ASIC resistant algorithm as an alternative algorithm to Monero’s CryptonightV1. While on the project Fireice discovered that the original dev team had been covering up an additional 400,000 premined coins unlocking years earlier than disclosed.

That discovery and the decision for Sumokoin to fork back to the ASIC vulnerable algorithm led to the forking of Ryo from Sumokoin back in May 10 blocks after the Sumokoin fork. The Ryo fork granted replay protection to that chain as well as removed the 1 million coin premine from the blockchain. For a full account of the events please see this post from Fireice UK from September. Next, we’re going to be diving a little deeper into the Ryo team.

The RYO Team

This isn’t a section I normally include in my analysis of coins as some of you who have read my articles for a while would notice. The Ryo team however and their actions and credentials were a major factor in my own investment in this project.

I already acquainted you with Fireice_UK with the history section and I believe their morals and character stand for themselves in that regard. Having a sense that the lead developers of a project you’re invested in truly care and want the best for the project and community is not something that comes about often in cryptocurrency. Luckily, I can say that I have that feeling with Ryo.

Fireice’s contributions and exemplary contributions to the crypto community are larger than simply calling out a scam. They’re one of the two main developers to what is known as XMR-Stak, an all-in-one mining software for cryptonight coins. For those unfamiliar, “XMR-Stak is a universal Stratum pool miner. This miner supports CPUs, AMD and NVIDIA GPUs and can be used to mine the crypto currencies Monero, Aeon and many more Cryptonight coins.” I myself recently started using this software to do some mining of my own.

Along with Fireice on the team is also psychocrypt, the other main developer of xmr-stak and mosu-forge. While I don’t have any tales of premines and uncovered scams the work of psychocrypt speaks for itself in their contributions to the cryptocurrency community.

 

 

To wrap up this section, as far as privacy and proof-of-work goes Ryo clearly has an all-star lineup that has proven they know how to deliver and how to develop in a manner with integrity.

What is RYO

We’ve gone over a lot of details for Ryo and the projects background now let’s hop into what Ryo is all about. Ryo is a PoW cryptocurrency using the Cryptonight-Heavy (CN-Heavy) algorithm which aims to stay true to the GPU mining community of Sumokoin.

Ryo has a planned mining schedule that goes out 20 years and will release 88,188,888 coins with over 80 million of them being mineable. Furthermore, a little over 8 million coins were burned at the onset of the chain to remove the Sumokoin premine that was mentioned in the previous paragraphs.

The block reward for Ryo changes every 6 months and is designed to be what is known as a “camel distribution” and maps how crude oil, coal, and gas is mined. In the scheme the resources are mined slowly at first followed by rapid acceleration and a sharp decline and depletion. Ryo states that this planned distribution will put them at a similar release curve to Bitcoin.

 

 

Ryo Features

Ryo is at its heart a fork of Monero and because of that adopts its privacy and security properties with some added twists like the CN-Heavy algorithm. Ryo boasts 6 main features: privacy, untraceability, decentralization, fungibility, anonymity, and ease of use and we’re going to be focusing on privacy, untraceability, and anonymity.

 

 

For privacy, Ryo has been using Ring Confidential Transactions (RingCT) since its fork and employs a minimum ringsize or mixin of 12 rings. With this feature user’s transactions are concealed and it cannot be ascertained which user was making what transaction in block giving user’s the privacy of knowing that only they know what they are purchasing with their cryptocurrency.

Next we have untraceability. With the Ryo blockchain all sending and receiving addresses are encrypted and the amounts that are transacted are hidden by default. This feature adds to a user’s own privacy and security. On top of that we have what is known as ghost addresses. These addresses help with both untraceability of Ryo transactions and user’s anonymity

Anonymity is incredibly important in the world of cryptocurrency and Ryo recognizes that and allows users to use a new ghost address for every single transaction that you receive. With these addresses you receive funds to your main address but the sender would input the ghost address, so even if someone sending you funds becomes compromised your actual address is never revealed and additionally the ghost address will be gone after the transaction. With this feature and the others a user can truly be anonymous and secure with the Ryo blockchain.

Ryo Development

Ryo has been in development for several months now with the official launch being listed as June on the team’s website. In that team the dev team has already released two updates including their first full release in the v0.2.0 update called Free Radical. The next update was called Pie Orbital (lots of chemistry here) which was released in August and included bug fixes and the institution of a dev fund.

Since the two releases the team has created an online wallet generator, released an Atom wallet and has released a plugin for e-commerce transactions to be done with Ryo. That development of the plugin which came recently in October is my favorite development thus far. Privacy and anonymity coins are great, but if I can’t use those coins to buy anything besides trade what really is the point?

Ryo dubbed this release of their payment gateway “Pay with Ryo” and is a plugin for stores that use “WooCommerce.” For those unfamiliar WooCommerce is a popular ecommerce platform for wordpress. With this release those using WooCommerce can install the plugin for their store and begin accepting payments in RYO for their goods.

In addition the team launched the Ryo Store alongside the plugin. The store makes use of that plugin to allow for users to purchase Ryo gear with RYO (Paypal is available for those who wish to HODL). This development shows me that Ryo understands how crypto can and should be used, especially privacy coins.

Lastly, the Ryo team and Mosu-Forge in particular who developed the plug-in made pull requests available to the Monero team. A dialogue was opened with them and after some updates the Monero team stated that the Ryo plug-in would be the base for their own Monero WooCommerce plug-in, so if you’re in the privacy world prepare to start seeing this pop up more often.

 

 

That being said there is still a ton on the table that Ryo plans on developing. For infrastructure development as they call it, Ryo is working on Web wallets, mobile wallets for Android and iOS, more payment processors and services, more developer tools, and a GUI interface for XMR-Stak. Lastly, for core code development the Ryo team is looking at optimization of the x5-x10 daemons, blockchain compression which should reduce the blockchain size to 100 MB, bulletproofs, and more ring sizes.

Price

RYO is currently trading at a price of $0.12 or 1986 Sats as of this writing. The total supply of RYO right now is 7.4 million coins and 7.3 million coins in circulation. RYO will have a total cap of 88,188,888 coins after the 20 year emission cycle and an emission of 263,000 following the 20 year release to account for inflation. The current market cap of the project is $900K and daily volume across two exchanges is $7K.

 

 

Exchanges

There are two exchanges that offer pairings for RYO. TradeOgre offers a BTC pairing only and has the highest daily volume with 82%. Cryptopia offers three pairings including BTC, Doge, and LTC for RYO. The BTC pairing is the only one with significant value at 17.8% daily volume.

TradeOgre — https://tradeogre.com/markets

Cryptopia — https://www.cryptopia.co.nz/

Community

Please see the following links to learn more about RYO:

Website — https://ryo-currency.com/

ANN — https://bitcointalk.org/index.php?topic=4413010.0

Twitter — https://twitter.com/RyocurrencyO

Medium — https://medium.com/@ryo.currency

Discord — https://discord.gg/GFQmFtx

Conclusion

Ryo is a project that I found on happenstance really from just clicking through random coins on TradeOgre. Sometimes the best projects are found through serendipity. The coin itself is privacy focused and has a dev team that has demonstrated their integrity to the cryptocurrency community; along with a short list of features that place Ryo in a great position to develop into one of the leaders of the privacy coins space.

Thank you for reading today’s article! As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the Ryo team and am a holder of their coin. Thank you again for reading. I have to return some video tapes.