Itchiro AMA at GemSpecialist
We believe it’s important to keep gamers informed on how Itchiro moves on. Following our path to spread the word on Itchiro in the DeFi community, we were interviewed by GemSpecialist on Telegram on Nov 11th. Here is the transcription of the live interview with Mario; have a good read!
Question 1: Some here are familiar with this project, but others are not. Kindly give us a summary of what Itchiro Games all about? From concept, use case, etc.
Thanks, @AMAspecialist, for the kind invite! — Mario.
The purpose of Itchiro Games is to create infrastructure on Ethereum for both gamers and game studios — to manage the lifecycle of game assets (NFTs).
The purpose of Itchiro Games is to create infrastructure on Ethereum for both gamers and game studios — to manage the lifecycle of game assets (NFTs).
This is it in a nutshell, and our team is looking to focus on general infrastructure at first — hence the DEX, NFT wallet, and gaming protocol
And over the team, we want to focus on end-users through games we are building. And to be completely transparent, we’re already building games in parallel to the DEX and wallet we’re working on.
In terms of use case, as stated in the question, I think it's fair to say that the use case for our infrastructure play at the beginning will help bridge the gap for many game studios who lack the infrastructure to issue NFT-based game assets.
Actually when I first saw your platform during presale, Really thought of Nintendo company. So I am indeed invested on it. 👌👌 — Gemspecialist.
- Interesting! Your features are all heavy, mate: DEX, NFT, and gaming protocol. But none of these are currently live.
- I understand that infrastructure takes time to build, especially for gaming, and we are really looking forward to seeing how Itchiro can pull what's on your milestone and roadmap.
Haha, happy to hear that; yeah, the NES console was really inspired by that.
- Yeah, from website navigation, totally hooked with it.
DEX is planned to live before the end of November; I think the best-case scenario will be towards the weekend.
- Gemspecialist: Wow, so this is an interesting announcement.
You hear it first, here, hehe.
- Gemspecialist: Thanks for wrapping up. Maybe I’ll go back with that a bit later.
Yeah absolutely mate
- Gemspecialist: Ill be moving on to your current live feature, such as farming.
- It's currently live.
Yes, it is: app.itchiro.com
- Thanks.
- Here is my question.
Question 2: What is the difference between your Liquidity Mining Program to other yield farming platform? In terms of APYs, reward pool, and stability?
[I’m actually gonna write a detailed response here so that it might take a minute or 2, lol]
- Sure it's better to read a clear and thorough explanation. A minute or more won't matter. 👌
So to answer that, it's important to mention what the state of affairs is. So when we first started, we set ourselves to fo the following before the end of the year:
Roadmap
📍Pre-sale ➡️ Mining ➡️ NFT Marketplace ➡️ NFT Mobile Wallet ➡️ Games
Today
➡️Pre-sale ➡️ Mining 📍NFT Marketplace ➡️ NFT Mobile Wallet ➡️ Games
When we first both the presale and mining, we found that our community was 70% trader and 30% game enthusiasts.
We expect that as we begin to release games and the DEX this month, the topic of discussion in our community will slowly begin to divert towards technical support (trading, mining, gaming) rather than just prices/trading.
Over time we see our community shift to 70% game/NFT enthusiasts and 30% traders. We think this shift will take place towards the end of December.
In the meantime, we’re in a transitionary period and want to bridge our current stakeholders (miners, hodlers, etc.) till we get to that point.
So the first thing we decided to do is design the mining application with standard geyser style mines (taken from Ampleforth). But with a twist.
1) LP token locking for 30 days
2) Super high APYs for 72 hours, which then normalize to 100%-300% range after 72 hours.
This was designed to incentivize community members who supported us at the start. Over time Liquidity Liquidity Mining Program 1 (LMP1) will continue to normalize it APY to the 20%-70% range if it becomes hyper-competitive.
- Wow, it's a really detailed one.
- Let us read it for a while.
We actually created a Markov chain Montecarlo simulation (MCMC) model internally to make sure these APYs are correct, given the expected amount of miners and token price. And so far, our model has been right on the money.
- Wow, cool, so you did assume the type of community interest has.
- But why are LP tokens locked for 30 days?
To prevent a trader from taking advantage of the 5,000+ APYs in the first 3 days. - Does that mean it cannot be withdrawn for 30 days before it can earn JEM tokens? I hope you can enlighten this part.
Else liquidity would tank while dumping continues for the first 72 hours.
- Ah, I get it. You separate a 30days period and 72hrs period. I assume it has a different pool reward.
The other thing here to take in mind is we designed the LMPs not to be high risk, high rewarding investment instruments but long-term investment vehicles for community supporters as the token appreciates.
- I understand some yield farm after some time got died.
So claimable tokens can be earned continuously, so you can claim as much as you want, but tokens will be locked for 30 days once deposited
- I see a better way to maximize profit and avoid dumping.
Basically, they’re called epochs in the Ampleforth geyser farm.
- Is this Liquidity mining is different from the one I read HIPPO program recently?
Yes! So, LMP1, 2, 3 are all liquidity mining programs just like a farm.
- Like normal yield farm, right?
Correct. HIPPO is a HODLER Incentive Program, but HIPPO sounds cooler 🦛.
- Pardon me but didn't read the full docs on Hippo, so I appreciate it if you could explain the Hippo program.
Here’s the link to read more; I’ll explain it in a nutshell below: https://itchirogames.medium.com/holder-incentive-program-hippo-413b294c313d.
- So, it incentives holders of JEM in short.
- Wow, this [post] is easier.
HIPPO is a program that will run for 2 months, with a total of 460 $JEM 💎. There will be 4 contests. Each contest will take place every 2 weeks.
Rewards per Contest
- 75 $JEM 💎 will be allocated for LP holders
- 40 $JEM 💎 will be allocated for wallet holders
Point-based System
The program will be point-based (a random selection will happen if and only if there is a tie). HIPPO 🦛 contests will happen twice a month during the first and last week of each month, where 75 $JEM 💎 will be distributed to each contest's winners.
- That is a smart move to give benefits to liquidity providers too. How is that working so far?
- Even holders have a chance to earn more by simply holding. So this is an initiative from your team, and all I can say is very smart to keep the price and volume of trade stable.
- Maybe I’ll start providing liquidity soon for JEM 😂😂.
It’s been working ok, not been super utilized yet; we might end up just using a portion of the 460 JEM instead of the whole.
But we’re looking to promote this and more with a roster of influencers we’re now working with.
Thanks, that’s what we’re aiming for — hodler and LP holder incentives… why?
Because we need to bridge our community of trader to the nascent community of gamers who are emerging
- Yeah, the idea is concise, and for me, it will be effective since lots of traders lose their interest once a project token dump, which's due to poor liquidity. At least god moves to give some hodlers benefits like this.
- Gaming, which will be soon right.
- And even DEX.
Absolutely, and to be honest with you, the token has been doing fairly well; unlike most farming projects, the token price hasn’t fallen below presale.
- Yeah, noticed it too. That means it's effective.
And the APYs are now going to be smaller starting today, so the little price dumps that happened throughout the past 2 days won’t exist anymore — basically, it's only upwards from here.
We had to simulate it on Python before deploying, so glad we did that.
- Since you mentioned the DEX release at the end of the month, I think my next question is perfect for this topic.
We have an upcoming game named “Shinobi,” which we will release this month; this is the first time we share any game information. We’re also planning on launching the CoinVille announcement with the enoki.finance guys soon too.
Go for it.
Question 4: I’m well aware of your plan. Such as DEX and the game integration of CoinVille. What is so special about your planned dex compared to others? Also, this game CoinVille is exciting but has not much info yet. Can you share or disclose a little info on what to expect from this game?
- This “shinobi” is next to CoinVille, right? But details are still not out. Damn, lots of releases by Itchiro.
So, when it comes to the DEX, it has been designed to be a simple swap and “yellow page” for in-game assets NFTs from the Itchiro universe, all our games: Shinobi, CoinVille, Jungle, and other unannounced.
We’re also looking to partner with some interesting projects that we’ll share over the course of this month to have their in-game assets on our DEX. For example, with enoki.finance, we plan to have their ltd mushrooms first available there.
CoinVille
The purpose of CoinVille is to gamify DeFi for the masses. Millions already know how to play Farmville; now imagine playing Farmville with real money.
In this project, enoki.finance will be taking the lead on the product side of things while taking the lead on engineering.
Once the game announcement is out, we will share partnerships every week of projects joining Farmville to create a “homestead.” A homestead is basically that project’s farming ground or mining ground in the CoinVille universe. Users can come to RPG-style and participate in their farms (or mines — JEM💎 Mountain).
Gemspecialist: Guys, read it up this is a good read!
We’re working hard on partnerships at this point, but please message us in the t.me/itchiro channel or msg @m4zey from enoki.finance, and you’ll be added to a scrum chat where Itchiro Games’ in-house graphic artist will work with you to design and build the homestead.
- So the DEX primarily will be a focus on in-game asset products like axis infinity.
- The only game asset will be catering to this dex? How about the NFT platform?
We are chatting with $FUD, $MEME, and other projects so that you can expect their NFTs in both CoinVille and the DEX.
- Wow, that's nice. I had an AMA a while ago with Kanva. It's also an NFT platform, and they have a cool design. I think they should talk with you about a potential partnership.
- I did play Farmville.
- So, I am excited to see the CoinVille game. I’ve seen the sneak peek, but of course, I am looking forward to exploring it.
Let’s definitely chat after the AMA and figure it out 😄.
- Sure, sure. I am so overwhelmed with the lots of information you are sharing.
- Awesome mate…
- Hope CoinVille will release sooner.
- But I appreciate sharing some little info about it.
- I know you want to surprise more info about it.
That game’s backend has already started in terms of development; graphics and characters will take a longer time as we’re working closely with other projects to launch.
- Yeah, right, it's a good collaboration indeed with Enoki.
- Anyway, I’ll be moving to my final question now.
- And open the floor for our community to ask questions.
Sounds great!
Question 5: Final question. I've seen many activities from Itchiro Games, such as the HIPPO program and Liquidity mining. What can we expect in the coming days? Like future partnership and collaboration aside from Enoki? Or CEX listing? Surprise products?
I want to say all of the above, but we learned that it's better not to jump the gun with announcements…we do have some programmed listings we’re working on, maybe a game release, so yes, probably all of the above, but its best to stay tuned 😄.
- That’s fine, mate. Hehe, I am just trying to know more about itchiro plans. But very well said on some details you shared with us. So definitely, we will stay tuned for some of the details we've discussed above.
- Now, it's time to open the floor.
- To the community.
- Please select @defimario three best question mate from the community and kindly answer their question.
Alright, let's do it.
(Some) Open Round Questions
Itchiro operates with Ethereum blockchain. However, the software tooling on Ethereum is poor for game developers. Does Itchiro have a plan to build its own infrastructure & marketplace where users will issue & sell blockchain-based items?
Yes, to the marketplace, we want to release a “minter,” a simple dApp where anyone can issue NFTs and store their images on an IPFS node.
Many say NFT is a trend in 2020 & will continue to develop in the next years. I look at some of the use cases of NFT in the crypto space for blockchain projects and their benefits. How does ItchiroGames think about the evolution of NFT in the crypto space & the real world?
Blockchain will replicate scarcity in the real world, in every possible way, not just money. NFT is the next big thing in the crypto space, probably heading towards collectibles and LTDs like AAVEGOTCHI. In the real world, with bigger brands offering NFTs, actually, the Crypto Kitties team (https://www.onflow.org/) is already working with NBA for this.
I think we’re also one of the first companies, if not the first, to release iOS and Android games with NFT operability.
Some gamers don’t have technical blockchain or crypto knowledge. How would you introduce your games to normal users who don’t have enough knowledge about blockchain?
Use the Itchiro Wallet; it looks pretty cool, like a Gameboy color but for managing NFTs.
Why you named your project ITCHIRO?
Ichiro means the first son; this is all of ours’ first DeFi project; we added the “t” in Itchiro as an inside joke.
Sometimes blockchain games have looked quite primitive in their design, and it’s clear there is a long way to go to meet the current gaming standard. But it’s potential. What do you believe is needed for Itchiro and blockchain gaming space to continue to advance and evolve?
Unity developers and robust backend code…I think once Stadia developers learn web3 tooling, we’re in the right direction; we think Stadia is the future.
💬 Social Media
Below are some important links to keep you updated with everything we announce.
- Website: itchiro.com
- Discord: discord.com/invite/M2UySpe
- Twitter: twitter.com/itchirogames
- Telegram: t.me/itchiro
