RYAcoin

RYAcoin

RYA

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NUMBER OF EXCHANGES
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(25%) Average Rating
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avatar Dr. Doom 260
Team Quality
Info Quality
Track record

Dr. Doom posted on March 08, 2019 09:13:40

Formerly known as Ryo coin, but now rebranded to RYA coin, whatever the reason (in the whitepaper it is still called RYO though). Last development on github seems to have been 2 years ago, because the updates that were done 2-5 months ago, seem to be related with the rebranding. The blockchain is a clone of nxt blockchain, and a clone kit is used to launch it. 


The only real red flags I could find are:
- no visible team
- no details on coin supply and distribution (also the block explorer is not transparent)
but i don't find these red flags enough to call it a scam immediately

THe introduction goes like this and is a very dead beaten wannabe bitcoin promise, especially the goal of being store of value and medium of exchange:

".... is a cryptocurrency and monetary system designed to
be both a store of value and a medium of exchange. " 

Then it goes on to call bitcoin's PoW NAIVE: "Let us first examine Bitcoin’s naïve Proof of Work based model for money supply through
the following equation: "

The whitepaper argues that it is naive because of the maxed supply of bitcoin. RYO/RYA wants to replace that model with a model that is credit based (like the fiat monetary system, but then decentralized) so supply and demand for a currency would theoretically be more in balance and thus the coin more stable. Note that bitcoin's design was specifically and purposefully against the credit based model, however on this issue economists are divided, eventhough mainstream economics is heavily biased towards Keynesian economics. That discussion may be a bit outside of the scope of this review, but we can at least establish that they aim to achieve the opposite of bitcoin, mainly: a credit based economic model for managing the coin supply, which would then be flexible.

It also introduces a Proof of Trust concept (so at least there is some innovation, regardless whether it is good or bad, that I believe is original to Ryo project), which is a sort of credit score system with an extra Trust token which is non-transferable and increases decreases with trust earned or lost by either holding the coin or lending/borrowing (faithfully). 

(When it comes to providing a cryptographically created stablecoin with a decentralized elastic money supply system, it seems that MKR/DAO so far has the most successful project so far. But that aside for a moment)

Another positive point: no ICO fundraise, just a "small premine" (although information about amounts are unavailable, not mentioned in whitepaper) and airdrop. So on the surface it seems it is not immediately a money grab nor exit scam.

RYA is not featured on CoinmarketCap, could find it on CoinGecko: Marketcap unknown (but I think that is inherent to the coin supply system), trade volume 33k.
Block explorer: shows zip aciviy in blocks, no transactions.

Conclusion:
The Rya/ryo project fails to understand the economic innovation of bitcoin impo and thinks it can be superior to try to create a decentralized credit based central banking system. I guess the future will tell which system is going to succeed in the market. So far RYA as a project doesn't seem to be very successful to say the least. We can add to that by saying that this aims to be a stablecoin, yet it is down 80% from its ATH, which looks like pretty huge failure for a "stable"coin.

Verdict: although I don't see much reason or evidence to call it an outright scam or money, it does have some minor suspicious aspects to it, so I can't really clear them from suspicion either. More importantly it has all the characteristics of a dead/failed project. Still promoting this as having any form of meaningful value (despite the absence of real development) is therefore inherently shady impo. In my rating I won't be too harsh though, because it leans more to failed project than a real intentionally misleading money grab scam.





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