# ICHI x NerdQuarters AMA
4/5/21
**This HackMD serves as an informal recording of dialogue between Masanobu Fukuoka from ICHI & Ataxia from NerdQuarters.**

Ataxia, [05.04.21 16:06]
Ok guys were having an ama now with @masanobufukuoka from Ichi.org

@masanobufukuoka is going to talk to us about Ichi

Let me close the chat real quick

There we go, you're admin now

Masanobu Fukuoka,
[In reply to Ataxia]
great - first time trying this ... do we begin with an intro or Qs?

Ataxia,
Ahaha how are you doing today Masa

Let's start there

Masanobu Fukuoka,
[In reply to Ataxia]
Thanks for asking. Fantastic. ICHI is rolling. Happy to be here.

Ataxia,
I have seen it roll.myself haha

Tell me a bit of your name, who's this Masanobu character?

I read about of his philosophy

Masanobu Fukuoka,
https://en.wikipedia.org/wiki/Masanobu_Fukuoka

The other 'MF' ... he thought farming shouldn't hard work. We agree. So we made ichi.farm.

Ataxia,
Ahahahahahahaha

The real MF

Masanobu Fukuoka,
The original

Ataxia,
I like that mantra alot ahaha

I feel like ichi is so easy that people don't realize how much is going on when they're earning from it

Masanobu Fukuoka,
Seriously, his book is fantastic and starts with the line about a revolution beginning with one strand of rice straw.

We are also beginning a revolution.

Ataxia,
I totally agree!

Now all revolutions start with an idea right

## What does ICHI protocol do?
Ataxia,
Let's get back to basics on ichi, what does the protocol do?

Masanobu Fukuoka,
how nerdy do you want me to be (0 - least ... 10 - most)?

Ataxia,
11

Masanobu Fukuoka,
hah - love it ... Currency in economics previously defined currency as a medium of exchange, store of value, and unit of account. We enable crypto communities to separate those functions.

You shouldn't have to sell off your crypto to get any of the core benefits of currency.

But existing stablecoins ask you to do exactly that. ICHI solves it.

Ataxia,
Awesome haha lots of ways to cut this

Masanobu Fukuoka,
nerdy enough?

Ataxia,
Ahahah its great

So for all communities having an ichi farm will probably be a good idea right

How do we get anyone to make their one ichis

Masanobu Fukuoka,
if you have a scarce coin, you should also have a oneToken (ICHI stablecoin)

Ataxia,
Yep! And since we're always making new ones we want to know how to get more one tokens

Masanobu Fukuoka,
[In reply to Ataxia]
We are working towards self-service ... stay tuned. However, even in the case of self-service, ICHI is there to bootstrap your efforts and that requires whitelisting by the ICHI community.

oneVBTC is earning double the contract rate of rewards because it deserves it - whitelisting just made it eligible

Ataxia,
One of the things that I've experienced from working with you guys is that you really care about your partners. It's a very cool symbiotic relationship

Masanobu Fukuoka,
[In reply to Ataxia]
We are just here to help - the primary reason ICHI doesn't have its own stablecoin

Yes, a stablecoin project without its own stablecoin

## How are the treasuries managed?

Ataxia,
So one of the things I think most are unaware of is the management of the treasuries of ichi. I find it super interesting and it's on a new space of co-ownership

[In reply to Ataxia]
@masanobufukuoka would you like to explain a bit more how the treasuries are managed?

Masanobu Fukuoka,
Part of bootstrapping is making sure the treasury is well-run on defaults ... longer term, each community should assume ownership of its own treasury

Ataxia,
How is that process going to look?

Masanobu Fukuoka,
Treasury reserve ratio is the most important factor ... ICHI is the most over-collateralized, most backed stablecoin model in existence. No algos. No fractional stuff. All the funds are put to work making your project stronger and safer.

[In reply to Ataxia]
as value builds, people will have opinions on what to do with it. snapshots will be formed for the oneTokens. votes will register consensus of oneToken holders. votes will elect multsig.

Ataxia,
And then ichi would yield controll to whomever one voters decide?

Masanobu Fukuoka,
[In reply to Ataxia]
It isn't yielding. ICHI doesn't want the job. If they already have signers ready to go, it can be from Day #1.

Ataxia,
Ah this is very interesting I wasn't actually aware of it

Masanobu Fukuoka,
[In reply to Ataxia]
No worries - we launched oneVBTC in four days so not a lot of time to get all the details :)

Ataxia,
But then again if ichi manages the treasury there's a performance fee attached to it correct?

Masanobu Fukuoka,
[In reply to Ataxia]
ICHI earns as treasuries grow regardless of who manages them. That ensures ICHI can continue to invest in more ways to help treasury management.

Ataxia,
Ahh cool that's awesome

Are there any plans to have some sort of treasury front end?

Masanobu Fukuoka,
yes, but not before several more iterations of the plumbing ... putting funds to work across DeFi is one of the fastest developing spaces and we wouldn't want to miss out because of delays in front-end work

Ataxia,
100% this is a different sort of implementation of the shared fund system

Masanobu Fukuoka,
and that is just the investing side of things ... ichi is far more interested in the potential for adoption and economic stimulus ... this means payment providers, coupons, etc

Ataxia,
Could you use an example on what the killer implementation would look for you?

Masanobu Fukuoka,
[In reply to Ataxia]
10% cash back on all of your spending

Ataxia,
aha in like native tokens?

Masanobu Fukuoka,
no - in USD equivalent (ie, oneTokens)

Ataxia,
Extra nice

So how do you pull it off

Masanobu Fukuoka,
10% cash back drives demand for oneTokens > minting oneTokens requires purchasing scarce crypto > purchasing scarce crypto increases the value of the oneToken treasury > oneToken treasury pays half of the 10% cash back > back to beginning

Ataxia,
And who pays the other half?

Masanobu Fukuoka,
[In reply to Ataxia]
halves were just estimates - on some things it would be more, on others less - in practice ... but at least that much exists in the inefficient current state of things ... as evidenced by the 5% cash back Amazon visa card (and similar)

By the way, you asked killer use case so I went for the big one ... how about a normal use case ... every crypto project has USD expenses and a runway. They can extend that runway by saving with oneTokens instead of USDC.

Why doesn't strudel store any dollars they have laying around in oneVBTC and help their project?

Ataxia,
Ahaha because we hardly have any dollara

Masanobu Fukuoka,
[In reply to Ataxia]
nice!

Every project but Strudel has to pay someone in USD

Ataxia,
Hahaha but it is something we're trying to leverage better

Masanobu Fukuoka,
Usually it is the auditor at a minimum

Or the legal team

Ataxia,
Yeah 100% we have expenses in usd and really we should make a onetrdl coin

Because rn we have one vbtc which serves kinda a different propose

If we could use TRDL that we get on the multisig for a TRDL one token we would have a lot of leeway to operate and secure the value we're in earning

Masanobu Fukuoka,
I think you fully grok it now: banking for DAOs

Ataxia,
Well you're just making me want to make a bunch of them heh

Masanobu Fukuoka,
let's put the proposals together :)

Ataxia,
Will do

Ataxia,
What's the next thing we have to look out for in ichi?

Masanobu Fukuoka,
We don't do public roadmaps for these reasons:
1. Copycats get an edge … it makes it possible for every copycat to pry into the details
2. Can’t go above and beyond … you forfeit surprises and extra features, meaning you have few ways to delight the community
3. Works against decentralization … you are literally saying you are in charge of delivering the roadmap. When in reality it should be community effort.

Masanobu Fukuoka,
But ICHI has partnered with Loopring and 1INCH in recent weeks and has no intention of slowing down ;)

Ataxia,
Vroom vrooom

1

Booth are super bullish

Is there any chance we see the one pairs with an incentive on looping?

Masanobu Fukuoka,
ha - nice try ;)

Ataxia,
Hahahaha

Masanobu Fukuoka,
best way to learn future things is to help out and we always need more help

Ataxia,
And help we will heh I'll be pestering you soonish

@masanobufukuoka ok friend, have you got anything else for us? I'm out of questions atm ahaha

Masanobu Fukuoka,
no - this was fun. Stay nerdy

Ataxia,
Thanks! The chat might pester you for a bit. Also wanted to extend and invitation for our stream with @JMPlusEV whenever you feel like it

I feel we could ramble for a bit

Masanobu Fukuoka,
That sounds great - let's do it. thanks again!