I thought, an ultimate would be the most reduced form of a unicycle - changed my mind.
rim unicycle
The problem of choosing the right footware ist solved also.
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I add the image in case the link expires one day:
November 6: balancing act
© Himanshu Sharma / AFPPushkar, India. A bicycle rim, a bamboo cane and a rope - that’s all it takes for this street artist to provide entertainment at the fair in the small north Indian town. (google translation)
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They forgot the silverware she balances on her head !
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Interesting, I’ve never seen that before.
Intuitively I would guess that this doesn’t require unicycling skills (but good tightrope skills). A pretty neat trick either way.
(Also probably the only way that wheelwalk is possible on an “ultimate wheel”)
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It gives wheelwalking a whole new meaning 
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