When someone looks up the history of currencies they will quickly realize that whenever a major world empire gave way to the next one, the value of its currency tumbles.
This concern is not buried in the past but is a rather recent topic among many when looking at the U.S. Dollar. Some say, the U.S. Dollar is not destined to remain the world's reserve currency.
That is why the Reserve Protocol intends to create a Reserve stablecoin that is designed to go off of the peg from the U.S. Dollar. The team behind the Reserve Protocol say that 'the best outcome for cryptocurrency isn't just to extend an existing currently-stable asset class, but to create something new that is equally stable in the short run, and much more stable in the long run.'
Reserve Protocol's Team
The team behind the Reserve Protocol is accredited with impressive credentials and experience.
The CEO and co-founder Nevin Freeman is a serial entrepreneur who founded MetaMed Research Inc. and Paradigm Academy. His fellow co-founder and CTO, Matt Elder, previously worked as an engineer at Google and IBM.
The Reserve team is based in Oaklands, California.
What is the Reserve Protocol?
The Reserve Protocol is designed to host a completely decentralized stablecoin, that can not be manipulated or inflated by governments. Additionally, the team behind the Reserve Protocol wants to create a fully self-sustainable platform, with decentralized governance and developments.
The Reserve Protocol was built on the Ethereum Blockchain but can be implemented on its own chain or across all smart contract enabled blockchains.
What is the Reserve Token? (RSV)
The Reserve token (RSV) is a stable cryptocurrency created by the Reserve Protocol. It is completely decentralized and backed by a changing basket of digital assets. The basket of currencies changes over time and will continue to utilize new assets as they become available.
The Reserve token shall be used just like any other digital dollar or fiat currency. The RSV token should help against hyperinflation and instability.
What is the Reserve Rights Token? (RSR)
The Reserve Rights token (RSR) was created for two purposes within the ecosystem.
Firstly, the RSR token is used by holders for governance, to vote in future proposals and updates to the protocol. This will help with remaining a decentralized and self-sustainable platform.
Secondly, the Reserve Rights token is used to maintain the price stability of the Reserve token (RSV). The Reserve Protocol holds collateral tokens worth 100% of the total value of all Reserve tokens.
Where is the Reserve Protocol now?
At this point in time, Reserve has developed a stable cryptocurrency with RSV and a mobile application, called the Reserve app, to transact it with.
This should allow easy access to spendable digital U.S. Dollars for people living in countries with high inflation or where digital U.S. Dollars are not easily accessible.
Currently, Reserve is active in Venezuela, Argentina, Colombia, Panama & Peru and is soon expected to expand into Mexico.
The Reserve app counts over 500,000 registered users (about 100,000 weekly active) and is accepted at 15,000+ merchants across Latin-Ameria as a means of payment.
Furthermore, Reserve is currently developing the mainnet version of the Reserve Protocol. This is important to allow for permissionless creation of asset-backed-stablecoins.