Reserve Rights
The Reserve Rights project, according to its developers, is built on two pillars. First is the belief that having access to a reliable currency should be a basic human right. Second is the belief that hyperinflation can be abolished with determination and time. Motivated by these positive beliefs, the Reserve network team has been working hard to make sure that everyone in the world has access to stable and reliable currency.
RSR is a governance token on the Reserve network that gives users the ability to vote for or against ideas. In turn, these votes help determine the manner of governance of the governing body (either centralized or arbitrarily decentralized).
The Reserve Rights token was introduced in 2019 and was created by Nevin Freeman, the CEO of the Reserve project and a successful entrepreneur who has co-founded three businesses. Matt Elder, the project's second cofounder, and CTO, formerly worked for Google, the app search engine Quixey, and the Linux Standard Base.
Since its ICO on the Huobi Prime platform, the team behind the Reserve protocol has grown significantly and now consists of more than two dozen members, including developers, engineers, and legal and compliance staff. The platform has also attracted considerable investment from renowned investors such as Coinbase Ventures, Sam Altman, head of seed money startup Y Combinator, and Peter Thiel, cofounder of PayPal.
The primary problem that RSR wants to solve is the volatility of cryptocurrencies, which has caused the market to evolve as a medium of exchange. Traders have been hesitant to accept cryptocurrency for fear of losing profits during market crashes. The Reserve Protocol gives a stable store of value, a medium of exchange, and a standard for deferred payment to the market.
Another problem that the developers of the Reserve Protocol wanted to solve was to help people who didn't have a bank account. Thousands of individuals lack access to fundamental financial services. In many cases, there isn't enough infrastructure for traditional banks to reach these people. Reserve Protocol wants to give these areas, especially developing countries, a reliable and robust trading ecosystem.
The team has developed a dual-token stablecoin protocol consisting of two components:
RSV (Reserve stablecoin)
RSV is tied to the US dollar, so it must maintain its $1 value on a constant basis. The Reserve Protocol accomplishes this in an incredibly innovative manner.
When the RSV token falls below $1, the protocol is triggered to purchase additional RSV, bringing the price back to $1 on exchange platforms. If the RSV token price increases above $1, the system automatically sells surplus or newly generated RSV, bringing the price back down to $1.
RSV is often used in daily transactions, and Reserve attempts to keep the $1 barrier, whereas RSR is an investment that primarily serves to preserve the fixed value of the RSV. Reserve stablecoin is indirectly backed by assets known as collateral tokens. All of these investments are held together by what is known as the Reserve smart contract.
The use cases of RSR tokens are: Store of Value- The token can be utilized to retain purchasing power without depreciating over time, making it one of the best assets to possess. Medium of Exchange- Reserve Rights community can be utilized as a medium of exchange for an equivalent amount of digital assets or physical things. Staking- Reserve Rights enables token holders to stake by committing a part of their asset to assist in supporting and validating transactions on the blockchain. In return, they get returns that are higher than what they put in. Governance- Community members are granted decision-making rights. Holders of the token can choose a delegate, make suggestions, and vote on a new development of their choice.
DATE NEWS/EVENTS IMPACT 06/06/2022 Reserve Rights (RSR) is gaining momentum before its much-anticipated main net launch +45% Increase 24/07/2021 RSR announces an upgrade of the protocol which now permits app users to "deposit and withdraw money on Saturdays and Sundays from 6:00 am to 6:00 pm" +40% Increase 27/02/2021 Users in Venezuela can now use the Reserve app to transfer their money to a more stable currency, like the U.S. dollar, and use it for transactions as needed +49% Increase
The dual-token mechanism of the Reserve protocol aims to boost the cryptocurrency market to greater heights by decreasing volatility, which provides merchants and investors more confidence. Even though it just started in 2019, the Reserve project has already accomplished a lot and has a lot more potential. The team behind it is certain they will reach their goals.
The Reserve protocol is making money transfers cheaper, lowering inflation, and increasing trust between businesses. It is also listed on a number of exchanges and has a payment app for mobile devices.
Despite stiff competition from competing stablecoins, the Reserve system is evolving as it focuses on its final product.
