Home Coins Reserve Rights Token (RSR) Reserve Protocol and UpBots — AMA recap | by Reserve Protocol Community...

Reserve Protocol and UpBots — AMA recap | by Reserve Protocol Community | Reserve Currency | Aug, 2020


Charlie Smith (Head of Business Development of Reserve Protocol)
Hey Charlie here from Reserve! My nominal title is Head of Business Development, but I’d say my function within the team is to promote network growth for Reserve. This includes finding distribution partners for RSV and RSR (ex. exchanges, fintech services, OTC desks etc.). I also spearhead efforts to explore new markets and work on building liquidity for RSV.

What is Reserve Protocol? Reserve Protocol provides a decentralized stablecoin solution built on Ethereum. The stablecoin is built to be highly censorship resistant, scalable, and of course stable. Our main focus is on bringing that stablecoin to market in countries with high inflation and untrustworthy financial intermediaries via the Reserve App.

UpBots Community
What are your thoughts about UpBots and do you feel there is a need for user friendly front-end DeFi products?

Charlie Smith (Head of Business Development of Reserve Protocol)
When I look at the space right now, I see a bewildering array of different services. We have many different centralized exchange products, lending services, and now a huge number of new DeFi services.

Each one has their own UX. They act as stand alone services.

I think the future here is aggregation. Users want to be able to quickly take out a loan via Aave and deploy it on Uniswap or Huobi from one interface. UpBots is trying to do just that — offer a simple unified platform from which a user can interact with many of the different services that exist in the crypto ecosystem.

UpBots Community
Do you think Reserve Protocol itself or other stablecoins in general could benefit by using Upbots?

Charlie Smith (Head of Business Development of Reserve Protocol)
Yes, in a few different ways.

  1. Interacting with the Reserve Protocol itself is a sort of DeFi service, whether that is locking up collateral to mint RSV — or in the future acting as a RSR holding arbitrager to maintain the protocol’s stability and capture value. I think these sorts of services require a good UX and ideally one that is presented alongside the many other services our holders want to leverage.
  2. The Reserve App is endeavoring to bring a big new wave of users into crypto. Our users need sound money and crypto is a means to end for them. They also want access to financial services. Not only because they’re interested in yield farming or DeFi, but also because they don’t have great options today for getting interest on their cash dollar savings.

I think services like UpBots could present a path forward to being able to present DeFi and CeFi services to users less familiar with crypto in a way that is less daunting.

UpBots Community
Do you feel DeFi adoption is currently hindered due to lack of UI/UX? We have noticed Reserve is focused a lot on a great UX experience.

Charlie Smith (Head of Business Development of Reserve Protocol)
I think it is. It’s natural at this early experimental phase for that to be the case.

For crypto enthusiasts, they’re happy to find a way because there’s money to be made. We are always looking down the line at where sustained growth is going to come from, and I think for DeFi that means emerging markets — those markets that don’t have access to reliable financial services.

To really rely on these services and to bring in this class of user, the UX has to improve over time.

UpBots Community
Any plans for Reserve Protocol integration to the DeFi ecosystem? What do you think about the future of DeFi? I was wondering, are there any DeFi platforms that you talked about in the background or consulted? Are there potential partners?

Charlie Smith (Head of Business Development of Reserve Protocol)
Happy to say how we’re looking at the space. There is some stuff in the pipeline on the DeFi front.

I see us playing two roles in DeFi:

  1. We are developing unique expertise in on-ramping fiat into crypto (RSV) facilitating access to emerging markets that really need these products. Decentralized fiat on-ramping as a service is a way we think we can generate a lot of value for CeFi and DeFi platforms and their users.
  2. I’m biased but I think RSV is by far the best decentralized stablecoin model. DeFi services need a good unit of account. And I think that’s something we can offer. Stablecoin liquidity is still fairly low on many DEXs and I think there’s a play to be made there. Also, RSV and RSR are a natural fit for the big DeFi lending platforms.

We’re in a bunch of conversations right now on both point 1 and 2.

UpBots Community
Will Reserve Protocol transition to DEFI? From an app for buying, holding, and spending digital US dollars Service going into Defi. How is that possible?How do you make that possible?

Charlie Smith (Head of Business Development of Reserve Protocol)
Our vision for the Reserve App is for it to ultimately replace our users fiat bank accounts. DeFi services will be a part of how we get there.

The reason for that is that they enable us to acquire an unfair advantage over centralized competitors. For example, if you live in one of our target markets (say Argentina or Venezuela but this applies elsewhere too), you likely hold much of your wealth in cash USD. Today RSV is a sovereign digital replacement for that. Pair RSV with a DeFi lending protocol. And suddenly you can get interest on your holdings too.

UpBots Community
How many partners currently have trusted Reserve Protocol and how is the ecosystem growing?

Charlie Smith (Head of Business Development of Reserve Protocol)
So on the distribution side, we have about a dozen different counter parties who act as VOTCs (verified OTCs) who help on-ramp fiat into crypto for us in the target market of our app users.

That number is set to keep growing. We’re seeing a lot more interest from big OTC desks and larger players in growing the RSV market. We are also integrated with several exchanges, and that number should continue to increase too. Those include the biggest DEXs and several CEXs as well.

UpBots Community
How do you plan to combat high transaction fees on Ethereum network? Can you explain the rationale behind using meta-transactions in your app?

Charlie Smith (Head of Business Development of Reserve Protocol)
The reason we think etherless transactions are so important is that requiring our users to hold eth to use our service is a huge UX hurdle.

UpBots Community
Do meta transactions also enable lower Ethereum fees in general or does it only change who pays the fee? How can the issue of high Ethereum transaction fees be solved? I believe Layer-2 solutions can help in this right?

Charlie Smith (Head of Business Development of Reserve Protocol)
It changes who pays the fee. It allows a relayer to pay the eth gas fee and to receive a tip in RSV from the end user. We still need a layer 2 scaling solution in place — it’s something we’re actively working on.

UpBots Community
Any plans for Reserve to reach developed countries?

Charlie Smith (Head of Business Development of Reserve Protocol)
Yes, the US and Europe are a priority. We increasingly think of ourselves as catering to diaspora populations.

Take Venezuela for example. There is a huge population of Venezuelans living across Latin America, in the US and in Spain. To cater to them we have to make RSV available in the developed world as well.

UpBots Community
What are your thoughts about the Community? Do you think Reserve Protocol’s community has been monumental in getting Reserve where it is right now?

Charlie Smith (Head of Business Development of Reserve Protocol)
The Rangers are doing their part. We have one of the best communities in crypto and I expect that community to grow and mature significantly over the next year.



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