HomeCoinsReserve Rights Token (RSR)#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o...

#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022

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#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022

It’s an interesting time at Reserve.

On the crypto side, the headlights of mainnet are beginning to shine over the horizon, and in the physical world, we keep building adoption in our starter countries (550,000 registered users and 16,000 merchants by the end of March).

We’re in that early dawn where questions that so far have been hypothetical in nature are getting ready for answers based in reality.

There’s much we’re keen to know —What will staking look like for an RSR holder? How will RTokens be created and governed? Which countries are coming next?

To that end, Reserve CEO Nevin Freeman headed an #AMA on the official Telegram channel to answer your questions.

Questions and answers edited lightly for clarity and spelling. Let’s jump in.

Community (El Lodge)
How big is the Reserve team, how many team members are there now, and how does this scale with the number of app users?

Nevin Freeman (CEO of Reserve)
195 people are on the Reserve team now. You can see the team by maximizing the Figma screen on this page. As we add app users, we add operational and compliance team members to support those users. We also are hiring engineers, product team members, and so on.

If you’re interested to see what profiles Reserve is hiring currently, check out the Reserve Jobs page.

#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022
The Reserve team currently consists out of 195 members, each with their own customized avatar

Community (Arminius)
What are your quantitative goals for 2022 and how do you want to achieve these?

Nevin Freeman (CEO of Reserve)
Right now we are in a phase where our goals are more qualitative than quantitative. On the protocol side, which is the one I oversee, we’re primarily focused on launching the full protocol.

I guess you could say that quantitatively we want zero bugs, and to launch in the shortest time possible. After launching and gauging the initial reception of whatever RTokens are created, we will probably set quantitative growth goals to pursue.

Community (Crypto Evangelist)
How soon do you expect Reserve to be 100% decentralized? 6 months, 2 years, or 5 years?

Nevin Freeman (CEO of Reserve)
The protocol and the app are different in this respect. You can think of the protocol as intended to be like Bitcoin, and the app as intended to be like Coinbase.

So the app will likely remain a centralized company with centralized operations for ever.

The protocol however will become much more decentralized, relatively soon after mainnet launch.

It’s hard to define what 100% means, e.g. I wouldn’t say Ethereum is 100% decentralized. But we are heading in the direction of Ethereum over time.

Community (Mallo)
I’ve seen on the public organizational chart that Reserve has an international card team. Do they have an update on when this card will be released?

Nevin Freeman (CEO of Reserve)
Nothing to announce at this moment. They are continuing to assess options, with an eye to making sure that the card we put out is as useful as possible.

Not all card programs are created equal, so there are a lot of details to understand. We are also in the middle of recruiting to bring on a more experienced person from the card industry to oversee this feature.

#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022
The Reserve organizational chart includes a squad working on an “International Card”

Community (Cez Paj)
Will the app be available in the US to send money from Peru and Mexico?

Nevin Freeman (CEO of Reserve)
We are planning to enable the app for US users (which must be done state-by-state due to regulations), and yes, a key reason is for people to be able to send money cross-border, e.g. to Mexico.

The timing of different US states will vary, as we get licenses. Before we get licenses there is some corporate structuring that has to get done. So we’re not exactly sure when the first US states will launch.

Community (El Lodge)
When will Reserve app go to the US, Italy and China?

Nevin Freeman (CEO of Reserve)
To the US first. Not sure when it will open in the EU or China.

Community (Dollar Question)
If I understand correctly, when app users “buy” RSV dollars in the app, there’s revenue from the spread that is shared between ILPs (Independent Liquidity Providers) and Reserve?

Would this sort of in-app revenue ever be shared with either RToken holders or RSR stakers? And if so how would that mechanism work, and would this only be possible once more aspects move on chain?

Nevin Freeman (CEO of Reserve)
The app benefits the Reserve ecosystem by making it easier and more useful to hold and spend RTokens.

Higher RToken market cap means more opportunity for RSR holders to stake, and more staking rewards. (That’s if they choose to stake, which takes some thinking and work as you have to evaluate risks and rewards of different RTokens, otherwise it doesn’t directly compensate them.)

Community (El Lodge)
What is mainnet, and when will it happen? Any way to track progress?

Nevin Freeman (CEO of Reserve)
“Mainnet” just refers to the deployment of the full reserve protocol on the Ethereum mainnet.

You can track our progress on implementing the protocol on this public dashboard, which we update once a week.

#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022
The mainnet dashboard displays the remaining tasks until “Code freeze”

Community (El Lodge)
What will the utility of RSR be?

Nevin Freeman (CEO of Reserve)
Reserve Rights (RSR) will allow its holders to provide two key services to the Reserve ecosystem — governance and insurance — and earn rewards for doing so.

RSR holders will be able to stake their RSR on any Reserve stablecoin (called RTokens) in order to play these roles. When they do that, they earn their pro-rata share of revenue generated by the RTokens they stake on.

If you’re intrigued by this answer, you can read all the details of RSR staking on this page of the Reserve website.

Community (Arminius)
How will the RSR staking function be provided and how will it be worldwide accessible?

Nevin Freeman (CEO of Reserve)
The staking function is based in smart contracts on Ethereum (L1). Any RSR holder can access it with no restriction. There will probably end up being many UIs, but to start with we have commissioned a dApp that will allow you to take all of the actions the Reserve protocol affords, including staking and unstaking RSR.

If you’re interested to know more about RSR staking, check out this detailed explanation of RSR staking on the Reserve website.

Check out this episode of the Protocol revamp Flash course for more information on RSR staking

Community (NewUser)
Do you plan to offer RSR staking within the Reserve app? Or will it be web-based only?

Nevin Freeman (CEO of Reserve)
Web-based to start. In the future I predict many UIs, and maybe the app team will choose to add it in the app as well.

Community (Mspretty86)
I’m interested to know APY expectations? And how we will handle Bad Actors in the space, for instance creating bad baskets?

Nevin Freeman (CEO of Reserve)
APY is a function of: (market cap of RTokens * revenue of RTokens * % of revenue directed to RSR stakers by governance) / total RSR staked.

So it can vary widely over time depending on these factors.

The beauty of the Reserve protocol in its modern form is that if a Bad Actor creates a bad RToken basket that’s not a problem!

It exposes RSR holders to no risk as long as they don’t choose to stake on it, and likely won’t gain any attention or popularity if the basket isn’t something crypto users would want to hold as their stablecoin.

Bad RTokens can get bad headlines or criticism on social media to spread the word and discourage use.

Watch this video if you’d like to know more about the economics of RSR

Community (no no)
Are we going to have to store our RSR on MetaMask to be able to earn interest like was mentioned in 2020?

Nevin Freeman (CEO of Reserve)
Once you stake your RSR (which you can do with many different wallets, including but not limited to Metamask), you’ll receive a token representing that staked balance.

You can hold that token with any Ethereum wallet you want, and custody providers may offer you the option of holding it for you in the future. For now I would say a personal hardware wallet like a Ledger Nano is a good choice.

Community (Braden)
Besides staking on and governing RTokens, do you see RSR playing any additional future roles in the Reserve ecosystem?

Nevin Freeman (CEO of Reserve)
Insurance and governance are the main roles I expect it to play. But as RTokens evolve (which I think they will over time), there may be other roles for RSR to play. That will ultimately be up to the community of governors!

Community (Ken)
Will the Reserve team be allowed to stake their RSR as well and/or create RTokens? If yes, I guess this information will be shared with us commoners?

Nevin Freeman (CEO of Reserve)
All RSR holders will be allowed to stake their RSR. I’m intending to encourage the community to create RTokens rather than having the same company that developed the protocol also create RTokens.

It’s an interesting question whether people who have been paid on the core team should be encouraged or discouraged from creating RTokens — unless our legal team is against it, I’m all for it! RToken creation can be done anonymously so I guess sometimes we may not know who did it.

But I expect a lot of conversation on online forums about it, so I think in many cases you’ll know who did it and what their goals were.

Community (Ken)
1. Is there a limit to the number of RTokens which can be created?

2. How do we prudently choose which RToken to stake with? Or how do we know which ones are reliable?

3. Will there a focus on marketing campaigns to promote RSR RSV before and after mainnet?

Nevin Freeman (CEO of Reserve)
1. Nope, there is no limit. Just like anyone can deploy a Uniswap trading pair, anyone can deploy an RToken. We don’t predict that many RTokens in the beginning, but over time there could end up being many.

2. The initial UI we have commissioned exposes all of the information about an RToken, including its backing of course, as well as the backup tokens designated by governance, all config parameters, etc.

So it is up to you to look at an RToken’s setup and determine if you think it is a good risk/reward trade-off to stake on it.

I expect there will be community discussion on where to stake or not stake as it will matter to us all, so you’ll probably be able to read/hear other opinions too.

3. We do intend to promote the use of RTokens after launch, not so much before.

Community (Crypto McLambo)
One of the reasons the leading algorithmic stablecoin has become so successful is the large amount of third party DeFi development going on within it.

Are there any plans to encourage/support third party development of Reserve apps and DeFi protocols once mainnet is out?

Nevin Freeman (CEO of Reserve)
Our ecosystem is a different shape than the one you are referring to, but there may be similar elements.

The protocol allows anyone to create RTokens, so we may see many of them created. However, when someone creates a new RToken, that doesn’t lead to a new governance token being created, as RSR is the assumed governance token.

So it leads to more value for RSR stakers, but it doesn’t have the same pattern where there is a constant stream of new governance tokens that get handed out in yield-farming arrangements.

Community (Giuseppe Fibonacci)
How is RSV going to hold its value if its pegged to the USD / and if the dollar may be losing its Reserve currency status

Nevin Freeman (CEO of Reserve)
That’s why we are excited for other assets to be tokenized! The Reserve protocol is ultimately intended to make basket-backed currencies with baskets of tokenized assets that are *not* fiat currencies. For example, real estate, land, equities, mature cryptocurrencies, gold, and so on.

#AMA: Reserve’s Nevin Freeman answers your burning Ranger questions | by Smeddy-o | Reserve | Apr, 2022
Read more about Reserve’s long-term goal here.

As Nevin says, any questions, follow-ups, wen mainnets, and the like, come and join us on Telegram. Here’s an overview of some Reserve Telegram communities:

There’s the Reserve Protocol —where you will find the admin answering questions around the protocol, posting news as it arrives, sourcing information around Reserve, and getting into hypothetical conversations around APYs, stablecoins in general, and blocking GIFs but occasionally posting them too. https://t.me/reservecurrency

There’s The Table DAO — free to all but you need to verify on-chain that you are an RSR holder. This small barrier simply means a bit of effort to join, because there’s more than a few RSR team-members (founders, devs, tribe leaders) in there, so ideally it’s less noisy, but with more focussed and in-depth discussion. (Request the link in one of the other groups)

And The Lodge — Anarchic and hilarious, we’re not strictly affiliated with The Lodge, but it’s the largest unofficial group which often brings a smile to our face (and it leaks its highlights into the main group). We’re happy to point people there as we know the group protects against scammers and bad actors, while having a lot of fun along the way. https://t.me/reservelodge

Lastly, kudos to Reserve Weekly, which hosted a 2.5 hours roundtable after the event. Give them a follow if you want to join their future Twitter Spaces.

📚 Would you like to know more about Reserve? Read about our project here.

🔊 Looking for the latest news? Follow our Website, Twitter, and Blog for updates. Join our Telegram to discuss Reserve with other community members.

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“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel

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