HomeCoinsReserve Rights Token (RSR)#AMA Recap: Protocol head of platform Thomas Mattimore | by Smeddy-o |...

#AMA Recap: Protocol head of platform Thomas Mattimore | by Smeddy-o | Reserve | Aug, 2022

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On Tuesday August 9, Thomas Mattimore joined Telegram users for an hour of questions and answers.

Topics ranged from RToken adoption, decentralization and privacy, protocol launch updates, and latest developments across cryptocurrency.

Keep an eye on Discord, Telegram and Twitter, as we will be hosting AMAs across all platforms in the next couple of months.

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

#AMA Recap: Protocol head of platform Thomas Mattimore | by Smeddy-o | Reserve | Aug, 2022

Jo9:

Hi Thomas! Do you view it as a likely scenario that the RToken platform will be used by banks wanting to issue their own currencies?

Thomas:

I just spoke to a small LATAM bank yesterday actually. I’m not sure about the likelihood of this happening generally, but they were attracted to the opportunity to get a yield on deposits and diversify their revenue streams.

I think that launching an RToken could be generally attractive to anyone that wants to help grow a pool of useful capital, and get a portion of the yield from said capital.

Another similar use-case for same reasons could be gaming companies that don’t want to worry about in-game currency devaluing, but do want to participate and be economically rewarded for the growth of their in-game economy.

Victor:

How many RTokens will initially be on the platform on launch day?

Thomas:

Right after deploying the platform — zero!

But anyone will be able to deploy RTokens immediately following that. It’s hard to predict exactly how many will be deployed on Day 1, but we’ve been speaking with a variety of people who are quite interested both in real life, and in our Discord #rtoken-brainstorm channel.

Victor:

What is your marketing strategy to attract many people to the platform and make it go viral?

Thomas:

It’s constantly evolving! But a few key pieces are important:

  • The platform becomes a trusted piece of infrastructure for Ethereum and the world generally. The team has done a great job (in my opinion) of gaining this reputation over last few years. We want to continue to build on that.
  • People need to be aware of the platform and exactly how it works. That requires documentation, explainers, tutorials, etc
  • Use data to drive decisions and improve feedback as we share things across all the different channels (in-person events, Twitter/Discord/Telegram, our website, blog posts etc)

Mallo:

With a transaction volume in excess of $150M a month and only 30M RSV in circulation, how will RToken m-cap get into the high millions / billions?

Thomas:

Great question.

Side note: Interesting to see varying transaction volume to market cap ratios for stablecoins generally — in my opinion it’s a sign of usage.

You can see a similar ratio with something like USDT, whereas USDC is mostly used to hold value (volume is much lower than market cap).

In terms of growing the protocol, the more useful RTokens that get launched and have PMF (Product Market Fit), the more likely it is that overall TVL (Total Value Locked) grows.

However, PMF will be dependent on each specific RToken and the team that is supporting that product and its growth.

We’ll be offering variety of resources to teams that are building on the platform, ranging from expertise to our Curve Gauge voting power (which itself helps incentivize TVL by incentivizing people to get the RToken and deposit it into Curve trading pools).

Victor:

Would it be possible to see an RToken as a PayPal currency in the coming months?

Thomas:

Not sure exactly about timing, but we’ll definitely be aiming for RTokens to be listed and tradeable in as many places as possible.

Paypal is currently powered by Paxos, as far as I know, so if Paxos lists an RToken as an asset, then Paypal and their other customers would be able to support it. Paxos has a few big users… Whatsapp as well I believe.

Victor:

A question related to RSV: How soon can we expect RSV to be replaced by an RToken that we can stake on?

Thomas:

We’re still figuring out the exact transition plan for RSV, but it is something we are working on closely with RPay, since it’s where customers there hold their funds.

Whatever we end up going with, it’ll be done transparently and with the best interests of customers in mind.

Texie:

Are there plans to keep Testnet in perpetuity, and run it parallel for analysis and testing of new developments?

If yes, will this be open to users? And are users able to “test” staking in this environment before using their actual investments?

Thomas:

We are currently figuring this out now actually… We ran into some annoying DevOps issues around keeping the environment running without lots of maintenance, but we’d like to have one up and running for anyone to play around with.

Once we make more progress on getting it up, we’ll share with you. But for now, prioritizing making it usable for internal testing and on finishing the protocol/dapp.

Getting a test dApp available more broadly is a “nice to have” before launch.

Texie:

If so, will the Testnet be updated to reflect the production environment’s RTokens for accurate testing?

Thomas:

Likely yes! it’ll be a fork of the ethereum mainnet that’s periodically updated.

Sinan:

When exactly will mainnet be completed?

Thomas:

I’ve been working on software projects for almost ten years, and I learned a long time ago to not commit to specific dates but rather think about target launches!

We’re targeting sometime in the next few months.

But… exciting update that we just spoke about [in the dev stand-ups] today: We have finished all the protocol features and coding! This is assuming no issues are found in audits or testing plan, which are both ongoing at the moment — but we’ll continue to keep folks updated on that front.

Developer Notes, 9th August:

Protocol update:

  • Code complete! We have finished all of the protocol features and coding, assuming no issues found in audits or testing
  • Four audits are currently ongoing
  • Protocol developers are focused on differential testing and fuzz testing

Remaining known work:

  • Fuzz testing
  • Deep Code Review
  • Full-coverage unit tests
  • Improve documentation

Davide:

Could ETFs be used as the underlying for an RToken?

Thomas:

Once more and more things are tokenized, a collateral plugin can be written to support most things (including tokenized ETFs).

But the reality is that tokenization of more assets will take time (ETFs, equities, real estate, bonds, etc). Our long-term view is that more and more assets will be tokenized though, and we have made the collateral plugin feature flexible enough to support things as they come online

Bas:

Hey Thomas, do you have any ideas how to handle asset management without the risk of governments seizing them in this scenario?

Thomas:

The RTokens will be governed in a decentralized and permissionless manner, so it will be up to each one to determine how to handle anything like that.

No one can seize anything from a permissionless protocol though. You can see example of that when Maker/Aave/Compound were at the top of the list on all the Celsius/3AC debt priorities.

J09:

What do you consider the most probable ways that bonds/real estate/maybe even energy(?) will be tokenized?

It might not be relevant in the context of this #ama , but would be interesting to hear your thoughts, so I am giving it a shot.

Thomas:

I think over a long enough time horizon most things will be. We’re even starting to see some connections with jewellery and NFTs (see Punks/Tiffany).

Are there regulatory and legal barriers in way? Yes of course. The SEC has to approve token trading of equities, etc.

But I suspect that these will all be figured out and more efficient tech will prevail.

Once real world assets are on-chain and tokenized, then anyone can write collateral plugins to use them in collateral baskets of an RToken.

Myles:

Any thoughts on the Tornado Cash situation and USDC addresses being blacklisted?

Does this open up an opportunity for Reserve? Or could this be an issue for RTokens that contain USDC?

Thomas:

Great question… Its a really interesting development in the space for sure. I think Coincenter’s communication summarized my thoughts well: “It’s the first time a tool rather than a person has been added to the sanctioned persons lists”.

Personally I don’t love when privacy tools are generally outlawed because of a few bad actors.

Purposefully absurd metaphor: Why let anyone wear clothes since criminals wear them to commit crimes?

I suspect that blacklisting larger and larger pools of tokens will be less likely, so additional wrappers on said tokens increases decentralization.

For RTokens containing USDC, those tokens will be wrapped in two layers (Aave/Compound and then Reserve) which I believe decreases likelihood of blacklisting, since it’s more likely to affect good actors in addition to bad actors and there’s likely a more targeted way to do it.

Flamingo Mafia:

Thomas, based on your previous answer you don’t feel the recent Circle blacklisting warrants worrying about on Reserve’s end because you believe there are enough layers decentralizing the RToken?

Would it be possible for RTokens (I’m thinking of the yield-bearing RToken using a & c tokens as collateral) to be impacted if the same thing that happened to Circle happens to Aave, as in anyone interacting with Aave gets blacklisted? Or anything along those lines?

Does that even make sense? I don’t personally know enough about it but I’ve heard a similar question asked in another chat.

Thomas:

I think it will be very interesting to see what people value. Do they value redeemability for dollars in bank (USDC, TrueUSD, etc)? Do they value decentralization + permissionless (LUSD)?

Either way, RTokens can include these as collateral. One benefit is that if community values change, governance can choose to change collateral basket over time.

Álex:

Have you spoken to any gaming company/startup yet about the potential of RTokens?

An on-chain stablecoin that only the game distributor can control is huge!

Thomas:

I have a friend at one who I have been chatting with, and I also spoke with a game economist who thought it would be valuable for many of the companies he advises.

T G:

Will the platform have any identifiers for creators of particular Rtokens once they are deployed? just thinking about the optics of adopting a new, global reserve currency, but it’s created by ****-69 [ahem, rude name censored!].

Thomas:

LOL, whichever address that deploys it will be associated with the Rtoken.

The protocol platform will not require KYC. Although some dApps that allow people to interact with the protocol may end up deciding to add KYC — but can’t predict that.

We believe its important for the protocol to be permissionless and decentralized, but dApps can choose to do what they feel they must.

Victor:

In my opinion, knowing who you are dealing with is always important.

It’s like a bank.

If it’s [ahem, rude name censored again!] who creates the RToken, I won’t go on it. If it’s PayPal/Black Rock/Ubisoft… It’s different

Same for individuals. The creator should be “doxxed”, in my opinion.

Sinatra (moderator):

Keep in mind that RTokens are fully transparent and can be inspected via the dApp — so there’s not much trusting of any other party required.

Most likely, it will also be governed in a decentralized way by RSR holders, so no trust on the creator there either (unless they decide to go for centralized governance, that is).

Flamingo Mafia:

I would argue the issue is not so much creators being doxxed or KYC’d, but rather a lack of transparency of what they have created, because a lot of users aren’t coders and therefore can’t verify themselves if a protocol/project/token is sketchy or not.

If you were able to verify that what has be created is 100% legit & safe then do you think creators being doxxed/KYC’d is necessary?

Victor:

From my point of view, I might have preferred staking on a “centralized” RToken in the first place. And see how things evolve.

Maybe it’s a silly question, but is there a risk that the Rtoken creator will do a rug-pull and leave with the cash?

I just want to stake my millions on the safest place 😛

Thomas:

The design of the protocol and of governance should prevent that. At the end of the day, governance will be important, and anyone staking their RSR on an RToken will be able to help prevent any malicious actors in the space!

Our default/recommended governance design will also have a emergency veto role that can quickly step in to stop bad actors from doing economic governance attacks (e.g. borrow large amount of RSR, stake on a token at the last second and vote for bad proposal that would rug-pull people).

Sonny:

What about privacy. Interesting to integrate zero knowledge proofs? Is that an option?

Thomas:

It will be compatible with privacy solutions that work with ERC-20 tokens!

Elliot:

Hi Thomas, I’m pretty new to getting to grips with RSR. Where is the best place to learn about what the tokens are and will be, and in turn how that transpires into staking?

Smeddy:

Smeddy from the future here Elliot, jumping in to provide some links to some recent articles:

In other news:

Beyond that, reserve.org is the richest resource, along with Discord, Telegram and Twitter.

Victor:

Let’s end with a leak! Which institutions are interested?

Thomas:

🤐

Kidding aside, partnerships typically value trust and we want to be good partners!

Thomas:

Hey all I have to jump for a team meeting, but it was great hearing all the questions. I’ll be back soon to do another of these!

Thank you all for joining!





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