Reserve Protocol is quietly, but aggressively fulfilling the initial mission of PayPal, while building a more stable, decentralized, and trusted cryptocurrency to rival Libra by Facebook.
By now you’ve probably heard about Libra, a stable cryptocurrency that is being promoted by Facebook and subsidiary, Calibra. And if you’ve been paying attention to world news, you know about the currency crisis in Venezuela. But have you heard about Reserve Protocol and how these two stories are related? Reserve is new blockchain protocol that I believe provides a better solution than Libra as a stable cryptocurrency, while addressing hyperinflation in Venezuela and other countries with similar economic conditions.
Solving Real (BIG) Problems
The Reserve team is building a universal store of value with the RSV token, launching soon with a Venmo style app in Venezuela. Reserve believes everyone’s money should be secure. Billions of people around the world don’t have a safe place to store their money. Banks in some countries can’t be trusted, and some governments inflate their own currency to pay off debts, hurting citizens in the process.
Reserve is attempting to deliver on the core promise of Bitcoin while providing a stable, nationless currency which is still backed by real assets, sound cryptography and mathematics… instead of empty promises of politicians and their governments, banks or corporations.
Who’s Behind Reserve?
The team behind Reserve Protocol is quite impressive. Of all the blockchain startups I’ve seen in the past 7 years, the Reserve Team stands out as one of the best. Members of the Reserve team come from Google, Tesla, OpenAI, IBM, Hashgraph, MIRI, Impossible Foods, and the Jane Goodall Institute. Led by CEO, Nevin Freedman, the Reserve Protocol team is high-quality and appear capable and motivated to solving some of the most challenging problems associated with currencies today.
Also behind Reserve Protocol is a top-not set of advisors including Garett Jones, professor of Economics at George Mason University who served as Economic policy advisor to Senator Orrin and Paul Atkins, former SEC commissioner who advised President Trump on matters related to economic issues. Paul Atkins will likely be a key figure in guiding the Reserve team through the legal and regulatory landscape associated with the issuance of RSV and RSR.
Reserve Protocol is also supported by and all-star list of top tier investors including Peter Thiel, the first investor in Facebook and co-founder of PayPal, and Jack Selby, also a founding member of PayPal. Peter Thiel is also an investor in Block.one, the organization behind EOSIO and the EOS blockchain. Peter also maintains positive and direct ties to the president and current Trump administration. His influence in tech circles and in matters related to technology and tech startups cannot be understated.
Other notable investors in Reserve Protocol include Sam Altman, president of YCombinator and investor in Airbnb and Stripe, plus Coinbase Ventures and other notable crypto-focused groups such as Digital Currency Group, Arrington XRP Capital, Blocktower, Fenbushi Capital, Crypto Lotus and Refractor Capital.
Stablecoin Project Secures Backing From Peter Thiel, Coinbase, 40 OthersA new project for a stabilized cryptocurrency that would function ‘like normal money,’ has received backing from Peter…cointelegraph.com
Benefits & Opportunity
Reserve solves serious problems for millions of people all over the globe, affected by high inflation rates and unstable economic conditions resulting from currency debasement. Multiple benefits and opportunities exists for both users of the Reserve stablecoin (RSV) and the holders of the Reserve Rights Token (RSR). Learn more about RSV and RSR!
Reserve Protocol will offer RSV as a secure and trusted, decentralized store of value to people who need it most; including but not limited to people in high inflation or hyperinflation regions, crypto and forex traders seeking arbitrage opportunities, and crypto investors who want to store (and secure) some or all of their wealth in a currency outside the traditional banking infrastructure. Learn more about the RSR/RSV arbitrage opportunities!
To date, Reserve has raised about $10M in funding from investors and from the sale of their RSR token on in May, 2019.
Currently (July 2019), 6.1 billion RSR tokens (of a 100 billion total supply) are in circulation. In August 2109, after all private sale tokens have been released, 6.85 billion RSR tokens will be in circulation and remain that way until months after the Reserve Protocol main net launch, currently planned for sometime in early 2020.
From my perspective, the Reserve Protocol is an elegant and well-designed blockchain-based stablecoin system, with a great implementation strategy and talented team. The Reserve Protocol is somewhat similar to MakerDAO, but with certain key differences which you can read about here.
In the end, Reserve is well positioned to deliver a better version of what Facebook is trying to accomplish with Libra. Reserve is designed to be more decentralized than Libra and does not carry with it the baggage and history of Facebook as a social network. I’m not saying Libra will fail. Facebook is a juggernaut, with vast resources, talent, capital, and a user base of 2 billion+ users. If Libra can eventually launch despite strong opposition from politicians and regulators, it will be a success, at least to a degree for a short while. I see Libra being a gateway that introduces billions of people around the world to Bitcoin, other cryptocurrencies and the vast benefits of blockchain technology. This will be good for both Bitcoin and Reserve Protocol over the long term.
Despite the enormous size of Facebook, the company is facing a number of obstacles going forward, both with Libra and as a social network in general. Facebook is currently under intense scrutiny by government officials and regulators around the world and is not perceived well or trusted in light of recent issues surrounding user privacy and data. Personally, I also question the future of Facebook as a social network as new blockchain-based social networks like Voice.com come online with a fresh start and new decentralized business models that reward users for their contributions and give them more control over personal data and privacy.
In summary, I think Reserve Protocol, with it’s stablecoin (RSV) and utility token (RSR), will be end up being a better implementation of a stablecoin (similar to Libra from Facebook). Crypto investors should have the RSV stablecoin and RSR asset token on their radar and follow this project closely. I expect big things to come from Reserve over the remainder of 2019 and into 2020. I’ve reviewed hundreds of crypto projects and blockchain startups over the past 7 years and Reserve stands out to me as one of the best.
At the time of publishing this article, I currently hold Reserve Rights Tokens (RSR), which is the utility token issued by the Reserve Protocol. My primary crypto investment still remains EOS. My Reserve Rights Token (RSR) holdings represent the only crypto investment I still hold in the Ethereum ecosystem. Also, I am not a financial advisor and nothing in this article is advice to purchase any cryptocurrency, including the Reserve Rights Token (RSR). Please do your own research, consult your own financial advisor, and invest accordingly.
To learn more about Reserve Protocol, follow the links below.
- Website: https://reserve.org/
- Whitepaper: https://reserve.org/whitepaper.pdf
- Telegram: https://t.me/reservecurrency
- Twitter: https://twitter.com/reserveprotocol
- Medium: https://medium.com/reserve-currency
- YouTube: https://www.youtube.com/channel/UCnRo3DExogUR28iJV39lhFA
- Reddit: https://www.reddit.com/r/ReserveProtocol/