Despite the recent success attributed to blockchain and cryptocurrency adoption, there is still a limitation to its acceptance. Although millions of developments and projects were launched, the issue of scalability and interoperability had been a limiting factor. To effectively tackle this, new technology was launched—known as Reserve Rights.
Reserve Rights was launched in May 2019, after a successful initial exchange offering (IEO) on the Huobi Prime platform. The Huobi team is behind the Reserve protocol, a technological development governing the use of Reserve Rights. They have also created a dual-token stablecoin ecosystem that is designed to regulate or scale the industry to global usage.
Generally, the volatility of existing cryptocurrencies significantly reduces their usefulness as the invested value depletes sporadically. However, to ensure an investor resource remains safe, irrespective of the market movement, a stable token with a much wider use is created.
Here, one can use it as a store of value, medium of exchange, and also a standard of deferred payment. With the Reserve protocol, two tokens help power it: the Reserve stablecoin (RSV) and the Reserve Rights token (RSR).
Although there are additional collateral tokens used by the Reserve development team and the Reserve protocol to help in the stabilization of the systems stablecoin to normalcy.
The RSV is the stablecoin launched in 2019 and backed by a ton of assets while that RSR is the utility or volatile token. The RSV equates to the US dollar and ensures it remains the same as the regular dollar bill. That is RSV token = 1 dollar.
The stablecoin was not only designed for investors to mitigate loss but also to help countries in need of financial aid and also to help improve their national economics. The Reserve token on the other hand bestows community members with voting rights that help them partake in the decision-making of the ecosystem.
On the roadmap, Reserve Rights plans on purchasing back all the Reserve token and eventually moving it away from being pegged to the U.S Dollar. This will create a brand-new alternative asset that the RSV tokens will be pegged to and will also represent fractional ownership of the collateral pool.
The tokens have an officially recognized value within the dual-token system, as was designed to: remove hyper-inflation, create a stable coin, and help build an accessible and robust platform. RSV and RSR are interlinked through a similar arbitrage minting to provide a long-lasting solution to inflation.
Who Are the Founders of Reserve Rights (RSR)?
The founders of Reserve Rights are Nevin Freeman and Matt Elder.
Nevin Freeman serves as the Chief Executive Officer of Reserve Rights. He is an entrepreneur that has successfully founded three companies. Matt Elder serves as the co-founder and CTO of Reserve and a former employee of companies like Google, Quixey, and Linux.
Asides from the two major cofounders, the Reserve Rights team consists of over 20 developers, engineers, and compliance staff that work together. Concerning funding, the platform has received from several top companies and investors like Coinbase Ventures, PayPal, and Y Combinator.
What are Reserve Rights (RSR) used for?
The cryptocurrency market is volatile and can either make or mar one’s portfolio. RSV as a stablecoin is used by investors to store funds in a bid to mitigate loss. They can maintain a stable value relative to their currencies or assets.
Store of value
The token can be used to retain purchasing power without deteriorating in the future, making it one of the best assets to own.
Medium of Exchange
Reserve Rights community can be used as a form of exchange for a corresponding amount of digital asset or physical product.
Reserve Rights allows their token holders to stake by committing a part of their asset to help support the blockchain and confirm transactions. In return, they earn yields exceeding what they initially staked.
Community members get to hold rights in decision-making. Through the token, the holders can choose a delegate, proffer ideas, and vote in a new development of their choice.
What Makes Reserve Rights (RESERVE RIGHTS) Unique?
Most stablecoins are pegged to the United States dollar bill, but RSV is different. Originally, the United States dollar is currently being plagued with inflation, devaluing its price considerably. RSV is backed with a plethora of digital assets that are managed and operated with smart contracts and other cryptocurrencies like USDC and PAX. There are also plans by the platform to extend its basket of backed cryptocurrencies into other fiat currencies, securities, commodities, and complex asset types, like synthetics and derivatives.
How Many Reserve Rights (RSR) Coins Are There in Circulation?
Reserve Rights has a circulating supply of 13,157,802,677 RSR and a max supply of 100,000,000,000 RSR.
How Is the Reserve Rights Network Secured?
The Reserve Rights token is an ERC-20 asset operated on the Ethereum network. Therefore, the project is secured by the Proof of Work consensus mechanism and backed by a network of Ethereum miners. Also, the platform migrated to another mainnet in 2020 for increased security.
How do I buy Reserve Rights (RSR)?
The Reserve Rights platform provides a highly decentralized money system in replacement of the regular ones. Its development has seen strong adoption in countries with high inflation rates such as Venezuela and Argentina as it brings cheaper remittances, lower inflation, and trust among businesses.
RSR tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy RSR through your trading account.
Which Cryptocurrency Wallet Supports Reserve Rights (RSR)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Reserve Rights (RSR). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their RSR wallet because it offers a simple and interactive interface making it easy for people to navigate its system.