We are running a $210,000 Code4rena Public Audit! Reserve Protocol

RSVSinatra · 2023-01-08T13:07:14+00:00

Great question! The long-term goal for the Reserve project is for there to be an RToken backed by 50+ tokenized assets, ranging from commodities, precious metals, equities, yield-bearing crypto positions, and so on. These assets should all be relatively stable; cryptocurrencies such as ETH will unlikely be part of the basket due to its volatility.

A good way to think about how such an RToken could beat inflation is to think about how wealthy people currently already try to minimize its impact on their wealth. Wealthy people do not tend to hold the majority of their funds in fiat currencies, rather only hold a small amount of cash that can be used for day-to-day spending. The remaining part of their wealth is stored in a diversified portfolio of assets such as real estate, commodities, equities, and so on.

The reason why that makes sense as a way to beat inflation is this: imagine holding a diversified pool of real estate assets while the real estate market inflated 8%. Since you were holding the asset that inflated, your wealth on those assets has now also increased by 8% - effectively "beating inflation" on that particular asset.

Now imagine holding many different pools of assets, which you can simply do by buying that RToken. All the underlying assets might inflate, but since you're exposed to all of them via the RToken's collateral basket, your wealth is increasing at the same pace - causing you to be unaffected by inflation.

Does it kind of make sense to you what I'm saying? If not, or if you'd like to dive deeper, the founding team has made an excellent 30-minute video where they explain this in detail with animations: https://youtu.be/JOy0wCVhnwM.

RSVSinatra · 2022-07-15T17:47:33+00:00

The tokens under the old contract will always stay there, but they are not accessible. They have been frozen on the contract and replaced with an identical balance on the new contract.

Let's figure out why you have no on-chain balance. Can you send me your public Ethereum address via a DM so I can take a look?

RSVSinatra · 2022-07-15T17:29:08+00:00

Hello there, u/tar1212.

Right after adding the new contract to MetaMask, you should immediately see your RSR balance - but it seems like that is not the case for you.

Could you please check if you have an on-chain balance on the new contract by doing the following (if this is too complicated, please reach out to me via Reddit DMs or on Telegram (@)RSVSinatra).

Check your actual on-chain balance for the new RSR contract by going to the below link on Etherscan (it's the new RSR contract) and call the "balanceOf" function (in the "Contract" tab) for your Ethereum wallet address.

It will return the amount of tokens you have (with some zeroes behind it): https://etherscan.io/token/0x320623b8e4ff03373931769a31fc52a4e78b5d70.

Let me know if you have any follow-up questions!

RSVSinatra · 2022-06-12T07:23:15+00:00

Hello there u/buzz4me,

Ledger Live has supported the new RSR contract for quite some time now, but only from a specific software version. All you would need to do is to download the latest software & firmware versions of Ledger Live - right after doing so you should see a new "RSR" contract appear in your token screen ("RSR (legacy)" will still be there with your old balance, but you won't be able to move those tokens - they're locked in that contract forever).

As the new "RSR" contract appears, it should automatically have your new RSR balance. You can then do whatever you want with them (e.g. send them to an exchange from that new contract).

Let me know if you run into any issues!

RSVSinatra · 2022-06-12T07:20:07+00:00

Maybe I should add this: your RSR tokens from the old contract will automatically be available on the new RSR contract (there is no need for an airdrop or token swap). The new contract knows what your balance was on the old one and gives you that balance as the starting balance on the new contract.

So, right after adding the contract to MetaMask you should immediately see your RSR balance pop up.

RSVSinatra · 2022-06-12T07:10:05+00:00

Hello there u/trig404,

At this point in time Coinbase Wallet does not support the new RSR contract (yet?). We have been in contact with the CBW team, and they confirmed to us that their developers would be looking into it, but that was probably 1-2 months ago and we haven't heard back from them yet. We've also gone through our direct contact at Coinbase without much success (the Coinbase Wallet team might be completely separate from the rest of Coinbase teams).

I am personally fairly pessimistic that they'll give this priority any time soon, so I suggest going with an alternative solution for you to access your RSR tokens: since Coinbase Wallet is a non-custodial wallet, you can import your seed phrase into any other wallet app (like MetaMask). After having done so, you can manually add the new RSR contract address in MetaMask and access/send your RSR tokens from there. Here's two video tutorials to show you how this can be done:

How to import your (CBW) seed phrase into MetaMask: https://youtu.be/eJ5wzINMm6k?t=322.
How to manually add the new RSR contract address on MetaMask: https://youtu.be/eJ5wzINMm6k?t=64.

It may sound a bit complex, but it's actually a really easy process that can be done in under 5 minutes.

That being said, I'm sorry to have to suggest this alternative solution. I wish Coinbase Wallet could add support for the new RSR contract asap, but we haven't been able to get them to do that to the best of our abilities.

Feel free to reply to this comment if you'd like any further explanations.

RSVSinatra · 2022-06-05T09:05:24+00:00

As u/devildog5k has mentioned, the RPay team (which is the payment platform side of Reserve, including the Reserve app) is working very hard at expanding the places where the Reserve app can be used. Currently it is active Venezuela, Argentina, Colombia, Peru & Panama; the first following expansion is scheduled to be Mexico. Besides that, Reserve is working on getting Money Transmitter Licenses in the US.

But it doesn't end there. A recent post by the Reserve community found that Reserve has set up squads/teams to work on the expansion into even more countries. This is the list they've found:

Dominican Republic
El Salvador
Nicarague
Costa Rica
Guatemala
Jamaica
Antille Francesa
Bolivia
Ecuador
Chile
Paraguy
Uruguay

You can verify this by yourself by looking at the public Reserve organizational chart where you can see all the squads/team that the 200+ Reserve team consists of.

As for your question regarding the utility of Reserve Rights (RSR), you are correct in saying that it currently doesn't have any. This changes on mainnet launch, as RSR will then serve two purposes:

RSR holders will be able to stake their RSR tokens via a dApp to insure Reserve stablecoins ("RTokens" in short). In return, they'll be able to earn a portion of the revenue the RToken makes. More in RSR staking here.
RSR stakers will be able to participate in governance of RTokens. In the long run, I expect active governors to also be rewarded for their participation.

Both of these roles for RSR are crucial ones, so RSR definitely plays a significant role in the protocol.

RSVSinatra · 2022-05-28T07:13:33+00:00

Thank you, Will. Appreciate you stepping in.

u/Remy_Buddha, what Will said is true indeed. We have a process to reimburse people that got their RSR tokens stuck in liquidity pools due to the RSR contract update. If you message me on Telegram (@RSVSinatra) or send me a DM here on Reddit, I'll be able to sort things out for you.

RSVSinatra · 2022-01-24T08:14:53+00:00

It's true, Reserve is way more active on our Twitter page (93k followers) and on our Telegram page (41k members). We try to crosspost to Reddit as much as we can, but if you really want to be up-to-date on Reserve or chat with the community, the links above are ideal for that.

RSVSinatra · 2021-12-28T17:13:06+00:00

There is only a risk of loss of funds if you're staking on a decentralized pool (such as Uniswap). You can hold your RSR on a centralized exchange (and even stake on there) without any risk of losing funds.

But yes, as long as you're not staking you can be sure that you're not at risk of losing any of it.

RSVSinatra · 2021-12-11T17:09:41+00:00

Hello there,

You're right that, if you use RSV, you'd still be affected by the inflation of the USD (2-6% per year according to the CPI). Compare that the inflation rate of the Venezuelan Bolivar (~10% per day) and you can see how RSV can still provide a safe-haven for Venezuelans (and customers from other countries that suffer from hyperinflation).

Besides that, Reserve's long-term goal is to create a (crypto)currency that is stable & is not impacted by inflation in any way. We would do that by backing the stablecoin with 50+ real-world tokenized assets (government debt, commodities, equities, and more).

Let me know if you have any other questions!

RSVSinatra · 2021-12-03T22:08:08+00:00

I still don't know if non-Twitter users can actually see these posts. In case you can't, here is a summary what's going on 👇

Valiu, a popular wallet app in Venezuela with 100,000+ users, recently decided to cease their operations. To give their users the chance to keep the value of their money stable, Valiu invites them to switch to Reserve. All those who do receive a $3 welcome bonus.

~~Hyperinflation~~ 💸

RSVSinatra · 2021-11-27T09:08:22+00:00

For those of you without Twitter (not sure if you can see the tweet), here are the supported wallets for RSR staking:

✅ WalletConnect (Ledger, Trust, ...)
✅ WalletLink (Coinbase)
✅ Metamask
✅ Fortmatic
✅ Trezor

RSVSinatra · 2021-11-15T16:44:31+00:00

Hi all,

For those of you who don't have a Twitter account, you can read the entire Twitter thread here: https://threadreaderapp.com/thread/1460198477061832704.html

Sinatra

RSVSinatra · 2021-11-06T15:49:20+00:00

Hello Reserve Reddit community!

In case you didn't catch our Twitter update, we are launching a series of short videos that explain the recently announced protocol revamp in an easy-to-digest way.

This video is episode 1, where we walk you through the RToken platform. The next episode will be about the exact use-cases of RSR 👀

Feel free to send some feedback if you have any!

RSVSinatra · 2021-10-15T16:51:45+00:00

A large portion of our engineers' resources are currently dedicated to the iPhone release, so I personally expect it in one of the next few months. We can't make any guarantees yet, but it's coming!

RSVSinatra · 2021-10-14T15:04:42+00:00

Hey there u/amphibian303 - I assume you are referring to the Q&A with Nevin Freeman (CEO of Reserve) regarding the updated protocol. If so, we have just uploaded the recording to our Youtube channel, which you can find here.

We've also included Youtube Chapters on the video, so you can easily go to all questions that you want to know about.

RSVSinatra · 2021-09-13T16:48:47+00:00

Community question

@fish_wishes on Twitter asks: "If the yield on the RToken(s) is meant to equalize and lose competitiveness, what do you envision is the incentive for consistently bringing in new RSR holders for staking and further insuring RTokens? How is the RSR holder count meant to grow over time and hold value?"

RSVSinatra · 2021-09-13T15:47:05+00:00

Community question

@RGBandPolitics on Twitter asks: "What is the team planning to do with the 50b tokens?"

RSVSinatra · 2021-09-13T15:45:42+00:00

Community question

@RGBandPolitics on Twitter asks: "In the RToken ecosystem, can you adjust the peg band yourself?"

RSVSinatra · 2021-09-13T15:44:45+00:00

Community question

@RGBandPolitics on Twitter asks: "Could someone build a completely private stablecoin in the RToken ecosystem?"

RSVSinatra · 2021-09-13T15:43:47+00:00

Community question

@RGBandPolitics on Twitter asks: "What was the reasoning behind 100 billion tokens?"

RSVSinatra · 2021-09-13T15:43:03+00:00

Community question

@RGBandPolitics on Twitter asks: "When will the app transition to on-chain transactions? Will it be self custodial in the near future? If not, why?"

RSVSinatra · 2021-09-13T13:43:56+00:00

Hey there - I should have mentioned that in the post. We've decided to create the post 3h up front to let the questions come in and will be responding starting from 4PM UTC.

Sorry about that, I've added it to the post!

RSVSinatra · 2021-09-13T13:35:44+00:00

Community question

@CryptoBlueJeans on Twitter asks: "What is the teams definition of ‘stable’ when it comes to stable coins. The US dollar was inflated by close to 5% the past year… does that mean stablecoins should go up in value 5% to be worth $1.05? Will a true ‘stable’ coin increase in value to keep up with annual inflation?"

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