Billionaire Bitcoin (BTC) Bull Peter Thiel and Coinbase Are Backing This Little-Known Cryptocurrency

Crypto investment heavyweights are backing Reserve, a stablecoin project designed to create a new universal store of value while generating potential profits for investors.

Coinbase Ventures is backing the project, and Reserve executives have now confirmed that Bitcoin (BTC) bull Peter Thiel and Y Combinator president Sam Altman have each purchased a claim to receive tokens in the future.

The stablecoin will be backed by up to 100 on-chain and off-chain assets and utilize a dual token system, as described by crypto researcher Lark Davis.

“Why would a stablecoin go up in value? There’s actually a two-token model. The first is RSR. That is the token I own and the one you will want to buy if you want to invest in Reserve. This token is the governance token, allowing holders to vote on proposals, and it gives rights to arbitrage within the network.

RSR guarantees the collateralization rate of RSV, which is the stablecoin, and it maintains the value of RSV. So when the price of the RSV stablecoin goes above a dollar, then the protocol will sell new or excess RSV for either RSR or tokenized assets to then correct the price. RSR has an automated token burn mechanism which will decrease the supply over time, meaning that the more that we see the RSV stablecoin getting used, the more tokens will be burned. Now this is super important for the long-term price potential of the RSR token.”

The Reserve protocol plans to roll out in three phases. The first is a centralized phase where the Reserve token (RSV) is backed by a small number of collateral tokens pegged to the US dollar. The second is a decentralized phase where RSV will be backed by a changing basket of assets but still pegged in price to the US dollar. The third, independent phase involves RSV no longer being pegged to the dollar. At that point, its goal will be to offer a stabilized alternative not subject to fluctuations in the dollar’s value.

Reserve’s app is live in Venezuela and they are expanding to Argentina next. Charlie Smith, the company’s head of business development of the Reserve Protocol, says customers should expect more Latin American markets, the US, and possibly Lebanon after that.

Reserve’s RSR token, a cryptocurrency used to facilitate the stability of RSV, is currently a temporary placeholder ERC-20 token.

Reserve’s protocol, however, is expected to launch on the Ethereum mainnet later this year, and then that ERC-20 token will be replaced by a fully functional token.

Source: dailyhodl.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, sending more th

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How to get started with GRA

Crypto Ethone

Search This Blog