An introduction to Reserve¶
Imagine a stable universal currency (let’s call it R$):
- R$ is stable in the sense that if you hold your savings in R$ you never have to worry about the prices of goods and services rising over time and the value of your money being inflated away, no matter where you live.
- R$ is universal in the sense that whenever you want to buy something, your R$ will automatically convert into your local currency to be spent.
That’s what we’re creating.
So far, we’ve achieved something close to this in Venezuela. We’ve created a digital currency, the Reserve Dollar (RSV), that maintains 1-to-1 parity with the US dollar (highly stable relative to the Venezuelan Bolívar), and a mobile app that makes it easy to store money in RSV, get paid in RSV, and pay for things with RSV (either at the thousands of merchants that now accept RSV, or by converting RSV into bolívares within seconds). Essentially we extended the stability of the US dollar to those who faced hyperinflation in Venezuela in recent years, and we are expanding to other countries in Latin America where inflation continues to be a pressing issue.
Concurrently, we are working towards releasing a smart contract protocol that will enable the creation and decentralized governance of more currencies like RSV. These currencies, called “RTokens”, will have values that can be pegged to diversified baskets of assets instead of USD or any fiat currency, making them unaffectable by USD inflation or any centralized monetary policy.
Once that protocol is released, we as a company will cease to have control over RTokens, but we as a team, in different modes of coordination, will go on to participate in the decentralized governance of RTokens, apply RTokens to more real-world problems, and foster an ecosystem of other teams that want to build in an aligned direction.
Looking far ahead, the applications of RTokens are vast, from extending financial services to people who are discriminated against by the existing system, to having an alternate international reserve currency that isn’t controlled by any single nation.
The 5-min video intro below is from back when we were getting started in 2018. A new intro video is in the works.
Reserve is backed by both angel investors and crypto venture funds.
View them all here.
See more of the team here.