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Volatility, inflation, a lack of merchant acceptance of crypto, and insufficient merchant trust are a few issues limiting the crypto space from becoming extensively adopted. To fix this, the Reserve Rights token offers a dual-token structure.
At an important juncture in the evolution of crypto, the RSR token is bringing the usage of low-friction transactions to a global audience. Additionally, there is no requirement for regulatory oversight because it uses a peer-to-peer model rather than a conventional financial system.
Continue reading till the end to learn more about Reserve Right tokens and how you can buy them from one of the most trusted exchanges in India.
About Reserve Rights
According to its creators, the Reserve Rights project is supported by two pillars. The first one is the belief that having access to trustworthy currency should be a basic human right. The second is that hyperinflation can eventually disappear with effort and time. The Reserve Rights network team has been putting a lot of effort into making sure that there is access to stable and trustworthy currencies everywhere.
The Reserve Rights (RSR) token’s primary goal is to lessen and ultimately eliminate the catastrophic impact that hyperinflation and currency depreciation have on already-traumatized nations. The protocol suggests using a Peer-to-Peer (P2P) method to accomplish this goal to do away with the necessity for external regulatory monitoring, which is often a drawback in traditional economic models.
Launch of Reserve Rights
Reserve Rights was launched in May 2019. Nevin Freeman, the platform’s co-founder and CEO, has a track record of establishing prosperous software businesses. He was a co-founder of RIABiz, Metamed, and Paradigm Academy. The Reserve Protocol raised funding during its Initial Exchange Offering (IEO) on the Huobi Prime platform. Notably, a few reputable investors supported the platform. Participating organizations included the Coinbase Ventures venture capital fund, PayPal co-founder Peter Thiel, and YCombinator founder Sam Altman.
How does RSR work?
The Reserve Rights protocol functions on the Ethereum blockchain. One of its primary objectives is to overcome volatility and ensure the stability of a stablecoin known as RSV. The team has developed a unique dual-token stablecoin system consisting of two key elements:
- RSV (Reserve stablecoin)
- RSR (Reserve Rights token)
RSV is designed to maintain a consistent value of approximately $1, pegged to the U.S. dollar. The Reserve protocol achieves this goal through an innovative approach.
When the value of the RSV token falls below $1, the protocol is triggered to purchase additional RSV tokens, thereby restoring the price to $1 on exchange platforms. Conversely, if the value of the RSV token exceeds $1, the protocol automatically sells excess or newly created RSV tokens, thereby reducing the price back to $1.
RSV is widely used in everyday transactions, and Reserve strives to uphold the $1 threshold. On the other hand, RSR functions as an investment tool primarily aimed at preserving the stable value of RSV. The Reserve stablecoin is backed by collateral tokens, which provide remote substantiation for its value. All these investments are governed by a smart contract known as the Reserve smart contract.
Features of RSR
- Dual-Token System
The Reserve Rights platform implements a dual-token system consisting of the Reserve Rights token and the Reserve stablecoin. These two tokens are interconnected through an arbitrage mechanism that involves minting and stability processes. This system addresses issues related to inflation and hyperinflation.
- No Third-Party Interference
Due to its diverse asset backing, Reserve Rights operates independently of government regulations, interference, rulings, and control.
- Real-Life Application
The Reserve Rights platform serves a crucial purpose in society by offering asset protection, stability, seamless transactions, and financial security to individuals and businesses in regions affected by inflation.
- Asset-Supported Currency
A distinctive characteristic of Reserve Rights is the utilization of smart contracts to govern the distribution of stablecoins, which are further backed by a basket of cryptocurrencies. This sets it apart from other stablecoins that are typically backed by fiat currencies and supervised by a stablecoin issuer.
RSR Tokenomics
Total Supply – 100 billion RSR tokens
Circulating Supply – 50.5 billion (50% of total Supply)
Market Capitalization – $133 million
24-Hour Trading Volume – $5 million
Price – $0.0022 per RSR token
(Data is taken from Coinmarketcap)
How to buy RSR tokens in India?
Below are a few simple steps you can follow and buy the RSR token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy RSR tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Bonus point: INR Deposits are also LIVE on the WazirX platform. Now, you can buy RSR tokens using INR.
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling RSR Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy RSR on WazirX.
You can now easily purchase RSR tokens using P2P trade on the platform. Check the RSR to INR rate from here and RSR to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the RSR Coins you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
