What is Reserve Rights (RSR)? How to Buy RSR Token in India?

What is Reserve Rights (RSR)?

Reserve is a decentralized protocol that lets anyone create stablecoins backed by the basket of other assets on the Ethereum network. The main objective of the protocol is to address volatility issues of cryptos like Bitcoin and Ethereum that hinders the widespread adoption of cryptos and inflation-related with traditional fiat. Reserve realizes this goal by creating a highly scalable and decentralized economy powered by stable money.

The primary three tokens of the Reserve protocol are RSV stablecoin, the Reserve Rights Token (RSR) and collateralized RToken. RSR is the ERC-20 token standard-based utility and governance token of the Reserve ecosystem. It serves two main purposes: to ensure the stability of RSV tokens and for governance to vote on RTokens proposals and configuration. 

Who are the Founders of Reserve Rights?

Reserve protocol was co-founded back in 2019 by Nevin Freeman and Matt Elder, and its mainnet was initially launched in 2020 on Ethereum. Freeman is an Engineering graduate and has co-founded several other companies, including MetaMed Research, Paradigm Academy etc. Matt Elder has previously worked at Google and Quixey as a Software Engineer.

How does Reserve Rights (RSR) work?

Reserve protocol is based on a dual-token model to provide a stable and reliable payment method through automated smart contracts. For this, it issues RSV stablecoin that is pegged to a US dollar-based basket of stablecoins: USDC, TUSC and USDP, at an equal ratio.

Reserve protocol’s decentralized architecture allows anyone to utilize the design of RSV stable and create a new Reserve Stablecoin- RToken. The creator of RToken also has full control to specify parameters, configuration, the peg for their token, the collateral assets used to back it, an emergency basket, yield offerings for backstop insurance, the governance system, and the name for their RToken.

Users can stake RSR tokens in Reserve’s staking protocol to support and provide insurance against collateral defaults for specific RTokens. The staked RSR tokens are seized to ensure the peg and stability RToken maintains in the event of a collateral failure. In return, RSR stakers are rewarded with a share of the revenue generated from RToken, and its yield depends on market cap and other asset factors.

What makes RSR Unique Use Cases?

• Reserve stablecoins are backed by crypto assets instead of managed and issued by the government or trusted custodians.
• It overcomes the volatility associated with cryptos, giving users a stable and secure asset against inflation for a store of value and day-to-day payments.
• The project is supported by leading projects and big investors, including Coinbase, Peter Thiel, co-founder of PayPal, Sam Altman, CEO of Y Combinator and more.

Reserve Rights (RSR) Price Analysis

• RSR price today is trading at $0.002311, with a 24-hour trading volume of $6.25 million. In the last 24 hours, The RSR price has gained about 2.16%, and its market cap is $120.60 million as of July 17, 2023.
• RSR price pumped by more than 110% in the year beginning, but it has been in a downtrend following rejection from the $0.0047 level.
• Its price has made a bullish divergence and is trading near its 50-day moving average. If the RSR price rises above this, it might witness a breakout.

How to Buy RSR Tokens in India?

To buy RSR Token in India, just follow the below mentioned steps:

• Download the CoinDCX App
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, fund your wallet and buy RSR Tokens.