DRC Foundation AMA recap with Crypto Society — 13th February 2021
with Joshua Bate, DRC Representative (@JB87Crypto)
It’s our pleasure to have you with us today. I would like to welcome you here on behalf of our entire community.
Thanks for having us here man
Could we begin with a brief history of yourself and your team, and your roles at DRC and what you were doing before DRC?
Well firstly I’d like to make it clear that there is no ‘team’ at DRC; it’s completely decentralised.
Maxim released the coin but he released 100% of supply to the market, and no reserved tokens for team or for mining. So all of the progress with DRC is driven by the DRC community, who’s actions are backed by the Foundation Fund, a publically funded multisig Gnosis wallet.
The community also elects 5 representatives who’s wallets are bound to the multisig wallet and thus must decide together on the release of any funds.
Personally, I am an elected rep and my main role is to facilitate the global outreach campaign. I currently work with DRC, Harvest Finance and 88mph and I live in China :)
Sounds really good and vert decentralized — This is very important in today’s DEFI environment and is fast becoming one of the first questions investors look into
Yeah it’s not as common as you might expect
How and where did the founder of DRC, Maxim Nurov, first encounter crypto?
Maxim has lived in Washington, DC for over 10 years now and has worked financial institutions and in law
Also more specifically, he has experience in law of digital assets
He has an investment fund called Digital Finance that deals exclusively in Digital assets
Law in digital assets. That’s unique.
Here’s his LinkedIn if you’d like to see https://www.linkedin.com/in/maximnurov/
Can you tell us about why Maxim thought DRC needed to be built and what problem it solves?
DRC was created during the COVID-19 crisis when fiscal and monetary policies have exposed serious vulnerabilities in the current financial system.
With quantitative easing measures going through the roof, we expect the demand for decentralized “store of value” assets to rise considerably as the risk of currency debasement increases.
Institutional and individual investors become more aware of the serious flaws in the current financial system.
And this awareness will drive demand for non-correlated alternative asset classes and “store of value” assets, especially in the blockchain space
Brilliant — We can all very easily relate to this as we are all living it.
Indeed we are. Plus with things like the recent RobinHood debacle decentralisation is ever more important
Yes good point.
How did Maxim start DRC?
Let me pull this from the whitepaper:
‘The total supply of DRC is fixed at 1,000,000,000 indivisible tokens. 100% of the DRC token supply has been listed on Uniswap decentralized exchange with a nominal price of 0.000000003ETH/1DRC and initial market capitalization of ~$1,000.’
Josh, [13.02.21 15:13]
That’s the specifics of the launch
But tl;dr, Maxim launched a simple and secure ERC-20 token with a fixed 1 billion token supply. All 1billion tokens were issues to the secondary Uniswap market
There was no ICO, no prelaunch, no team reserve of tokens
This was intended to ensure decentralisation, and allow the market to determine the value of DRC
‘we cannot predict whether DRC token will retain its monetary value in the future. DRC token may lose its value if it does not receive adoption as a digital store of value. At the same time, DRC token value may arise because of the network effect, as more people believe in its intrinsic value and utility.’
That is quite forthright. Thanks
How would you describe DRC if you were talking to someone unfamiliar with digital assets?
DRC is intended to be a Store of Value on the blockchain
What is a Store of Value?
Gold has historically been used to store value as it was thought that the supply is limited or fixed. Then dollars were considered for the same use case.
The markets of both in fact are being constantly flooded with new supply. A quick stat: 75% of all US Dollars have been printed in the time that Bitcoin was invented.
Gold is also being pulled out of the ground at record rates
It is built on the blockchain, driven by no centrally controlling force and is compliant
Great — Thanks — Good explanation
What is the DRC token used for? Can you describe the Tokenomics?
The DRC token itself is fully developed and operational — it’s available to use for its intended use case
The tokenomics are equally as digestible:
Total Supply is 1 billion, circulating supply is 1 billion. There are no withheld tokens
This means that DRC is inherently deflationary, due to human error when interaction with the blockchain
hahaha — wait I need a calculator
DRC is also indivisible (has 0 decimals)
So the smallest amount of DRC anyone can own is 1DRC
One can imagine that if DRC reaches the adoption levels anticipated, that a single DRC will be a heavy coin
DRC is also the only key to access our upcoming launch — the Digital Reserve
What is the difference between holding DRC on an exchange or holding it on DR (Digital reserve — your exchange)?
(The Digital Reserve is not an exchange, but a Vault.)
Those that believe in the future potential price action of DRC will hold their DRC as usual
There are some anticipated integrations such as collateralising debt or providing cover for other platforms by using DRC, later in the future
However those that want to securely and easily preserve their USD value, they can choose between two iterations of the Digital Reserve
(at launch, more to follow)
Users will deposit DRC into the Reserve and the Reserve will then swap the DRC for a selected basket of more traditional SoV assets
The two choices: the conservative Vault storage or the higher appreciating vault.
90/5/5 USDC/PAXG/BTC or 40/40/20 BTC/PAXG/ETH
These are just the first iterations and will be rebalanced slightly before official launch later this quarter
If you want to protect against market volatility, swings, inflation in fiat or other, then DR is a strong option for you.
Here’s a flow diagram of how it works — feel free to follow the channel there’s some awesome design work on there
That’s very helpful. Thanks
you have sort of answered this next question in some of your answers above but to just bring it home, Is DRC disruptive and if so how so?
It depends who you’re asking lol
But I think that DRC is actually providing the opposite effect; a calming and stabilising force in the crypto space.
A token that has no bells and whistles, is completely decentralized, no team to rug pull you, that has a clear and consistent mission, to find that is rare.
With DRC’s indivisible token you can envisage that it would be used to store high amounts of value in a system that requires a simple and efficient store of value.
Those that are worried about the traditional financial systems glaring issues can preserve their wealth easily on the blockchain, through DRC
Using the above Vault or just holding DRC is going to become a choice more attractive than within a typical bank setting
What are you currently working on and can you describe your future roadmap?
We are currently working on the final touches of the Digital Reserve Vault release. The audit came in yesterday and we’re ready to roll on that one. The future roadmap includes further upgrades to the Digital Reserve in the short term
These are interest bearing deposit options and community driven vault options
The interest bearing variants of the DR Vault will use AAVE aUSDC or similar, stETH and similar
Who did the audit?
Dedaub did the audit
We’re releasing it shortly
Must be good news then!
Indeed it is 😄
The community driven vaults will be a novel concept in terms of vaults and we’re really excited to see what kind of partnerships that opens up for us
Can you tell us more about the DRC governance process and why it was created?
The DRC governance process is a combination of good old fashioned voting and also a blockchain based Snapshot governance poll, which tracks your holdings of DRC and uses these as a weighting for the voting system
The system was made to ensure that all members of the DRC community had a fair say in the operations of DRC
Open and honest discussion has been a real centre piece for the DRC community
The snapshot system enables trustless measurement of the opinion of token holders
The elected DRC Representatives then sign their ERC-20 wallets onto a multisig Gnosis safe and participate in operating the Fund as a treasurer
Again, all decentralised and transparent
We are a community driven project, the blockchain has given us the tools to allow the community to govern effectively
It says on your website that you have established cooperation with international organizations such as World Bank, IMF, and United Nations. Can you elaborate on that and explain to us how you did this and why?
I reached out to Maxim to help me answer this, I will post the answer here:
‘World Bank, IMF, and UN support developing countries and their financial infrastructure. Obviously, inflation is a big issue for emerging economies and Digital Reserve offered by DRC could be helpful as an innovative solution designed to hedge inflation risks. Lots of people in developing countries do not have access to the traditional financial system, not saying about such financial products as gold and even USD. ‘
I believe we can help them to get an easy exposure to these products via Digital Reserve. International organizations may help us to get access to local markets if we position DRC properly. Of course, this needs to be discussed with those organizations and it will definitely take time, as all of them are very buerocratic. I would be happy to speak with them, introduce DRC and explain its benefits, though I cannot guarantee any specific partnerships at this stage.
Overall, I think we need to be more focused on developing countries in the future, where DRC can bring value by helping regular people to preserve their savings and wealth. I hope it makes sense.
Reading through it
Ok yes — it does. thanks for the explanation
Take your time 🙂
Tl;dr, the world needs a hedge against currency debasement. The financial and world organisational institutions included
Are you working with other projects or on any partnerships?
Another project that has been added to the DRC ecosystem is our GEN00 NFT initiative
From out talented community members, community members can pay 0.25ETH in DRC or ETH, and receive this NFT
The donations for this go directly to the community controlled Fund for further funding DRC initiatives
The NFT is a piece of really great 3D art, imbued with a unique digital signature
This NFT is to show that you were a very early adopter of DRC. You saw what others did not
It’s current usecase is to allow access to an NFT-holders only chatroom that is used to recognise those that have helped towards the growth of DRC in these early and uncertain stages
As the DRC ecosystem expands, the usecases of the NFT will increase, but also so too will the value of the talks happening inside the Holder’s chat
You can check it out here: https://drcglobal.org/
Holders of the GEN00 NFT will also get beta access to the DR Vault, coming very soon
Ok thanks — Very interesting. Love the NFT idea
Yeah it’s a really great one actually. 3D GIF 1080p
Warning — cheeky question incoming…😁
hahaha go for it
Is there any exclusive breaking news about DRC that you could share with us here today?
Well, as a community driven project we do try to be as transparent and open with all the developments that are being made as an ecosystem
However I can share with you some ‘alpha’ if you will
We are going to roll out another variant of the Digital Reserve Vault that allows DRC holders to propose and vote on a type of Vault they want, we’re referring to it privately as ‘the Degen vault’, but I think that name will change hahaha.
no — keep that name. love it 😂
It will be down to community proposed suggestions, where we will use the Digital Reserve Vaults to create a vault who’s asset allocations are chosen by the community, according to a set of criteria
(decentralised, liq locked, this kind of thing)
very cool 😎
could you please provide us with some challenges DRC has faced but overcome?
Developing a functioning community with 0 funds!
Considering this project’s entire ethos is to maintain decentralisation and compliance, there is no VC or presale fund
All the efforts of the community combined have borne about this incredible ecosystem… in only 4 months!
Finding our feet regarding our image, functionality, place within the wider DeFi space has all been an organic journey that I’ve not seen elsewhere
other tokens can mint funds into existence, rely on VC investment, launch a presale event
DRC by its design is not allowed to do these things, and therefore hasn’t
But the organic growth has brought us here… just the beginning!
Given some of the challenges you described above, how do you ensure that the team is fully focused and committed for a long term run?; Do you have specific plans for retention key staff?, Attracting new talent in the long run?, Have specific succession strategies in case of losing key resources?
The sheer simplicity of the DRC token requires little upkeep.
In the earliest stages of a fair launch, no marketing and no funds project, the largest problem is how to attract eyes to the idea
This is currently being handled by the community and Reps who are trying with limited donations, to show the true value of DRC.
However as we all know, once something catches in crypto, something with a strong value proposition, outreach begins to take care of itself.
This increased success will attract more talent, more donations and more volunteers. Currently the Foundation Fund pays for marketing initiatives and development projects.
True — hopefully this AMA will create some more awareness for DRC
The existing DR developers are experienced and generous devs who are being paid below the industry standard for their work as they know that DRC is a strong project.
This group is full of active and involved investors so I’m assuming it will. DRC is something a bit special and I’m glad to share it at such an early stage (personal opinion) 😂
Bit of a generic question and one that you’ve touched on above several times but may help to serve the importance of DEFI. What does decentralisation mean to DRC? And how is that important in your future vision of privacy protection?
Generic question yes, but one that doesn’t get the attention it needs
Decentralisation means no central authority who has managerial impact over the project.
Regarding DRC, the people in control of the Foundation Fund are democratically elected people, chosen by the DRC community members.
Decentralisation and regulatory compliance is a problem that people are just ignoring at present.
I understand that it’s very unpleasant to think about but the fact is that many (most) projects in cryptocurrency are creating tokens at will, out of thin air and profiting from the sales, are eliciting money, making promises of profit etc.
They are blatant actions that, if the regulatory storm hits crypto, may cause the project to be at risk of regulation or prosecution.
DRC through its decentralisation and organic growth model has ensured since the beginning that it adheres to all the relevant regulatory guidelines.
Thanks Josh for your explanation. Do you wish to let us know anything else that was not covered in the questions above?
I think I’ve answered everything
I just want to paint a picture:
of the subterranean vaults in the City of London, where the world’s gold stores used to be
Before, this ‘fixed supply’ was pushed around from corner to corner of the room, paying for war debts or financing governments etc.
That vault is now the internet and the floor of that vault is the blockchain
There’s so much room on the blockchain for a legitimate Store of Value, it’s a wonder it wasn’t here before honestly
sorry rant over lol
Not a rant at all — PASSION!!! Love the painting you just drew. Thanks
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided
With this, we will open up the chat for those who wish to personally thank you for your time with us here today.
That’s fantastic model with no fully engagement to anyone or any affiliate as being completely decentralized.
We frequently hear decentralism is hype and that’s needed by holders therefore I really wonder model of DRC relies on any big research / survey data that traders really showed this need with huge enthusiasm?
There’s a number of people that are experienced in blockchain, crypto project management, hedge fund management and law that are currently active within the DRC community
The decision so far are discussed and decided upon the research that each individual conducts and brings to the table
Any Lockup and Cash Back program Please let us know the highlights and mechanism of the program?
There are no lockups or cashbacks in terms of direct DRC earnings. However the Vault does allow for the potential appreciation of your deposit
if the Vault’s asset’s value rises, your withdrawal will be higher than when you entered; an APY
How does DRC provide a store of value that protects against swings? If it is a store of value and can go up then surely it can go down?
DRC is indeed open to market forces, although its ethos and value proposition make the holding base more likely to have faith in its ability to retain value
Alongside the release of the DR which can provide more value to DRC, but also is used in itself as a swing or inflations hedging mechanism
Thank you very much for your time @JBate7, how do you intend to gain PUBLIC adoption for DRC?
Through initiatives like this, global community creation (we currently have 6 international communities with over 500 members), content creation, market forces, network effect
Then once the Foundation begins to fill up with more people and funds, the ambitions will increase
Many projects are banned by countries for not complying with the regulations. To expand global development, does DRC have a solution to this problem?
Compliance is the number 2 thing on our list, after security
Since the launch, DRC has followed every regulatory check that it requires to be considered compliant. If there are any specific questions please DM me
Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Yes this is actually the major part of the Q2 onwards roadmap. We already have a thriving DRC Africa and Russia community. The site is available in Russian English Indonesian and Chinese
As we grow in volume and holders, we will begin the global rollout proper
🌼💞Clarasaktii / Rara 🌼🦋
what are your plans to ensure sufficient liquidity on the exchange to fulfill market orders, especially as the adoption increases from the days of the month and the year ahead for the project?
There is currently a liquidity provision incentive here: https://t.me/DigitalReserveCurrency/80326
DR-POD is imbued with values that are saved to DR Vault right? So does that mean that DR-POD could potentially see some implementation with a collateral loan platform?
Integration with a fiat/drc/fiat on and off ramp. A very simple integration that is a pivotal part of our next steps. Agreed that direct fiat access is essential
Another fantastic point. We are currently in discussions regarding using DRPOD as collateral in lending protocols yes
Monetary policies tool were used by Govt in every economy to boost the activities due to that inflation got great spike in US economy and elsewhere. How DRC is solving that problem? And what are other benefits does DRC provide other than store of value?
DRC has a fixed supply and therefore cannot be inflated, the value can never be diluted
With access to the DR also, holders can get simple exposure to more traditional SoVs. The primary benefit of DRC is SoV, although being part of the wonderful community and also merely having exposure to the cryptocurrency world is an additional bonus
Thanks for having me guys 🙂
Or join our Telegram here:
some more links:
Foundation Website (https://drc.foundation/)
Outreach (https://t.me/DRC_Outreach) || Discord (https://discord.gg/cX326SA)
Meme Channel (https://t.me/DRC_Memes)
Github (https://github.com/digitalreserve/DRC) / Gitbook (https://app.gitbook.com/@drc-foundation/s/drc-ecosystem/)
Foundation Medium (https://drcfoundation.medium.com/)
DEX (https://info.uniswap.org/pair/0x53455f3b566d6968e9282d982dd1e038e78033ac) (Uniswap (https://info.uniswap.org/pair/0x53455f3b566d6968e9282d982dd1e038e78033ac))
DexTools (https://www.dextools.io/app/uniswap/pair-explorer/0x53455f3b566d6968e9282d982dd1e038e78033ac) DEX (https://www.youtube.com/watch?v=UAeuI-fl3yo&ab_channel=DRCFoundation)
Purchase Tutorial (https://www.youtube.com/watch?v=UAeuI-fl3yo&ab_channel=DRCFoundation)
Mobile Phone Purchase Tutorial (https://youtu.be/xDGwMgG69y4)
CEX Tutorial (https://youtu.be/n_tRyQrAQEg)
Smart Contract Audit (https://drcglobal.org/files/drc-audit-report.pdf)
Liquidity Lock (https://t.me/DigitalReserveCurrency/12805)
Current expansion plan is continued global outreach, community engagement, setting up international communities and engaging with the local communities through local DRC ambassadors
The best way to reach people is through their own channels
Actually, if there are any people from non-English speaking communities, please feel free to drop me a message if you feel you can contribute to the DRC global outreach campaign
there are plans to go to the BSC blockchain??
Due to recent gas fees we are considering options, yes
Although currently we don’t want to split our liquidity pool amongst multiple channels