Reserve Adoption Update
681,248 Users, Audits, Mexico, GitHub, Socials and MORE!
Welcome again to the Friday. Well, bit of a week eh? The constant badgering of Matt Gertler has finally cracked him, Smeddy reveals more about audits and we’re still in RPay stasis. Let’s go…
- Memory Lane
- GitHub / Audits
An interesting one, this. The ‘stable currency — human right’ petition was underway —13501 was the final number. I don’t see the UN publishing much about this. However, whilst googling the UN and stable currency I came across an article which I quote from :
A global dollar
Over time, there have been many calls for a global currency in some form or other. John Maynard Keynes during the Bretton Woods Conference proposed the creation of global currency (which he dubbed bancor). During the seventies when the dollar system was under strain, the IMF created an SDR system which could provide an alternative means of liquidity creation.
More recently a UN Committee headed by Joseph Stiglitz has called for an SDR-based global currency system. But the transformation from the dollar-based reserve system to a global currency is a huge task saddled with difficult political and technical problems and will take a long time. Perhaps, a small beginning can be made by creating a small amount of global currency as a supplement to the dollar system to fund the UN operations.
However, any threat to the dollar’s reserve currency status is unwelcome to the current global superpower. Perhaps, we can envisage a parallel currency (let us call it Global Dollar, GLO$) as a supplement to the US dollar system. Under this, all UN countries will agree to accept GLO$ for settlement of their international transactions and keep it in reserves when appropriate.
Unlike the present SRDs, GLO$ will be a currency acceptable in all day-to-day transactions. The GLO$ could be made equal in value to US$ and fully convertible into any world currency including US dollar$. If an annual amount of say GLO$ 150 billion is created every year with the approval of UNGA and Security Council and managed by a special unit in the UN, it will mean an increase in the current reserves of about $20 trillion by only 0.75 per cent per year with little risk of inflationary pressures in the world economy in today’s atmosphere.
This global currency available for reserves and transaction purposes will reduce the pressure on the US system to create US$ for global needs. And this amount would be sufficient to fund all the UN operations including a substantial amount of $100 billion per year for mitigation and adaptation on climate change.
Developed countries would be saved from the difficult task of convincing their public to support the UN system and to provide for the global public goods in their domestic budgets.
In sum, the proposal above has four arguments in its favour. First, global financial justice demands that global windfall is used to provide global public goods and not the short-term temptations of one country.
Second, the proposal will initiate in a small way the difficult transition from the reserve currency status of the US dollar, a transition which will be good for the US over the long-term.
Third, it will obviate the need for the increasingly difficult task of convincing the public in developed countries to use their taxes to support the developing countries and provide a global public good. Fourth, it will put the finance of the UN system on a firm footing to allow it to provide global public goods.
So, wen UN RToken?
Next we were still without iOS
This was part of a Reddit Q&A. This bit is (with hindsight) quite amusing…
That’s a long winded memory lane, so onto…
GitHub / Audits
An audit down, and we got our 1%. Now at 98% to code freeze.
As predicted by Smeddy
Progress still being made in the test / documentation / feedback areas
Solidified changes — must be the auditors right? Lets see what got done..
Yes — they’re an auditor — any good? I think we can say yes to that.
Well there’s a first time for everything, but that’s pretty ‘solid’. Add this to Trail Of Bits and others and safety is #1.
The ‘real’ RSR has been plugged into the code as well (was a testnet address before) so can be run now in ‘mainnet’ mode :
And this one I just liked
So 2 more audits to come in, fuzz testing and we’re at 100%, then final final audit. Then who knows? Maybe testnet, then peer review, market research…. nah — Mainnet.
Pretty weird numbers — still, keep reading for a positive prognosis.
Every week Matt Gertler goes on the official Telegram channel and answers questions — they vary from ‘wen Mexico’ to tequila chat. Well, being General Counsel, he gives little away. Generally admitting to ‘end of year’ for most things. This week, perhaps after a cheeky tequila, we got this
Sorry, this :
Boom. So now I guess we know why the RPay side is in go-slow. Time to wheel out the Mexico stats again.
Remittances into Mexico are over $50Bn — with Moneygram it would cost around $6 to send $340 back to Mexico. Both using the App? Zero.
Bank accounts are thin on the ground in rural Mexico — financial services are sparse too :
Also plucked from the web :
Product market fit? I’d like to think so. I still thing there’s going to be something innovative in Mexico — I don’t think it will just be ‘here’s the app and here are some liquidity providers’. I don’t know, I’m just guessing. I would LOVE to see integration with payment by mobile, but I think I’m getting ahead of myself there.
I should also add that the average savings of a Mexican is 20x that of a Venezuelan, so RTokens (once introduced to the App) will very probably be 20–50x what they are now.
And so from the ‘it’s so close I can almost smell the enchiladas’, we can permit ourselves a slight raising of the pulse in the knowledge that in a month to 6 weeks, we’ll all be drinking Don Fulano.
Still in stasis and I got a new phone so I’m guessing at the users for now — I’ll update when I have better numbers, but it’s not earth-shattering
Ok, so what else is new?
Reserve are hiring as ever — and this time a DeFi researcher / writer
The aim being to try to get communities aware and excited about RTokens and get through in a less tech specific way. Remember, soft-crypto is all about providing a compelling product that just so happens to use crypto to make it even better, rather than espousing crypto as the new way forward. Insured, 100% backed Stablecoins allow seamless transfers worldwide and DeFi allows seamless financial products — this needs to be the breakthrough into normal users who just want an interest bearing dollar (or Euro!) and can quickly pay for things or get a loan. Or deploy millions internationally without fees.
Small video of Nevin being annoyed at the amount of time taken to protect purchasing power from inflation.
Anything else? Well there was the Merge.. Instead of using the power consumption of the Netherlands, it now uses lass than PayPal. In energy narrative, ETH is ready to be the worlds payment blockchain — with L2s as well the Tx volumes can be pretty good.
Also, it seems watching cat videos is unironically killing the polar bears.
Well, that’s it for another week, thank you for reading as ever — will we be taunted with 99% next week or will the audits take longer? Either way, it’s close!