Reserve Adoption Update
555,374, Mexico, Socials, Town Hall Video, GitHub progress AND MORE!
Happy Friday everyone! I’ve already had one Crunchie so let’s ride the sugar rush.
- History check
- Town Hall
This time last year the news was we had ticked over 50,000 downloads on Google Play. 10x.
Socials still going strong
Reviews still good — more on this later.
I couldn’t resist this one…
555,374 is this weeks number. Up only 8,283 on last week. I say ‘only’. 127k since New Year. Next week should see us tick over 560k and I think Gabo has hinted at some sort of giveaway.
Reserve recently announced a PaRtNeRsHiP with Kalea supermarkets in Valencia. Just 3 at the moment, but they are big and I imagine there might be payroll involved.
From 71% to 73% to 75% this week. Now those of you of a linear nature would have this as end of June for development completion. I don’t think so, as I would say the initial P0 setup is the biggest (and slowest) part. Which nicely segways into..
Looks like they’re gearing up for P1.
Another way to look at it is that they have completed 13.8% of all remaining tasks in 2 weeks (4/29)*100.
Activity is high, and I’ve just found the p1 folder!
Ooh — it’s coming. Smeddy gave us a sneak peek into what’s happening with the Mexico launch — he interviews Victoria A. Garcia, head of RPay Mexico in this article.
I like this snippet :
So Reserve will be working with NGOs to aid those who are far from banks / ATMs or don’t even have a bank account. I would assume some sort of ‘cash intermediary’ will take the cash and transfer to their Reserve accounts (I assume — and I don’t need the management guru explanation of that thank you). Great also to see a different use-case, but with exactly the same implementation. Dollars in App. Imagine savings — imagine loans.
Incredibly, Mexico is the worlds 5th most unbanked country. That’s a lot of potential users. 63 million to be precise.
Global Finance Magazine - World's Most Unbanked Countries 2021
Hundreds of millions of people globally have no checking or savings bank account. Financial exclusion undermines their…
Reserve hold an hour long guild presentation with Matt Robinson, Josh Furnas, Nevin, Sinatra and Smeddy discussing the history of the App and what they are doing at the moment, as well as some nice insights — I’ll list them here. First up a link to the recording of the zoom call. Zoom User and flashy keyboard man please identify yourselves.
First up is current team and development progress
Graph of code lines in app
Refactoring and rebuild were 2021, the drop off in 2022 is efficiencies, so less code is needed to perform the same functionality, which also means development time is shortened.
We are also given a peek at real time transactions
Little hard to read but it’s Trade events / Web throughput / App response time and Jobs processed. Web throughput is running between 50–100 transactions per second. TPS baby — L1 fruitychain incoming with quantum Tx capability.
Simple design screens help flesh out functionality ideas..
And the decision quadrant helps guide decisions on which enhancements / fixes should be prioritised.
Matt also explained that the vast majority of errors are PEBSAFF — problem exists between screen and fat fingers. He didn’t put it that way though. This is interesting as most 1 star reviews are errors in the app, so how many of those are because someone made a mistake? Still, App should minimise the possibility of mistakes — so at least they know where to put their efforts.
Argentina has just overtaken Colombia with new App users
And non-Vz users account for 60% of all new users in Q1 2022
Also, there has been a significant shift in P2P payment in the App i.e. people sending each other money rather than on-ramps from ILPs, so once money is in the ecosystem, it stays there and becomes frictionless.
So it looks like retailers will soon recognise they are much more likely to be used by the Reserve community if they accept Reserve.
The breakdown of P2P is as such :
If you’re getting paid your salary into Reserve, you’re going to save in Reserve and you’re going to want to transact with other Reserve users rather than cash out and cash back in.
I would love to know the Tx volume and value now. Must be about $4M per day surely.
Also covered was a section on governance and a small Q&A with Nevin — App will be open source but not in the near future, and privacy is very important for transactions when on-chain as Reserve don’t want people to be able to look up your balance on the blockchain after you’ve paid for something in a shop.
Reserve is now communicating a lot with ‘us’, and there are plans to keep this going, without going overboard. Long may it continue.
I’m still finding out what this is about, but people have been sent invites, so I expect to know a bit more by next week.
The squad map is back on the website so I’ve a had a furtle around.
RPay Mexico team is now at 8. I’m guessing Liquidity Night is fiat ramps.
International card still shrouded in mystery.
Money transmitter licenses to operate the App in individual US states now at 4. There’s a lot going on behind the scenes.
Well, there we go — thanks as ever for reading. Can I get a fire please IQONIQ?
My life would be complete ;-)