We've deployed a basic stablecoin on Ethereum, RSV, which wraps existing fiat-backed USD tokens. Right now it's backed by 1/3 USDC, 1/3 TUSD, and 1/3 PAX. This simple stablecoin exists as a hedge in case any of its underlying collateral assets gets shut down or has troubles, as they can be swapped out for other stablecoins. The core team currently controls the RSV contracts with a multipass.
We've also deployed a governance token, RSR, which currently has no functionality, but will perform crucial functions in the future.
In 2018, we released a planned protocol design, but didn't implement it in full. Instead, we released the simple stablecoin referenced above, and then proceeded to spend all our time building a consumer platform for actually using stablecoins as normal money – the Reserve app.
Now that the app is picking up momentum, we've returned to protocol design and development.
We're not building and releasing the protocol exactly as described in our original white paper, because we've had several new ideas since then, and the Ethereum dev community has produced several defi primitives (e.g. AMMs and lending markets) which allow us to go further than we'd planned.
The eventual goal is to offer an alternative to fiat money. Basically, what cryptocurrency was originally conceived to do, albeit through different means than bitcoin.
The idea is that by aggregating together baskets of tokenized assets, we can create currencies that are stable in purchasing power without being dependent on state-issued currencies. We do not have any specific basket picked out, but we imagine the right baskets will include commodities, debt, and perhaps equities. Regulations may get in the way of what can be included, which is an unsolved problem in our plans for now. The protocol will need to facilitate evolution in the baskets over time, since the right basket today likely is not the right one next year.
If this works as conceived, the outcome will be a decentralized currency with stable purchasing power that cannot easily be debased.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link
The Chainlink Labs Channel Partner strategy is intended to outline a joint approach between Chainlink Labs and select accelerators, launchpads, incubators, devshops, and software tools to promote the user adoption and growth of the web3 ecosystem. Chainlink Labs and the channel partners will collaborate to accelerate and nurture the web3 ecosystem in key areas including gameFi, NFTs, developers, and startups.
Chainlink Labs is the leading provider of secure and reliable open-source blockchain oracle solutions, enhancing smart contracts by connecting them to a wide range of off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. We are dedicated to the development and integration of Chainlink as the standard decentralized oracle framework used by smart contracts across any blockchain.
