TokenGazer《一问到底》| 第45期：研究员 VS Reserve-CSDN博客

本文链接：https://blog.csdn.net/TokenGazer/article/details/90761970

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前言

TokenGazer《一问到底》是一档辨析区块链领域一级市场项目优劣的优质栏目。每一期将针对区块链领域早期的一级市场项目，邀请项目负责人做客现场，和社群内百余名研究员深度问答、科学辨析。旨在通过项目方与研究员高质量的对弈问答，打造专业级别的项目评析平台，厘清项目价值，探寻早期优质项目。同时，让社群用户真正参与价值评析，传递评析方法，在“问与答”中获取价值信息。

本期项目：Reserve

活动时间：6月3日10:00

Reserve：Reserve是一种全球化的稳定货币 (稳定币)，也是适合高通胀国家个人和企业的一种数字支付系统。

以下为中英双语互动文字整理版：

TokenGazer Researcher Tiger：What is Reserve's advantages over other stablecoins?

Charlie Smith ¦ Reserve：Great question. The important thing to consider here is that the vast majority of stablecoins on the market today aren't decentralized in the same way crypto currencies like Bitcoin and Ethereum are. Projects like Tether, TrueUSD, Paxos etc.. All rely on a bank or trust company to hold dollars in Reserve to back the value of the stablecoin. This means that at any time that bank account could be shut down by regulators or abused by the custodians. In short, these stablecoins are not sufficiently trustless to qualify as a major innovation over fiat money.

Reserve is aiming to make a stablecoin that has the decentralized, censorship resistant properties of Bitcoin but that also is stable in value enough to be used as are liable medium of exchange and store of value. There are other projects attempting to do this like MakerDao and we are excited about the work they're doing. However, we see there as being some key problems with their protocol interms of its ability to maintain price stability of Dai and to scale in the future. Reserve is also set apart by our go-to-market strategy. We are investing signficant resources into building our own proprietary apps and pushing them on the ground in high-inflation markets like Venezuela.

TokenGazer 研究员 Tiger：Reserve推出的稳定币与目前市面上的稳定币相比有什么优势？

Charlie Smith ¦ Reserve：好问题。这里需要考虑的重要一点是，今天市场上的绝大多数稳定币都没有像比特币和以太币这样的加密货币一样去中心化。像Tether、TrueUSD、Paxos等项目都依赖于银行或信托公司持有的美元储备以维持稳定币的价值。这意味着银行账户可能随时被监管机构关闭或被托管人滥用。简而言之，这些稳定币不够去信任化、不够创新。

Reserve的目标是创造一种像比特币那样具有去中心化和抗审查特性的稳定币，而且价值稳定，足以作为可靠的交换媒介和价值储存。还有其他项目试图尝试这样做，如MakerDao，我们对他们正在做的工作很有兴趣。然而，我们认为其协议在维持Dai的价格稳定性和未来规模方面存在一些严重问题。我们的市场战略也很独特，我们正在投入大量资源来构建我们自己的专有应用程序，并在委内瑞拉等高通胀市场推动它们的发展。

TokenGazer Researcher Tiger：Why there are so many famous investors (such as Coinbase Venture, PeterThiel) supporting Reserve? What's Reserve's unique features that attract them?Do stablecoin projects have attractive ROI for them?

Charlie Smith ¦ Reserve：Our investors are super excited about the project and have a lot of faith in the talent of the team. I think they were impressed by our long-term view. Many crypto projects are more short-term in their outlook. At Reserve we've taken the time to build a protocol that will have enduring utility for its users and to build that protocol in a safe and secure way.

TokenGazer 研究员 Tiger：Reserve团队拥有众多大牌投资机构（包括了Coinbase Venture、Peter Thiel）。Reserve有什么特点吸引投资人的眼光吗？稳定币项目对于投资人是否有一个可观的ROI？

Charlie Smith ¦ Reserve：我们的投资者对这个项目非常感兴趣，并且对团队的能力非常有信心。我认为他们对我们的长期愿景印象深刻。许多加密项目的前景偏短期，我们花时间构建了一个协议，该协议将为用户提供长期实用性，而且我们是以安全可靠的方式构建该协议。

TokenGazer Researcher Tiger：As far as I know, Coinbase Venture invested in many Defi DApps such as Compound and Dharma. It seems they are pretty interested in Defi Project. What do you think of Defi DApp's future at blockchain field? Is this the reason that Coinbase Venture invest in Reserve? How is Defi related to stablecoin?

Charlie Smith ¦ Reserve：To us Defi represents the clearest set of use cases for crypto. Disintermediating and opening up access to financial services is incredibly important. We share this mission with Coinbase. In order to be successful, Defi apps are going to need a stable, decentralized medium of exchange. That's where we come in. Reserve intends to be the base payment layer of the Defi movement. One day we hope that loans on services like Dharma or futures contracts on platforms like UMA are all denominated in Reserve. I think that's one of the many reasons Coinbase invested in us. It's that shared mission and our rigorous approach to protocol design. But it's just as much about the caliber of our team.

I also think Coinbase just recognizes that the opportunity size is huge for decentralized stablecoins. We are stablecoin maximalists at Reserve. If you believe, like we do, that one day a small number of decentralized stablecoins are going to cover huge global markets, then it's hard not to get excited about the potential value those networks may accrue.

TokenGazer 研究员 Tiger：据我们所了解，CoinbaseVenture投资了众多的去中心化金融DApp，例如Compound和Dharma。他们似乎对去中心化金融项目十分感兴趣。你怎么看待去中心化金融在区块链领域内的发展前景呢？这是否是Coinbase Venture投资你们的理由呢？去中心化金融与稳定币之间存在着怎么样的关联呢？

Charlie Smith ¦ Reserve：对我们来说，Defi是最明确的加密货币用例，非中介和开放式对获取金融服务非常重要。我们与Coinbase有相同的使命，为了取得成功，Defi应用程序需要一种稳定的、去中心化的交换媒介。这就是我们的切入点。Reserve打算成为Defi的基础支付层。我们希望Dharma上的贷款服务或UMA这样的平台上的期货合约等服务都以Reserve计价。我认为这就是Coinbase投资我们的原因之一，因为我们有共同的使命，并且我们对协议设计有严格的方法，我们团队的能力也是一个重要因素。

我认为Coinbase意识到了去中心化稳定币的机会是巨大的。我们是Reserve的Stablecoin极端主义者。如果你像我们一样相信有一天少数去中心化的稳定币将覆盖巨大的全球市场，那么你就很难不对这些网络可能带来的潜在价值感到兴奋。

TokenGazer Researcher Tiger：You said that MakerDao's problem is that they can't maintain pricestability of Dai and to scale in the future. So how will Reserve deal with suchproblems?

Charlie Smith ¦ Reserve：There are many differences between Maker and Reserve. I'll get into a couple of them here. But I encourage everyone who is interested to check out our blog post on the topic here:

https://medium.com/Reserve-currency/our-analysis-of-the-makerdao-protocol-4a9872c1a824

The first big problem that Maker is dealing with is price stability. The price of Dai has fluctuated around the peg significantly over the course of the project's life. This is because Dai is stabilized as people choose to open or close the collateralized debt positions used to back the value of Dai. The trouble here is that demand for these CDPs doesn't necessarily match the need to constrictor expand the supply of Dai.

To deal with this Maker has had to lean very heavily on their governance mechanism, voting to change the fees people are charged to stake their Ether. Basically, Maker istrying to run something like the Federal Reserve but instead of a small board of people running it, it is thousands and thousands of token holders voting on monetary policy. It's an interesting experiment but we think that presents big risks in the medium to long-term. Our model is much simpler. Users stake crypto assets in our smart contract called the Vault. When the price of RSV, the stablecoin, goes below $1, users are incentivized to buy up RSV and redeem it for the underlying collateral and vice versa if the price goes above $1.

To be clear, I think Maker is an interesting project and there's plenty of room for both of us for the time being.

TokenGazer 研究员 Tiger：你说MakerDao的问题是他们不能维持Dai的价格稳定和未来的规模。那么Reserve如何解决这些问题呢？

Charlie Smith ¦ Reserve：Maker和Reserve区别很大，我会讲几个。建议大家看一下我们的Blog：

https://medium.com/Reserve-currency/our-analysis-of-the-makerdao-protocol-4a9872c1a824

Maker正在处理的第一个大问题是价格稳定性。在项目的整个生命周期中，Dai的价格在锚定汇率附近大幅波动。这是因为当人们选择开启或关闭用于支持Dai价值的抵押债务头寸时，Dai是稳定的。问题是对CDP的需求不一定与收缩或扩大Dai供应的需要相匹配。

为了解决这个问题，Maker不得不在很大程度上依赖于他们的治理机制，即投票改变抵押Ether的费用。基本上Maker正试图像美联储那样运行，但不是一小撮人在运行它，而是成千上万的Token持有者对货币政策进行投票。这是一个有趣的实验，但我们认为这在中长期存在很大的风险。我们的模型更简单，用户在我们名为Vault的智能合约中使用加密资产，当RSV（稳定币）的价格低于1美元时，用户将被激励购买RSV并将其兑换为相关抵押品，反之亦然。

我认为Maker是一个有趣的项目，目前我们两方都有足够的发展空间。

TokenGazer Researcher Tiger：It is mentioned in the whitepaper that RSV will maintain a stable 1:1 peg to USD because of arbitragers. However, there are so many stablecoins (likeDai、USDT) whose value fluctuate around $1. What's the reason for that? Are the arbitragers enough to make RSV stabilized?

Charlie Smith ¦ Reserve：So the issues you're describing there are not due to a lack of arbitragers. There are plenty of traders willing to earn aspread on the difference between the value of a stablecoin and the value ofthe underlying collateral that backs it. The issues with Dai and Tether come down to problems with the design of the protocol.

Tether has traded below $1 at times because many people have concerns about whether it is really backed by $1. It trades below $1 due to people's perceptions of the size of the counter party risk intrinsic to the way the protocol is designed. With Maker, it has depegged when demand to lock up Ethereum with their smart contract, hasn't lined up with the protocol's need to decrease or increase the supply of Dai.

We believe RSV will do abetter job of remaining stable to the US dollar because of the economic guarantees built into the protocol. These include, instant ability to redeem for $1 of underlying collateral, fully transparency, and less concentrated counter party risk. As well as a simple, easy to understand, and predict monetary policy.

TokenGazer 研究员 Tiger：白皮书中提到，因为市场中套利者的存在，RSV将始终保持稳定在1美元。然而，目前市场上诸多稳定币（例如Dai、USDT）并不始终与1美元锚定，你认为主要的原因是什么？仅靠套利者是否能解决此问题？

Charlie Smith ¦ Reserve：所以你描述的问题不是由于缺乏套利者，有很多交易者愿意通过稳定币的价值与支持它的未交易抵押品的价值之间的差价获利。Dai和Tether的问题是协议的设计。

Tether的交易价格有时低于1美元，因为很多人担心它是否真的与1美元锚定。由于人们对于来自协议设计的对手风险规模的看法，它的交易价格低于1美元。当需要用他们的智能合约来锁定以太坊时，Maker会取消锚定，与减少或增加Dai的供应的需求不一致。

我们认为RSV将更好地保持美元锚定，因为该协议中包含经济保障措施，其中包括即时兑换1美元基础抵押资产的能力、完全透明度以及较低的对手方风险。我们的货币政策也更简单易懂。

TokenGazer Researcher Tiger：You said that users can stake crypto assets in Reserve's Vault. However,it is mentioned in the whitepaper that many of the collateral tokens will be tokenized real-world assets such as tokenized commodities, currencies, and securities. So, what kinds of collateral assets will be accepted at Reserve Protocol?

Charlie Smith ¦ Reserve：Early on we plan to keep it simple. Our vault will primarily comprise of different stablecoins, gold backed coins, like Digix, and some crypto assets, like Bitcoin and Ethereum. In the long-run we want the vault to be a highly diversified basket of baskets that could include tokenized real estate, bonds, stocks etc..

TokenGazer 研究员 Tiger：您说用户可以在Reserve的Vault中使用加密资产。但是，在白皮书中提到许多抵押通证是通证化的现实世界的资产，例如通证化商品、货币和证券。那么Reserve协议会接受哪种抵押品？

Charlie Smith ¦ Reserve：我们计划在早期保持简洁。我们的Vault主要包括不同的稳定币，像Digix这样的黄金支持硬币，以及像比特币和以太币这样的一些加密资产。从长远来看，我们希望Vault成为一个高度多元化的篮子，可能包括通证化的房地产、债券、股票等。

TokenGazer Researcher Lie Ma：On the mechanics of Maker, I saw an asymmetric risk-return structure for MKR holders, and the risk of the protocol can be managed by governance. This will motivate MKR holders to vote actively and correctly. I have read your whitepaper in general, and the RSR seems to be absorbing fluctuations of stablecoin, and the RSR holder's risk-return structure seems to be symmetrical. If the above is incorrect, please indicate; if so, what motivations drive RSR holders to hold RSR?

Charlie Smith ¦ Reserve：I think it's an open question whether MKR holders will effectively govern Dai's monetary policy into the future. Today I believe MKR tokens are held by a small number of early backers who have disproportionate voting power, making it easier to make decisions but less democratic in practice. As MKR tokens become more widely distributed, it may become harder to make decisions. Here's a way of thinking about this. Imagine that the Federal Reserve or the People's Bank of China made decisions based on the votes of thousands of people, rather than a board of experts. That might work but it's not clear to me that it would. RSR holders are incentivized to hold the token because they are entitled to the RSV stable tokens that are gathered as transaction fees from users.

TokenGazer 研究员马烈：关于Maker的机制，我看到了MKR持有者的不对称风险回报结构，并且可以通过治理来管理协议的风险。这将激励MKR持有者积极正确地投票。我读过你们的白皮书，RSR似乎正在吸收稳定币的波动，而RSR持有者的风险回报结构似乎是对称的。如果上述内容不正确，请说明; 如果是这样，什么动机驱使RSR持有人持有RSR？

Charlie Smith ¦ Reserve：我认为MKR持有人是否能够有效地管理Dai的未来货币政策是一个悬而未决的问题。今天我相信MKRToken是由少数具有大比例投票权的早期支持者持有，这使得决策更容易，但在实践中不那么民主。随着MKR的分布越来越广泛，制定决策可能会变得更加困难。想象一下，美联储或中国人民银行是根据数千人的投票而不是专家委员会做出决策。这可能有用，但我不这么认为。RSR持有人有持币激励，因为他们有权获得作为用户交易费所收取的RSV稳定币。

TokenGazer Researcher Tiger：When will you launch RSD and RSV?

Charlie Smith ¦ Reserve：RSD is essentially ready. Expect something from us soon on that. RSV will launch with main net. We aresaying early 2020 as a conservative estimate of main net launch.

TokenGazer 研究员 Tiger：RSD和RSV什么时候上线？

Charlie Smith ¦ Reserve：RSD基本上已准备就绪，很快就会推出产品，RSV将与主网一起发布，保守估计2020年初主网上线。

TokenGazer Researcher Tiger：What's the main function of RSR right now?

Charlie Smith ¦ Reserve：Today RSR is for people looking to get in on the ground floor of an exciting project and be an early backer. We encourage all RSR holders to reach out and join the community. Once mainnet is live RSR will become fully functional and be entitled to RSV generated through transaction fees.

TokenGazer 研究员 Tiger：RSR right的主要功能是什么？

Charlie Smith ¦ Reserve：今天RSR适合那些希望进入好项目的底层并成为早期支持者的人们。我们鼓励所有RSR持有人加入社区，一旦主网上线，RSR将完全正常运行，持有者有权获得通过交易费产生的RSV。

TokenGazer Researcher Tiger：How does government work in Reserve?

Charlie Smith ¦ Reserve：Governance is thehardest problem in crypto. You should be skeptical of anyone who says they have it fully solved. Our plan is to gradually move towards a decentralized governance system that we believe will require a robust reputational system for RSR holders to screen out bad actors and encourage virtuous behavior.

In the protocol's early days, we plan on having a very simple voting system. The Reserve team will propose changes to the system and RSR holders will be able to vote yes or no. In the long-term we will allow RSR holders to propose changes to the protocol themselves but in the short run we don't want to rely on our governance system too much, as it presents a big attack surface for bad actors.

TokenGazer 研究员 Tiger：Reserve如何处理政府政策方面的关系？

Charlie Smith ¦ Reserve：治理是加密货币中最难的问题。你应该对任何说他们已经完全解决治理问题的人持怀疑态度。我们的计划是逐步走向一个去中心化的治理体系，我们认为这需要一个强大的声誉系统让RSR持有者筛选出不良行为者并鼓励良性行为。

在协议的早期阶段，我们计划建立一个非常简单的投票系统。Reserve将对系统进行改进，RSR持有者将能够投票赞成或反对。从长远来看，我们将允许RSR持有人自己提出对协议的更改，但在短期内我们不希望过多依赖我们的治理系统，因为它为不良行为者提供了一个巨大的攻击面。

TokenGazer Researcher Tiger：Will RSR be listed at other big exchanges in the future?

Charlie Smith ¦ Reserve：This is everyone's favorite question. I can't comment on that here but please follow us on Telegram, Twitter and WeChat. We will announce any updates like that there. You can find all our social links here: https: //Reserve.org/zh/.

TokenGazer 研究员 Tiger：RSR会在其他大交易所上线吗？

Charlie Smith ¦ Reserve：每个人都最爱问这个问题。我不能在这里评论，但请通过Telegram、推特和微信关注我们，我们将在这些平台公布类似的最新消息。社交平台链接：https://Reserve.org/zh/。

TokenGazer Community：Is RSR stablecoin released with a constant rate or with inflation? What is the inflation rate？

Charlie Smith ¦ Reserve：The supply of RSR is deflationary as transaction fees from the use of RSV are used to purchase and burn RSR. The RSR supply will only inflate in the event that the stablecoin, RSV, is under collateralized. In that situation more RSR will be issued to raise collateral for the stablecoin. RSR supply is fixed prior to main net launch.

TokenGazer 社区成员：Reserve稳定币是恒量发行还是增量发行的？增发的规律是怎样的？

Charlie Smith ¦ Reserve：RSR的发行量是不断减少的，因为交易费被用于购买和销毁RSR. 只有在RSV抵押不足的时候，RSR才会增发。主网上线前RSR供应量是固定的。

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