Digital Reserve Currency (DRC)
January 2021 Update
Happy New Year everyone! In this month’s update, we wanted to touch on a few things that took place in December, as well as talk about what is in store for this month.
Looking Back
December was a great month for DRC. With a steady, healthy climb in both value and holders, DRC is building great historical performance as a digital Store of Value asset. The community has been engaging and supportive, with newcomers joining daily. Our press release in Bloomberg helped DRC to increase the size of its community, and our international reach is growing as our Africa and Chinese Telegrams are expanding. We plan on adding more languages soon, with Spanish being the next language we plan on adding.
We also announced and began working on the Digital Reserve with an anticipated release date of Q1 2021. The Digital Reserve is how DRC holders will be able to use DRC to further hedge against the market by unlocking an asset basket with different tokens. More info on this later in the post!
We also launched our Limited-Edition DRC NFTs in mid-December. These limited edition NFTs were created to encourage community members to contribute to the DRC Foundation. 100, Gen-0 NFTs were created, and we will never make any more. The cost of an NFT is .5 ETH or DRC equivalent and if you would like to receive one, you can contribute here. The funds are sent to the DRC Foundation multi-sig wallet, where 100% of the funds will be used to develop, market, and grow DRC and its ecosystem. As of this post, 74 NFTs remain, and a total of 4,000,000 DRC and 7.5 ETH have been contributed by DRC holders. To those who have helped DRC by contributing funds or by spreading DRC by word of mouth, thank you! It is with your help we have been able to advance DRC as quickly as we have.
Looking Forward
In January, we plan on continuing development of the Digital Reserve for our holders, coinciding with additional press releases and marketing to expose the Digital Reserve and DRC to a wave of new investors both in and outside of crypto. Development of the Digital Reserve is already underway, with most of its smart contract already completed. We believe the Digital Reserve will be useful for both newcomers, and experienced crypto users, as a hedge against the overall crypto market. Before releasing the Digital Reserve, an audit will be conducted, and the results released to ensure stability and safety.
Digital Reserve by DRC
What is the Digital Reserve?
The Digital Reserve is a well-balanced portfolio of the most efficient real-life store of value (SoV) assets that can be tied to DRC and serve as an entry point to users who traditionally might not have access to such assets, especially in developing countries. This will help DRC investors to link their DRC value to the value of other SoV assets with sustainable and strong historical performance. The proposed mechanism would allow DRC holders to preserve the value of their DRC holdings and hedge possible inflation risks, especially during economic downturns.
The www.drcglobal.org website will be updated with a portal where users can easily deposit DRC to instantly back it with the respective share of the Digital Reserve. Holding the DRC deposit with Digital Reserve may accrue extra earnings for users as the Digital Reserve value will presumably appreciate over time. This may trigger the increasing demand for DRC and will simultaneously decrease its total circulating supply, which may eventually lead to DRC token price appreciation.
How does the Digital Reserve work?
- User deposits DRC
- Digital Reserve (DR) sells user’s DRC and buys DR assets (BTC, Gold, USD)
- User’s DRC is now backed by DR assets
- User redeems DRC deposit
- DR sells respective part of DR assets and buys DRC
- User withdraws DRC
Why should I use the Digital Reserve?
The Digital Reserve is meant to act as a more conservative, stable option versus simply holding DRC. By giving users two options, they can either hold DRC in their wallet and let the market dictate its price or deposit it into the Digital Reserve and have a wider exposure to a set of store of value assets meant to appreciate over time at a slower rate. If the market experiences a downturn, a user can deposit DRC into the Digital Reserve and hedge the market, persevering the value of their assets without selling their DRC. We plan on announcing the full details about the Digital Reserve in a few weeks!
DRC Foundation
As we enter Q1 2021, our 5 DRC Representatives who have been chosen by the Community at the end of December will lead DRC into the new year and work on developing DRC as they have been since November. The 5 members chosen to be a part of the Foundation for Q1 2021 are:
● Christian Torres (Re-Elected)
● Josh Bate (Re-Elected)
● Cryptographr (Re-Elected)
● Benedito Silva (New Member)
● Michael Alimi (New Member)
Maxim Nurov, DRC Founder, will also continue as usual with his involvement in the DRC development but from an advisory role, leaving a space for a new Representative. He will of course continue participating in all discussions and remain as active as ever.
While our plan was to have Turnip run for re-election, he has decided to step back due to personal reasons. We thank Turnip for everything he has done in getting DRC up and running from the ground floor and wish him luck in his future endeavors!
We would also like to welcome Benedito and Michael to the Foundation! Benedito is from Brazil with experience in the crypto world, while Michael joins us from Africa and is one of the Admins in the DRC Africa Telegram chat. We are looking forward to working with our newest members in continuing to develop DRC in the months to come.
The remarkable thing about this election is that this cohort of new DRC Community Representatives is incredibly diverse; spread across 5 continents with speakers of 5 different languages! The DRC global adoption initiative is certain to continue and improve under this group!
Want to stay informed on DRC developments?
Join our Telegram and Discord channels and follow us on Twitter!
