AMA Report: Reserve Protocol’s Community
Reserve is a flexible pool of stablecoins designed to reduce risk through diversification and decentralized governance.
Our CEO Konstantin Gladych and PR Manager Christina Khachatryan were present in the discussion with the Reserve community.
Here are the essential points of the AMA session:
Please welcome Konstantin (K), Christine (C), and the questions from the Reserve telegram chat members (Q).
Q: Konstantin it’d be great to learn a little bit about how you got into crypto and your journey towards starting Atomic Wallet
K: Well, good question! I came into crypto earlier in 2015, when Bitcoin price was around $150. I left one of my previous businesses, related to internet marketing. Was looking around for new opportunities. I realized crypto is something new with the great potential to grow.
First I joined the team behind Changelly, as the head of the project. Then became CEO. I have grown the company almost from scratch to the biggest instant exchange with over 2M users all over the world and 70 employees. This was my way in crypto. I suppose crypto is one of the most exciting industries to bring something new on the market for people all over the world.
Q: For those who don’t know, could you explain the pros and cons of using a software wallet like Atomic Wallet?
K: Atomic is a non-custodial wallet. Your keys are encrypted and never leave your device. This means only you have full control of your funds. However, you are still responsible for your backup safety. Basically, the app works as an interface to the blockchain, unlike custody services or banks. So we support various blockchains and tokens and follow the spirit of decentralization. It has been downloaded more than 300000 times across the world.
Q: What stablecoins do you guys support? And what do you think matters when choosing one to hedge your funds?
K: I think stable coins are playing a huge role in crypto and even growing much more, as it’s like a dollar on a blockchain, you can pay with it now and don’t care about volatility, like with bitcoin. We support most of the popular stable coins – USDT, USDC, etc. However, I’m mostly excited about decentralized projects, like DAI or RSV! there is no centralized issuer, as the tether printer. If I want to hedge my portfolio, I will choose various stable coins. However, liquidity is a must.
Q: To what extent is Atomic Wallet decentralized? How do you guarantee the security and privacy of your users?
K: Basically Atomic is built on top of common open source libraries, like bitcoin core, your keys are generated on your device even in offline mode. We know nothing about your funds. All the data is stored on the blockchain. Atomic just gets balances from various blockchain nodes and broadcast signed transactions. We also have an anonymous instant exchange that people like a lot! So it’s all about your privacy.
Q: Will there be any further developments for ETH in the wallet to allow us to stake? Will you run a validator node for us please if that is required?
K: Well, in Atomic we support various assets for on-chain stacking. Mostly delegated proof of stake like Tezos and Cosmos. However, once ETH implements POS, for sure we will support this in Atomic. Basically POS will help with blockchain scaling.
Q: What will be the technical collaboration between Reserve protocol and Atomic wallet?
K: First of all we support both RSV and RSR tokens in Atomic. I think in the future we can add on-chain governance support in Atomic. or something. it’s just started!
Q: What is Konstantin’s position on the KYC procedure? Are there any plans for its implementation? Just curious what future developments in Atomic Wallet await us? Maybe something like Atomic DEX?
K: You don’t need any KYC in Atomic. Even no account. However, if you buy crypto with bank cards via our partners, they may ask you for documents.
Q: Can I stake RSR on AtomicWallet? What’s the minimum and maximum requirement and APR?
K: Currently no staking for RSR. However, we will talk to the team about any possible collaboration.
Q: What was your motivation for creating Atomic Wallet? What problems did you see that you wanted to solve?
K: Just create the best-decentralized wallet on the market and make users happy. It’s just simple!
Q: What standard do you choose for a coin to be staked on your platform? What is the benefit when staking on your platform?
K: New technology, blockchain use cases, on-chain activity, holders number, exchange volume, and active community for sure!
Q: What are the advantages of Atomic Wallet? Does Atomic wallet provide any additional features?
K: Your keys – your funds in Atomic. All in one interface – manage crypto, exchange, buy and stake on desktop and mobile in your pocket. soon will add loans.
Q: How do we ensure and incentivize further decentralization within the staking ecosystem?
K: Staking is a reasonable compromise between security and blockchain scalability.
Q: Who are the competitors to Atomic Wallet? I would normally think of Exodus Wallet and Trust Wallet but believe you have relationships with both, so who would you consider to be your direct competitors, and what is your strategy to stay ahead?
K: I know both founders very well, we met a few times. huge respect for them. However, I believe we have a better UI in Atomic and more options, and competition is always a drive to make better products.
Q: What are the requirements to become Atomic Wallet Membership?
K: Hold at least 1000 AWC. You will get up to 1% rewards from each exchange in Atomic. Read more here.
Q: What is the difference between Atomic Swaps and instant exchange in the wallet?
C: Atomic swaps were a revolutionary feature that allowed exchanging assets with no 3rd party involved. Instant exchange works with ChangeNOW, but the benefit – you use Atomic for it with its simple interface and have no confusion doing the transaction.
Q: The biggest barrier for newcomers in the crypto space today is buying and withdrawing with FIAT, how secure and robust is your fiat gateway, and what currencies are currently available, and can I buy RSR using AtomicWallet.
K: Currently we don’t support direct purchases of RSR in atomic. However, I hope it will change in the future.
Q: Why aren’t Bech32 addresses implemented in Atomic Wallet?
K: You can send to bech32 addresses from atomic. However native segwit will be implemented later. Unfortunately, many services still can’t send crypto to bech32.
Q: With Atomic do I have access to DEX or dApps? Arguably Trust Wallet is your main competitor, what do you think Atomic is better by far?
K: DEX is still a small market, not so many users need this and UX/UI is not perfect and only one chain supported. Same for dApps. However, we are planning to add some of the most popular Dapps in Atomic’s native interface.
Q: What role do you think Atomic Wallet will play in making blockchain highly adaptable for the worldwide stage?
C: We offer simplicity. Any newbie can get into crypto very quickly using our very friendly UI. Plus, we have a great blog and academy section on our website atomicwallet.io where we try to keep users up-to-date with the latest news and educate them about complex crypto topics and terms.
Q: A lot of people will want to know what the strength of Atomic is but I want to know the weaknesses and problems Atomic faces? How do you plan to solve it?
K: The most popular problem people lose their 12 words.
Q: As a CEO what was the thing your mind was thinking when you were struck with this idea of a fully decentralized application?
K: Honestly I don’t believe in full decentralization. but we should reach some compromise at least responsible for our money.
Q: What is your opinion on next Halving? What expectations do you have?
K: Good question! The halving was expected years ago. Unfortunately, the pandemic didn’t give us a chance to see a new all-time-high for Bitcoin. But maybe that’s even better to grow organically without FOMO like in 2017.
Q: Why does Atomic recommend a user to use Virtual Private Network (VPN)?
K: Atomic is connected to various blOckchain nodes. However, in some regions, they can be unavailable. For instance in Iran. So we suggest a VPN in this case.
Q: Haven’t you thought about adding local currencies from Latin America in the app?
K: Nice idea. Not sure how many users we have from Latin America. We will check this! We support almost 32 local currencies.
Q: BTC halving is about to take place, which makes a lot of investors and users wait. So, will this BTC halving affect the value of AWC in the near future? What is the development direction of Atomic in the future?
C: To be very cautious with predictions, I guess BTC often drags altcoins, and it’s halving won’t be an exclusion. As for AWC, we have a lot of use-cases by now and about to add a very exciting one. Read more here.
Q: Do you see Atomic wallet someday integrating DeFi smart contract loans?
K: Definitely yes! Loans are one of the most popular Defi use cases.
Q: As I know, Reserve will launch their own mainnet, so will Atomic wallet support RSV’s mainnet?
K: Let’s see, why not? We already support the most promising projects on the market.
Q: Can you provide information about updates such as push notifications and price alerts on mobile devices? When will the shortcomings and updates be completed? What are your plans with DeFi services integration?
K: Yes, instant updates and notification will be implemented on mobile in a few months. Same as we have on the desktop now!
Q: Atomic, this time I would like to know what we can do to make your wallet list more projects and include more staking options? To all this, what role does AWC have?
K: We constantly add more assets and new features. Next will be Monero and a few more assets later with staking support and soon announce staking for AWC holders to earn weekly rewards.
Q: What are the marketing strategies of your project? What will you do so that your project will be visible in the crypto field and people come to explore the project?
C: We try to be the best in the service, features, innovations, support, and marketing strategies. That’s how I believe we attract users and partners.
We were glad to be hosted by Reserve in their telegram group. Thanks to the team and all the members of the session!