Dear blockchain and unFederalReserve community, I am Duke Togo.
I would like to start off by saying I am thrilled to be announced as the new acting CEO of unFederalReserve. It is a great privilege and opportunity to step into this role. I promise I will give my best to lead our community back to prominence in the Decentralized Finance (DeFi) sphere.
First off, I would like to thank everyone for their patience. I wanted to take some time before making this announcement to our community, friends and partners, because I wanted the community to have a moment to speak their minds on our current state as a project and what they desire to see. Since I know many of you are wanting to hear more about myself and what my plans are for the project, let’s begin.
Who Is Duke Togo?
Before we get into what I had in mind for the community and protocol moving forward, I’d like to take a moment to introduce myself (partly) to the rest of the community and the crypto space abroad. No, my real name is not Duke Togo, I will be doxing myself more as I finish relocating the project and finish creating our DAO for the community. The main reason for remaining relatively anonymous are past incidents involving community members and team leaders. I’ve stated this in some of our group chats to the community and I’m glad to see many of you understand. I’m sure some of you would like to know a little more about what qualifies me for this space.
I have a background in Economics focusing on issues in currency and money. I am a current Mises Institute member and ISLP scholar laureate award winner. I have been active in the crypto sphere since early 2018 when DeFi started to expand and blossom. The nature of DeFi and the flexibility to which certain protocols could operate on the blockchain peaked my interest. I thought to myself (just like many others), how can this be used to alleviate our financial system. For the past year I’ve worked with the unFederalReserve team and community on different tasks. I started to work with the team on the RL platforms interest rate models (IRM), researched stable coins for a conceptual product ReserveStableXchange (RSX), and later on I took the initiative to start the community DAO project ReserveDAO (RSRV). That being said, I did not think I would end up being the CEO of the company when I first started helping out. Though here we are and we have no reason to look back. I would like to say it has been great getting to know some of you over the past two weeks. It has been a whirlwind for some of us in the community, but we are all here and we are ready to move forward. Those of you who have not been in the Discord and Telegram channels and have not been able to hear from me may be confused about our decision to relocate the company so let’s dive into that. We can then wrap up with my ideas for the company.
Moving On, Always Forward, Never Look Back
Moving on. Always Forward. Never Look Back. These words may be cliché, but they will describe how I approach this project moving forward. I hope that I can attach this sentiment to our project through these times and I believe these words describe the resiliency and ability of our community to overcome whatever obstacles are laid out in front of us. Our decision to relocate our crypto team is part of my commitment to provide our community and customers with the best possible service and expertise in the ever-evolving crypto industry. We believe that by moving our operations to a more favorable regulatory environment, we can better serve our customers and stay ahead of the curve in this ever growing space without wondering if the SEC or some American regulatory group will take a U-turn on its previous policies. Our first three steps to relaunching RL and our DAO are easy to outline and they will represent the immediate adjusted roadmap. I do not want to focus on anything else until the team is relocated and we are launching the DAO.
Below I will try to describe my vision and Phase I of our relaunch:
- Relocate Company
- Rebrand eRSDL and execute community DAO launch
- Turn RL back on and launch new DeFi products
- Begin Community governance
After careful consideration, we have identified a few potential destinations that offer a favorable regulatory environment and access to top talent in the crypto industry. We are currently exploring options in The Bahamas, British Virgin Islands, Portugal and Singapore. Each of these locations has unique advantages that make them attractive for our business operations. Antigua, Bahamas and BVI offer a stable political climate and strong privacy protections for blockchain and cryptocurrency, while Portugal offers a favorable tax regime and a growing tech hub. Singapore is a global financial center with a robust regulatory framework and a vibrant startup scene. Thus, they all have their advantages and provide us with an easier framework moving forward in order for us to develop and deliver more DeFi products to the blockchain community.
We should have a final decision in the coming weeks on which country we will be relocating to. I will continue to gather necessary documents and information regarding the total cost and what we will need to do in order to complete our relocation. I will compose an article about the relocation before the official process is complete. Upon relocation and launch of the DAO, we will immediately resume our RL platform services.
Rebranding and Launch
My vision of eRSDL/RSRV, for the future, will keep the two protocol’s original visions of providing our software services to Institutional providers via eRSDL, and the acquisition of real-world assets via RSRV. However, this has always left us in kind of a no man’s land as far as the rest of the possibilities that lie within the DeFi sphere. One of the main goals of the eRSDL protocol for now, will be to focus on developing new products in house and through partnerships and integrations. I would like eRSDL to offer more DeFi services that meet the evolving needs of our community and the blockchain space abroad. I believe that at our current size as a company and community, the best way for us to achieve greater development is through networking with other projects in the blockchain space and pairing our technology and services with one another for mutual benefits of the teams and communities. However, I believe to complete this, a company rebranding of the eRSDL ticker and the launch of a DAO is necessary. Unfortunately, as much as some of us like the name, a true rebranding cannot be complete without a makeover of these aspects.
As stated above, the focus will remain the same for the DAO and eRSDL, but the DAO will become the new retail front and host of all of our DeFi products, while the current eRSDL team will focus on the continued development of DeFi and SaaS services for crypto teams and financial institutions. This will generate greater revenue streams for our current RL program and help both of our protocols in this regard. In short, as we develop products in house at eRSDL or via partnership, those products will be placed on the DAO’s front end for use.
In the coming months, I would like the community to help create and pick a new design for the eRSDL project. We will reward those who submit the top three designs/selections in each of the categories with DAO tokens. We will also start the draft of the agreement between the DAO’s board and its holders in regards to how the DAO and its holders relationship will be established and what limits will be placed on both parties. As with the redesign, all of those who help participate in the writing of the agreement and submit proposals between the DAO and its holders will be rewarded with DAO tokens.
I will also be republishing a few articles for the DAO in the next week as certain aspects have changed. The articles will go over our budgeting, litepaper and tokenomics. I will also be opening votes for the community to participate in regarding the creation of the DAO and recruitment of team members in the coming weeks. The benefits of launching a DAO for the project are numerous, but let’s focus on the ones that will help us function first. The immediate benefits I believe the DAO will provide for us are:
- Decentralized Governance: A DAO allows for decentralized decision-making, giving all stakeholders in the protocol a say in its direction and development. This helps to ensure that decisions are made transparently, and the protocol is governed democratically, rather than being controlled by a single entity or individual.
- Increased Transparency: DAOs can provide greater transparency to the community, as all transactions and decisions are recorded on a public blockchain. This makes it easier for stakeholders to track the protocol’s progress and see how decisions are being made.
- Community Involvement: DAOs can promote greater community involvement, as stakeholders have a direct say in the protocol’s development and can participate in its governance. This can help to foster a sense of ownership and commitment among the community, leading to increased engagement and participation.
This will be the chance and the time for community members to steer the eRSDL/RSRV project. Governance models will need to be set up with both community and team members to ensure both parties are represented in the creation of the new protocol. This will require active community members to take on roles within the DAO. They will be responsible for keeping in constant touch with the community and to make sure the community is represented at all meetings regarding the protocol. If you believe you have the ability or know someone who does, please reach out in our Discord and Telegram groups. Do not hide that knowledge, help the project out! As with any other DAO related task completed or contributed by community members, those who participate will be rewarded DAO tokens.
I am incredibly excited about the future of our community and the opportunities that lie ahead. With your continued support and patience, we will build a more equitable, inclusive, and sustainable eRSDL/RSRV protocol moving forward. Thank you for your trust in me. I look forward to working together to shape the future of our platform. Never look back, always forward.
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