Resistance Foundation Public Announcement
Despite wide community interest, we recognize the Resistance project has much more to give and the need for privacy functionality keeps growing.
As a result, a core group of us involved with the project from the early days have done some extensive soul-searching over the Christmas break and into the New Year until now. We all felt too much effort had gone into the project to let it die.
As a result, we came up with a strategy that we believe can give Resistance a new life without giving up our dream of unsurveilled financial freedom.
The strategy has two parts:
1. A decentralized exchange with a new governance/staking token
We aim to build a Web3-browser Automated Market Maker (AMM) that will have privacy functionality similar to what we have on ResDEX today. It will add privacy elements to a trade between coins without native privacy functionality.
For example, when you trade two ERC-20 tokens it is transparent and fully visible on the blockchain. We want to build the functionality to add privacy elements to make this transparent trade private. Using RES in between, we can break the link using zero-knowledge proofs. The new technology may eventually become a DEX aggregator.
This transformation will go hand in hand with the issuance of a new ERC-20 token, the Resistance Decentralized Exchange governance token, which existing RES holders will be able to swap at the ratio of 25:1 RES for the new token.
All RES holders who wish to participate in the swap should email tokenswap@resistance.io by midnight UTC on Sunday, 14 March 2021 with the following information:
- The RES wallet you will be sending your RES from;
- Your ERC20 wallet where you want to receive your Resistance governance tokens;
- A passphrase of your choice.
Upon receipt of your email, you will receive a response from tokenswap@resistance.io with:
- The RES address where you can send your RES to;
- Your passphrase so you are protected from fraudulent emails.
You will have until midnight UTC of Sunday, 14 March 2021 to send your RES to the wallet address emailed to you. NO RES CAN BE SWAPPED AFTER THIS DEADLINE.
New Resistance governance tokens will then be sent out during the week of 15 March 2021.
A total of 10 million new tokens will be created, of which 80% will be allocated to future liquidity providers and made available to current RES holders who wish to participate in the swap event. Foundation associates will receive 20% with a vesting period of two years.
The number of governance tokens issued post-swap to RES holders will depend on how many RES holders decide to swap and how many RES have been mined at the time of the swap deadline. Currently, around 74.5 million RES has been mined (including the pre-mine) which — if all RES token holders were to swap — would translate into a maximum of 2.98 million governance tokens held by existing RES wallets (74.5 million/25), or around 30% of the total tokens issued.
The remaining post-swap governance token balance will be held in reserve and managed by the Resistance Foundation. Governance token holders will gain governance rights in the Foundation and will receive more governance tokens when they stake liquidity pools of the new technology.
Which liquidity pool(s) to launch with will be decided by an on-chain vote by all governance token holders shortly after the swap, by way of a new governance UX/UI.
2. A new use for the RES utility token
The new technology will have a key edge over other DEXs. It will be tightly coupled with a privacy shield on the Resistance blockchain which gives users the option to route their exchange transactions using the RES token to add privacy elements to the trade.
RES will therefore continue its role as a privacy coin. Further down our Resistance roadmap are a Metamask-type browser plug-in as an optional privacy shield for Web3 DeFi transactions.
Development work on the Resistance privacy shield will be funded by way of grants out of the Resistance Foundation, which will also hold and manage the remainder of the RES tokens. These Foundation grants may be complemented by third-party grants and Resistance may take outside investments if and when required to further develop its privacy products.
The RES token will continue to be mined on the basis of the existing Proof-of-Work and Proof-of-Research consensus mechanisms, thus ensuring that mining remains accessible to the widest possible user base.
The Resistance Community
Resistance has a unique community with a shared desire for unsurveilled financial freedom. This freedom includes our ability to exchange digital assets with unrivalled privacy.
To keep fighting the good fight, we want to redouble our community outreach:
- We will appoint new admins in the existing Resistance Telegram channel to help guide the community dialogue and support our existing admins.
- We are preparing the Resistance Foundation’s on-chain governance UX/UI for launch early March.
- We will increase the transparency around how the Foundation’s assets are managed.
- We are looking to add the new governance token to various liquidity pools in addition to the first proposed Resistance governance token pool.
We very much believe that the fight for privacy generally and financial privacy, in particular, will be the defining issue over the next years. Resistance’s original vision is still very much intact and — as is often the case — most disagreements have been about the means of getting to a shared goal and not about the goal itself.
We really hope we can continue to count on you to find consensus and coordinate around this shared goal of financial freedom in the next weeks and months to come!
Many thanks for your ongoing support.
The Resistance Team
