The Resistance Foundation is LIVE: Join the Movement and Support Decentralization
To the Resistance community, our private investors, investors who participated in the IEO held on ResDEX, and everyone who has supported the project so far — thank you. The time has come for us to pass on the baton and decentralize ownership of Resistance so it can continue to grow and develop in the direction decided by the people who use it. From the first day that we announced the roadmap, decentralization has been the end goal. This process started months ago, and the grant system is up and running so users can contribute to the infrastructure and get rewarded for it.
Recently, a Linux version of ResDEX was produced by a developer through the grant process and we have a live grant in progress to build liquidity pools for the platform: https://github.com/ResistancePlatform/grants/issues/11
We are incredibly proud of what we have achieved as a team, and it’s been an amazing two years. We are influenced by the pioneering cryptocurrency, Bitcoin—it’s open-source, its design is public, nobody owns or controls it, and everyone can take part.
We set out to build an ASIC-resistant privacy coin because we wanted everybody to be able to contribute to the mining process with just a regular computer. We wanted everyone to have the opportunity to enter the crypto mining space easily, just as some of our team members had been able to mine bitcoin with their home computer before high-tech mining rigs took over. Today, the mining function works flawlessly in the Resistance wallet.
Thanks to miners securing the Resistance network, users are sending and receiving both transparent and private transactions quickly and efficiently. The technology is already in use, right now. You can see things happening live with the Resistance block explorer: https://blockexplorer.resistance.io.
The fact that cryptographically and mathematically bitcoin was so brilliant, and no one individual could own it but everyone could be part of it, were major factors in its success.
But nowadays you can’t mine it with a regular computer, instead, you need specialized equipment that most people can’t afford. Even if you could afford the hardware, you need to be located somewhere with a very cheap supply of electricity to compete with other bitcoin miners.
We made it possible to mine our coin with a regular computer from any location, by including a CPU-optimized hashing algorithm so that you can get a higher hash rate from a regular CPU making it unattractive to build an expensive ASIC to mine the coin. Today people are mining with the click of a button on the Resistance wallet.
Resistance [RES] is an ASIC-resistant privacy-coin with built-in reward splitting which includes Proof of Work on real scientific research projects. With Resistance, we’ve made it possible to earn block rewards whilst helping to make the world a better place.
Resistance block rewards are split with 30% going to Proof of Work by mining, 30% to Proof of Research, 30% to the masternode network, and the final 10% to project development — our fund for the future so that work on the Resistance platform continues.
We developed an easily deployable masternode platform, so simple to set up, even a regular user with no technical knowledge can do it. Our team set up multiple masternodes from other projects and know that you needed to be an accomplished developer to understand technologically how to set it up—even some of their step by step guides are too complicated for regular users. Our masternodes are very easy to set up compared to many of the others around. Today, our grant voting mechanism utilizes our masternode network to vote and approve Resistance grants and is crucial to the decentralization process.
Our primary motivation was to give people the opportunity to trade with optional privacy and the peace of mind of always having complete control of their funds. Centralized exchanges get hacked all the time. Despite all the incidents, all the funds lost, and private data stolen — even today, the world’s biggest exchanges aren’t immune to attack, and the problem isn’t going away as we still see exchanges getting hacked. Many well-known cryptocurrency exchanges have been compromised with over $1 billion worth of assets stolen.
We built upon existing cutting-edge technology making it even faster and easier to use. With Resistance Decentralized Instant Swaps, users don’t even have to wait for block confirmations. Everything we achieved, we achieved over the Crypto Winter. Where many teams quit, scared off by the seemingly impossible market, we stood tall and fought on strong. We stood together and made it happen. We waited until we had a product to show before conducting our first private sale because we wanted the public to know what they were backing. Soon after we went live with our mainnet.
We wanted to thank everyone who got us so far. Thanks to everyone in the private sale for providing the funds we needed to create the platform and market it around the world. We promoted the project in over 30 different cities around the globe including a full, live demonstration of ResDEX where an ERC-20 token was swapped to Litecoin in front of a packed conference hall at South Korea’s leading crypto festival in December 2018. Thousands of attendees witnessed this historic moment.
We paid for over 10,000 hours of development from professional development consultants with experience working full-time at Microsoft and Cisco before turning their focus to our project. Thanks to the community, not only for believing in Resistance and supporting it from day one but for identifying any bugs and flaws in the platform. The Resistance platform is a work in progress and your diligence made it far easier for the team to make the required improvements. We can’t credit our developers without acknowledging you.
As we aspire to become a fully decentralized platform, the original company has been dissolved and in its place, there is now a foundation.
The foundation is overseen by a board that does not include any member of the previous management team, instead, they will be available as advisors, without voting rights, when needed. We will be offering a position on the foundation board to community members. To take part in the screening procedure for this position email governance [@] resistance.io.
We’re stepping away from the management and supervision side of the project and instead will be on a level playing field with all those committed to making the project a resounding success. Many of our team will no doubt apply for grants to continue working on the platform. From today, we are all part of the Resistance community.
No existing grants will be affected, and the foundation will continue to payout from the central fund until this responsibility is handed over to a trusted member of the community.
We want you as a community to decide which direction the project should go. We want to increase the number of interesting grant proposals so the community can decide how best to use the technology we have developed.
Together, let’s make this the most popular privacy coin and decentralized exchange in existence!
