If it's running on Ethereum then users will see $5-20 transaction fees and >20 second transaction times. That's not a great experience for first time users
Initially we are developing on the Ethereum Network but ultimately we expect two-way bridges to enable complete interoperability of the Reserve token across all major smart contract platforms.
Yes, in principle it looks very similar to MakerDAO but I think some details are different.
For example DAI is pegged to one USD to make it as useful as possible but "The Reserve token will initially have a target value of $1.00, but is designed to go off of the peg from the US dollar in the long term.".
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What is it running on top of (Ethereum, its own blockchain)? Is it similar to MakerDAO?
If it's running on Ethereum then users will see $5-20 transaction fees and >20 second transaction times. That's not a great experience for first time users
It is now possible to use so called layer 2 (L2) solutions like zkrollups, considerably reducing fees and increasing throughput (https://vitalik.ca/general/2021/01/05/rollup.html). Loopring is already functioning on mainnet. (https://loopring.org)
Its on Ethereum (guessing from the metamask client).
It's nothing fancy its like an SDR for cryptocurrencies[0]
[0]:https://en.m.wikipedia.org/wiki/Special_drawing_rights
Then it would be very similar to MakerDAO?
Yes, in principle it looks very similar to MakerDAO but I think some details are different.
For example DAI is pegged to one USD to make it as useful as possible but "The Reserve token will initially have a target value of $1.00, but is designed to go off of the peg from the US dollar in the long term.".