RESQ To Your Rescue
While the blockchain technology is relatively new, Dev abandoned projects are common occurrence in this space; it happens for various reasons from lack of funding, blockchain attacks, exit scams to personal issues or even commitments. While the large majority of coins have no real use case, some of them have an underlying potential to succeed with the proper team and funding in place. Just recently, we came across an interesting and exciting project that aims to assist abandoned projects: RESQ Chain.
RESQ Chain development began after seeing a multitude of Dev abandoned projects where communities were trying to take over to regain, at least partially, the lost value of their investments. RESQ team is committed to providing funding viable to such projects in hope that they can reach their true potential as well as return some value to initial project investors. Since this is a somehow unique project with great potential, we interviewed its founder Mr. Paul Hendry. See below his answers.
What led to the creation of The RESQ Project?
I was part of 2 masternode coins that were abandoned by the developers in early 2018, we looked at our options for a community takeover and I thought it would be a good idea to try and get the communities of both coins to come together rather than creating 2 separate coins.
The logistics to actually get this to happen didn’t work out and the teams couldn’t come to an agreement.
This led me to decide that the only way to get this to work would be to create a new coins dedicated to bringing abandoned communities together, and with that the idea of RESQ was born.
Can you share a bit about your experience and background?
I’ve been involved in networking and network security for the past 20 + years. I started working on blockchain development in early 2018 and released my first POW chain forked from the Reden codebase after a few months of learning and getting an understanding of how the code all fitted together.
How and when did you get introduced to crypto world?
I started my venture into Crypto in 2015 after one of my customers’ servers was infected with ransom-ware.
My first altcoin purchases were XMR and DCR because I was attracted by the technology and teams that were behind the projects. I discovered masternodes towards the end of 2017 and started to see how many scam and abandoned projects started to appear in the space.
What is the biggest USP of The RESQ Project?
Our USP is twofold, firstly to provide useful services to crypto projects that wouldn’t make sense for them to build to use once off and secondly to provide a way for investors to regain some value back from scam and abandoned projects. So far we offer:
- Automated Swap Platform (RESQ Platform or Dedicated Branded Platform)
- Chain scans (For known exploits)
- RESQ Guarantees (Guaranteed swap to RESQ for new projects should they not be able to continue for any reason)
- Wallet scans (Verify that wallets contain no malware and don’t exhibit any strange behavior that isn’t required)
See below RESQ services.
What are the biggest challenges you foresee for the RESQ Project success?
Our biggest challenge so far has been limited funding, without funding development takes longer and I’ve had to fund all hosting expenses myself so far.
What are your future plans?
We plan to keep releasing products and services that are focused on assisting coin teams to easily perform tasks that would otherwise be very time consuming or expensive to carry out.
We also plan to put focus on assisting investors and end users to verify the projects they are investing in are legitimate and trustworthy.
What is your view about impact of your blockchain solution in the future?
I really hope we are able to assist as many teams and investors as possible with the services we offer.
I feel that if we have managed to protect even 1 community from having funds stolen by a compromised wallet release then we have at least made a difference in the space.
What services do you wish to integrate on your portal?
We would like our portal to become the hub of all of our services, with our goal being able to integrate our services and the services that our partners offer creating a blockchain focused eco-system.
How will you monetize contributions by your members?
The only way to add value to investors is by creating demand for your assets, so our plan is focused on creating a reason for RESQ to be bought by non-investors for the use of our products and services.
Bringing in / attracting more investors is always nice, but ultimately investors are there to make profits so any coins used for investment are just waiting to be sold when the price is right.
Who are your major competitors?
We have 1 major competitor that we are aware of who are currently working on creating a swap platform for hire which was our first product we took to market.
I don’t know of any other competitors that are offering any of our other services.
Anyone offering swaps to communities of abandoned coins I don’t consider competition, I feel there are way too many abandoned projects out there for 1 team to assist, so when it comes to this I believe the more the merrier, I like the fact that anyone who has been left holding worthless coins would have options / choices to try recover some of their lost investment.
What value of the coin can we expect a year down the line?
I’d like to see at least a value of about 3 x the current price. More is definitely possible, but if we can grow the coin value by at least 200% that would be a good sign we are on the right track.
RESQ team took on a niche segment with a noble intent. The blockchain space needs such innovation with a good heart to bring about mass adoption as more people will feel safer to venture into this domain. Good luck, team!