The Reserve Protocol can be implemented on top of any smart contract platform. It could be operated on its own chain, but it benefits from locating itself where collateral tokens are most liquid. Initially, Reserve is developing on the Ethereum Network but ultimately they expect two-way bridges to enable complete interoperability of the Reserve token across all major smart contract platforms.
The initial production version of the Reserve Protocol will be substantially centralized, and over time each protocol component will be migrated on-chain and released from control by the founding team.
The Reserve token will initially have a target value of US $1,00 but is designed to go off of the peg to the US dollar in the long term.