Creation - 2014
Blockchains – Bitcoin(Omni), Ethereum, Tron, EOS, Liquid Network, Algorand.
Emission (according to Coinmarketcap) - 9 479 177 442 USDT (as of 16.06.2020).
Listing - https://coinmarketcap.com/currencies/tether/markets/
Coinmarketcap rating - № 4
Maximal price of the token over the time - $1,21 USD
Minimal price of the token over the time - $0 USD
Website of the project - https://tether.to
Facebook - https://www.facebook.com/tether.to
Twitter - https://twitter.com/Tether_to/
USDT cruptocurrency review
Tether (USDT) – is a digital token, emission of which is conducted by the company Tether Limited, claiming that its price is partially secured by the reserve of US dollars (according to the statement from 30th of April, 2019), stored in its bank accounts.
The main concept of the token’s developers is provision of an opportunity for cryptoassets market players to utilize stable digital asset (stablecoin), the rate of which is pegged to the rate of US dollar, not experiencing sharp fluctuations and volatility, unlike the rates of other cryptoassets.
Initially, the token was developed in 2014 and was named “RealCoin”, it was based on Bitcoin blockchain through its superstructure, protocol of the platform Omni Layer.
Technological stack and workability of the token’s concept are built on three levels.
- On the first level there is Bitcoin blockchain, as well as the system for conduction of transactions – Tether. Integration implementation is held through Omni protocol.
- On the second level there is Omni protocol itself. It contributes to creation and liquidation of digital asset (at its exchange for real USD) and technically regulates the implementation of transactions and monitoring of movements of this cryptoasset.
- On the third level there is Tether Limited cryptoasset, responsible for acceptance of fiat assets and transactions of cryptoassets. Besides, Tether Limited is responsible for provision to financial reserves for assets conversion and accountability.
It’s Tether Limited that takes decisions and holds integration of the token to exchange platforms, wallets and other services and, moreover, conducts support and correctness check of Tether-wallet’s work.
In its turn, the process of turnover from emission of USDT token to its “burning” comprises several stages:
Depositing (in fiat assets) to the bank account Tether (or exchanges, services, platforms);
- Emission of the tokens in the ratio 1:1 to fiat assets.
- Crediting of USDT tokens to the user’s balance, he can use the tokens the way he wants (store in the wallet, exchange on the exchange platforms etc.)
- Exchange of tokens to fiat assets with further liquidation of tokens (according to official data).
Confirmation of conformity between the tokens in circulation and fiat assets is ensured by means of “Proof of Reserves”.
The team of developers is actively involved in development of ecosystem of their asset and its optimization at the account of application of various blockchains’ ecosystems.
Tether USDT is basing its tokens (smart-contracts) already on six blockchains and they are worth to be stated:
- Bitcoin (through Omni);
- Ethereum;
- Tron;
- EOS;
- Liquid Network;
- Algorand.
Initially, as was already mentioned in the overview before, Tether tokens were launched on the basis of Omni protocol. With time, in order to increase the speed of transactions and reduce the price of their confirmation, the major part of USDT was transferred to the network Ethereum.
Recently, a newflash was announced, regarding the issuance of USDT tokens on the basis of Bitcoin Cash, being prepared. This will be the seventh network for Tether. In order to do it, protocol of the network Bitcoin Cash SLP (analogue of ERC20 Ethereum) will be used, intended for issuance of individual markers. Apart from other factors, it means that millions of users of Bitcoin.com wallet now will be able to send and receive USDT through SLP tokens right in the app.
“The key power of Tether is the fact that it relies on rich variety of various blockchains”, - says Paolo Ardoino, technical director of Tether. “Our last collaboration with Bitcoin Cash will present multiple advantages to Tether. We expect that the implementation process after the launch will be rather simple for any integrator. The launch will be also supporting more apps in the chain Bitcoin Cash, and Tether will simplify the payment of these apps”.
SLP tokens can be easily created, sold and managed by means of Bitcoin Cash blockchain (BCH) in a matter of seconds, at that users need only some cents for every transaction. All the transactions are written down in a chain, and user’s behaviour of the token can be identified by application of the language of bitcoin-scripts’ development.
After the recent update, millions of users of Bitcoin.com wallet obtained access to SLP tokens right in the app. Thanks to the embedded support of token management, users can send, receive and store various tokens, representing anything, starting from stablecoins, tied to dollar and finishing with virtual gambling assets and loyalty points of a company, and only a user has closed keys. “It’s very pleasant to hear that the largest stablecoin in the world will utilize the money chain of Bitcoin and millions of wallet owners of Bitcoin.com will be able to send and receive Tether with utilization of SLP tokens”, - said Rodger Ver, executive chairman of Bitcoin.com.
USDT token has passed listing on hundreds of exchange platforms, including Inanomo and is traded is the vast number of pair combinations, such as BTC/USDT , ETH/USDT, TRX/USDT and so on.