Tether has unlocked several heated discussions among crypto enthusiasts and financial experts all over the world. Tether has already released the USDT, a digital currency backed by the US dollar, and has recently revealed the EURT, a digital currency backed by the euro. While the company has issued its tokens with success and efficiency, several critics have raised questions about several issues, ranging from the concept of the digital currencies to the company’s legitimacy. Despite these criticisms, the EURT will be used with the ERC20 standard compatibility.
Tether issues USDT via the Bitcoin Core network by utilizing the Omni Layer protocol. The company behind USDT, Tether Limited, claims that its cryptocurrency can be exchanged for USD at any time at a 1:1 ratio, by using the Tether platform. Tether was established in 2015, and has enjoyed a lot of success, especially in the last year. In the past year, most cryptocurrencies saw immense growth and captured increasing amounts of public attention. However, Tether still has its fair share of critics, some of which claim that the company is responsible for price manipulation, which greatly impacts the entire cryptocurrency industry. In addition, several critics have posed the question as to whether USDT is actually backed by US dollars.
Despite the criticism, Tether recently announced the dawn of the EURT, a cryptocurrency backed by the euro. The EURT will be issued via the Ethereum platform and will be ERC20 compatible.
According to the Tether’s official statement, it was the first platform to mediate a convenient transfer of assets between cryptocurrencies and fiat currencies by using a blockchain network. They also allow users to conveniently convert their digital assets in such a way that protects them from the complex issues and volatility generally associated with digital currencies.
The company’s brand new system will allow users to easily convert both tokenized US dollars and euros. In addition, the specific protocol Tether uses will be compatible with both pegged assets and Ethereum-based applications.
Another benefit of using the ERC20 system is that the interoperability between different Tethers will ensure much lower transactions fees as well as quick transaction times. According to the company, these benefits will, in turn, ensure a more liquid platform as well as exchange arbitrage.
Tether added that several exchanges are already working towards integrating the newly introduced tokens. In addition, Tether revealed that they recently completed two separate audits of the relevant codebase and contracts. The audits were conducted by the third-party companies, Phil Daian and Zeppelin Audits. According to Tether, the audits concluded that the new system carries no issues considered to be critical or high risk. However, they did find medium-risk issued and suggested possible solutions.
Following the audit, the team from Zeppelin Audits confirmed that Tether has followed their recommendations and upgraded their system accordingly. The Phil Daian report concluded that if Tether follows their recommendations, they are confident that the new ERC20 Tether contracts will be secure to use.
Tether issues USDT via the Bitcoin Core network by utilizing the Omni Layer protocol. The company behind USDT, Tether Limited, claims that its cryptocurrency can be exchanged for USD at any time at a 1:1 ratio, by using the Tether platform. Tether was established in 2015, and has enjoyed a lot of success, especially in the last year. In the past year, most cryptocurrencies saw immense growth and captured increasing amounts of public attention. However, Tether still has its fair share of critics, some of which claim that the company is responsible for price manipulation, which greatly impacts the entire cryptocurrency industry. In addition, several critics have posed the question as to whether USDT is actually backed by US dollars.
Despite the criticism, Tether recently announced the dawn of the EURT, a cryptocurrency backed by the euro. The EURT will be issued via the Ethereum platform and will be ERC20 compatible.
According to the Tether’s official statement, it was the first platform to mediate a convenient transfer of assets between cryptocurrencies and fiat currencies by using a blockchain network. They also allow users to conveniently convert their digital assets in such a way that protects them from the complex issues and volatility generally associated with digital currencies.
The company’s brand new system will allow users to easily convert both tokenized US dollars and euros. In addition, the specific protocol Tether uses will be compatible with both pegged assets and Ethereum-based applications.
Another benefit of using the ERC20 system is that the interoperability between different Tethers will ensure much lower transactions fees as well as quick transaction times. According to the company, these benefits will, in turn, ensure a more liquid platform as well as exchange arbitrage.
Tether added that several exchanges are already working towards integrating the newly introduced tokens. In addition, Tether revealed that they recently completed two separate audits of the relevant codebase and contracts. The audits were conducted by the third-party companies, Phil Daian and Zeppelin Audits. According to Tether, the audits concluded that the new system carries no issues considered to be critical or high risk. However, they did find medium-risk issued and suggested possible solutions.
Following the audit, the team from Zeppelin Audits confirmed that Tether has followed their recommendations and upgraded their system accordingly. The Phil Daian report concluded that if Tether follows their recommendations, they are confident that the new ERC20 Tether contracts will be secure to use.