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CEO, PhD in data science with 3 years solid experience in blockchain and cryptocurrencies, 10 years in IT. Konstantin is well-known as the co-founder and CEO of Changelly.com, biggest cryptocurrency instant exchange with over 2 millions active customers monthly and $0.5bln in monthly turnover. Konstantins interests are: decentralization, custody-free solutions, p2p exchangers.
Strategic Advisor and Visionary, is an American entrepreneur and bitcoin advocate. In 2011 he co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation, formerly serving as vice chairman. The Bitcoin Foundation is a nonprofit founded in 2012 with the mission to standardize, protect and promote the use of bitcoin cryptographic money.
Advisor. BnkToTheFuture.com CEO who have invested over US$400m in FinTech companies, like BitFinex, Bitstamp, Kraken, BitPay, ShapeShift, Exodus and over 40 others. Simon's BnkToTheFuture has 300 professional FinTech investors who all believe the future of finance looks very different from today. Their experience and background covers most areas in finance, technology and startups.
Tether (USDT) appeared in July 2014, and initially, it was called Realcoin, while the Bitcoin blockchain was taken as its basis.
The creation of cryptocurrency took place on the platform Omni Layer. In the same year, the Realcoin team renamed its crypto project to its current name.
The main features of Tether:
- Each USDT unit is backed by a US dollar that is held in reserve by Tether Limited and can be obtained through the Tether platform.
- USDT can be transferred, stored, spent, like Bitcoin or any other cryptocurrency.
- Users can transfer and store Tether cryptocurrency using any wallet that supports Omni Layer, such as Ambisafe, Holy Transaction or Omni Wallet.
Tether was created to circumvent the restrictions associated with the interaction of cryptocurrency with the banking system and thus fulfill the requirements of regulators.
The main idea of USDT is full binding to real fiat money. If the system receives a certain amount in dollars, an equivalent amount of USDT coins is automatically issued. If the USDT is changed to a real currency, then the equivalent of USDT self-destructs.
- Instant internal transfers.
- Cryptographic protection of funds during storage and transactions, which is provided by a Bitcoin encryption algorithm.
- The USDT/USD exchange rate is kept at a 1:1 ratio and independent auditors regularly check the ratio of the fund and financial statements.
- The total number of tokens in circulation always corresponds to the amount of USD in a bank account.
USDT on Ethereum and Tron blockchains
Although most USDT tokens are released under the OMNI protocol, there is also an option based on Ethereum in the form of ERC-20 USDT tokens.
By switching to Ethereum, transaction fees at Tether are reduced, and the transaction time is declined to 15-30 seconds.
Besides, Tether and the developer of the Tron protocol have announced a partnership, under which the USDT token is launched on the Tron blockchain. The new asset will join the Tether family of stablecoins on Bitcoin and Ethereum blockchains.
Tether (USDT) Price
The cost of USDT confirms one of the primary purposes of this cryptocurrency - stability and the absence of significant fluctuations. After the appearance of Tether, its rate almost always amounts to $1.
However, there was a slight deviation last year, but it was no more than $0.08. The capitalization of cryptocurrency, on the contrary, has been continually growing since its inception. If at appearance it was only $250,000, now it has reached $2.8 billion.
Regarding the recent news, stablecoin Tether (USDT) maybe be provided with currency reserves only 75%. The following statement was made by the market analyst Alex Kruger, after analyzing the situation around the Bitfinex exchange.
As a whole, the Tether cryptocurrency is a virtual currency that is tied to real money. Maintaining stable quotes and other benefits provided by Tether makes it a reliable option for both individuals and companies. Due to its approach, Tether offers an opportunity for companies to use the maximum opportunities in business, saving themselves from the headaches of how to send a payment.
Tether (USDT) wallet
There are also many cryptocurrencies that need to be kept on different wallets, which makes it very easy to get confused about their diversity.
Analysing USDT, most people save it on exchanges; however, one can keep coins on wallets as well. Today, our topic is Atomic Wallet, a crypto wallet available for all major operating systems on the market right now, as it supports both, Ethereum and Tron blockchains.
Atomic wallet is 100% secure and has full and free encryption algorithm, so you can be sure that you will have the highest level of security using this wallet.
Moreover, Atomic Wallet operates with more than 300 coins and tokens, being one of the most convenient ways to manage all your assets in one place. The company is continuously looking for new tokens and adds them always to be aware of and respond to customer requests.
Read the full complete guide here.