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[数字货币] USDT welcomes its biggest competitor!

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发表于 2018-9-14 14:21:27 | 显示全部楼层 |阅读模式
[color=rgba(0, 0, 0, 0.84)]On September 10, with the approval of the New York Financial Services Authority (NYDFS), Paxos and Gemini officially announced the launch of two stable currencies — Gemini Dollar (GUSD) and Paxos Standard (PAX). Both stable currencies are anchored in a 1:1 ratio and each unit of GUST and PAX represents a value of $1.
[color=rgba(0, 0, 0, 0.84)]Experts believe that the emergence of fully audited, legal and licensed stable currencies will have a profound impact on the cryptocurrency market, especially in the long run, as it provides investors with a means of hedging to avoid being exposed to the market. The impact of fluctuations.
1. The significance of GUSD and PAX deployment on Ethereum
[color=rgba(0, 0, 0, 0.84)]In an official statement, Cameron Winklevoss, co-founder and president of Gemini, the US cryptocurrency exchange, announced the launch of the GUSD on the Ethereum blockchain network using the ERC-20 standard.
[color=rgba(0, 0, 0, 0.84)]Prior to GUSD and PAX, there were only two significant stable currencies on the market — Tether (USDT) and TrueUSD (TUSD), and large cryptocurrency exchanges such as Bitfinex, OKEx, huobi, HitBTC, and Binance exchangeintegrated this. Two stable coins.
[color=rgba(0, 0, 0, 0.84)]Tether and TrueUSD deployed USDT and TUSD on the Omni and TrustToken blockchain networks, respectively, instead of relying on Ethereum’s famous ERC-20 token contract.
[color=rgba(0, 0, 0, 0.84)]GUSD core developer Brandon Arvanaghi said that Gemini Dollar and PAX are the first ERC-20 stable coins deployed in Ethereum, and the entire system will be integrated into the Ethereum smart contract.
[color=rgba(0, 0, 0, 0.84)]The compatibility of GUSD and PAX with the Ethereum blockchain allows these two stable currency transfers to be made through the existing infrastructure designed by the Ethereum network for tokens. For example, the Gemini dollar can be transferred over the Ethereum network via a wallet such as MetaMask and systems such as MyCrypto and MyEtherWallet, without relying on third-party service providers and exchanges.
[color=rgba(0, 0, 0, 0.84)]Tether coin and TrueUSD have a wallet that corresponds to their blockchain network. But for usability and accessibility, it is beneficial to use the infrastructure that most cryptocurrency users are already familiar with to seamlessly send and receive stable currency. The GUSD white paper writes:
[color=rgba(0, 0, 0, 0.84)]“Gemini dollar will be generated when withdrawing money from the Gemini platform. Gemini customers can initiate a Gemini dollar withdrawal from their Gemini account to any designated Ethereum address, using the US dollar to exchange the Gemini dollar at a 1:1 exchange rate. Redeem the Gemini dollar The amount of USD required will be deducted from the Gemini account at the time the customer withdraws.
[color=rgba(0, 0, 0, 0.84)]Charles Cascarilla, co-founder and CEO of Paxos, emphasized that the unchangeability and transparency of this stable structure is critical to decentralized auditing. When PAX runs as a token on the Ethereum network, anyone on the Ethereum blockchain can verify and evaluate GUSD and PAX smart contracts.
[color=rgba(0, 0, 0, 0.84)]“In the current market, the biggest obstacle to the adoption of digital assets is trust and volatility. As a regulated currency with a 1:1-dollar collateral guarantee, we believe we are offering a way to improve the currency. Utility assets.”
2. Tether is in dispute and investors are happy to see alternatives
[color=rgba(0, 0, 0, 0.84)]Since its launch in 2014, Tether price has been very stable in the past four years and has become the most widely used “stabilized currency”.
[color=rgba(0, 0, 0, 0.84)]However, many analysts and investors in the field of cryptocurrencies have been criticizing Tether for lack of transparency and clarity in their sources, audit reports and structures.
[color=rgba(0, 0, 0, 0.84)]The controversy surrounding Tether began in 2017, when German journalists Frederik Obermaier and Bastian Obermayer disclosed 13.4 million confidential electronic documents called “Paradise Papers” involving offshore investments.
[color=rgba(0, 0, 0, 0.84)]This document reveals the connection between Tether and cryptocurrency exchange Bitfinex officials Philip Potter and Giancarlo Devasini, who established Tether Holdings Ltd. in 2014.
[color=rgba(0, 0, 0, 0.84)]With the integration of Bitfinex for Tether, Tether officially entered the market. As the number of Tethers continues to increase and more and more investors begin to rely on USDT to hedge their own cryptocurrencies, large cryptocurrency exchanges such as Okex, huobi and binance are also beginning to transform into “tether exchange”.
[color=rgba(0, 0, 0, 0.84)]In recent years, investors have publicly expressed their dissatisfaction with the opaque Tether structure, as it has become one of the core components of the cryptocurrency trading market. Since the beginning of this year, the daily trading volume of “Tether” has been more than 3 billion US dollars, which is twice the transaction volume of Ethereum, the world’s second-largest cryptocurrency.
[color=rgba(0, 0, 0, 0.84)]Therefore, in a hypothetical situation, when Tether filed for a bankruptcy asset and the stable currency could not represent billions of dollars, the entire global cryptocurrency market could suffer huge losses.
[color=rgba(0, 0, 0, 0.84)]In response to these criticisms, Tether issued an audit result in June this year through Freeh Sporkin & Sullivan LLP Law Firm, which indicates that it has sufficient funds to pay billions of dollars in its balance sheet. Tether CEO J.L. van der Velde said:
[color=rgba(0, 0, 0, 0.84)]“Despite the speculation, we have always said that the usdt coin has a dollar reserve that exceeds the liquidity as a support. We are very happy to independently verify this issue to answer some questions raised by the public.”
[color=rgba(0, 0, 0, 0.84)]However, the results of this audit were not published by a widely recognized accounting firm, and the fact that the company canceled the audit from Friedman LLP law firm led to a further escalation of controversy surrounding the company.
[color=rgba(0, 0, 0, 0.84)]US accountant and auditor Abhishek Shah said in March this year:
[color=rgba(0, 0, 0, 0.84)]“The reason given by Tether is unclear and inaccurate and unacceptable. Although the audit action needs to be completed before the deadline, this process needs to be given enough time. The reason for Tether’s cancellation of the law firm’s audit is Unreasonable, I personally have not heard of such reasons during my auditing career.”
[color=rgba(0, 0, 0, 0.84)]For the past four years, Tether has been at the center of controversy and has been striving to prove its legitimacy through credible third-party audits. As a result, investors such as Multicoin Capital partner Tushar Jain said that GUSD and PAX can be considered improvements to Tether:
[color=rgba(0, 0, 0, 0.84)]“GUSD and PAX are a big step forward than Tether. It reduces the systemic risk of the entire encryption ecosystem. Tether is a systemic risk, and if it crashes, billions of dollars may disappear and lead to exchanges Bankruptcy. An alternative to Tether will greatly reduce this risk.”

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