Tether Stablecoin Is Offered on EOS
According to Paolo Ardoino, Bitfinex CTO, Tether stablecoin is being launched on the infrastructure of EOS Blockchain protocol. Stablecoin is a type of digital asset the value whereof equals a fixed amount of national currencies in the world. For instance, each Tether unit, as the largest stablecoin equals one USD constantly.
According to Paolo Ardoino, Bitfinex CTO, Tether stablecoin is being launched on the infrastructure of EOS Blockchain protocol. Stablecoin is a type of digital asset the value whereof equals a fixed amount of national currencies in the world. For instance, each Tether unit, as the largest stablecoin equals one USD constantly. The news of launching Tether on the infrastructure of EOS after being launched on TRON will be published in April. Paulo Ardoino mentioned eosfinex project as the reason for this event.
A company has published EOS under the name of block.one. It has developed a protocol named EOSIO besides this digital token, EOSIO has a similar structure to a distributed operating system and enables fast development and publishing of distributed applications. This protocol simulates many of the abilities of a processing system such as RAM, CPU, storage space and bandwidth in a way that the degree of ownership of EOS digital tokens provides the possibility of using these resources for the application. Applications can use CPU resources and the bandwidth though paying EOS token and pay its amount back after finishing the job in the infrastructure provided by EOSIO. However, RAM is not free and has different rates depending on demand. Eosfinex project is a distributed cryptocurrency exchange center with high productivity and speed. High speed and flexibility of EOSIO project has been combined with Bitfinex’s experience in the field of exchanging different cryptocurrencies to provide a decentralized and peer-to-peer infrastructure to exchange cryptocurrency in this project. Removing centralization, and transparent peer-to-peer space auditable by all nodes of the network provides assurance and certainty for the users.
Currently, Tether has been offered on Ethereum, TRON, and Omni. According to Ardonio, Bitfinex is negotiating with Block stream to offer Tether on Liquid infrastructure too. The liquid is a Blockchain between cryptocurrency exchange centers, which is idiomatically called “sidechain.” Sidechain, itself, is a Blockchain which is launched parallel with a primary Blockchain. It works independent from the Blockchain, but the stored data on the primary Blockchain can be somehow linked (connected) to the sidechain data.
Coinbase, the biggest U.S cryptocurrency exchange, has also recently added EOS to Android and iOS versions of Coinbase and introduced it as a cryptocurrency to support functional distributed programs on a large scale. It is worth mentioning that the value of each EOS unit has more than doubled comparing to its similar time last year.