Prices are in USD.
|Market Cap Rank||#225|
|Price Change 24H||0.02%|
|Price Change Percentage 24H||1.68%|
|Market Cap Change 24H||$2,419,595.00|
|Market Cap Change Percentage 24H||1.89%|
|Circulating Supply||129,054,536 gusd|
|All Time High||
October 11, 2018
|All Time Low||
September 29, 2018 -
Gemini Dollar is shorthanded as GUSD is a stable cryptocurrency that is linking the ever-growing crypto economy with the traditional banking economy before we dig deep in GUSD let us first understand what a stablecoin is.
A stablecoin is just cryptocurrencies that are pegged to external assets, these assets may be fiat currencies, algorithms, precious metals such as gold and others, oil, or even other crypto assets.
Stablecoins maintain the same value as the asset, for instance, if a stablecoin such as GUSD is pegged 1:1 with the U.S dollar, it means that the coin’s value revolves around the value of the US dollar. The idea here is to have a cryptocurrency coin that sustains its value over a long period.
Now that we have a brief understanding of what a stablecoin is let us go back and talk some more about Gemini dollars. So now as we already know GUSD is a stablecoin. The coin allows instant universal transactions by merging the value of USD and the price stability.
Gemini was established in 2014 but started operating late in 2015, it is regulated by New York's State Department of Financial Service (NYDFS) with State Street (one of the oldest operational banks in the United state) as the custodian. With the Gemini dollar the risk of printing tokens is already taken away since the amount of GUSD issued and in circulation must never exceed the total balance of the U.S dollar.
Gemini dollars are issued under the Ethereum blockchain which makes it possible to track and inspect the flow and circulation of the crypto through the provided smart contract address.
In shorter words, GUSDs are produced when one loads funds in a GUSD custodian account and are destroyed when USDs are redeemed. Each Gemini dollar token represents a USD held in reverse, technically Gemini keeps an eye on Gemini Dollar using layers of smart contract addresses. Described below are the three critical layers of the Gemini System.
The proxy layer - This is the governance layer which specifies the eligibility of the on-chain actions. This Layer is also responsible for the creation of Gemini dollar coins the transfer of the coins halting (a mechanism where specific on-chain activities can be stopped if there is a need to stop).
The Impl layer - This layer contains all the information needed on the execution of the smart contract address, its responsibility is in the creation, transfer, and burning of the GUSD tokens. The layer also is responsible for ensuring the printing of every GUSD token for every USD in reverse. However, for every decreasing and Increasing supply of the GUSD token MUST be verified and approved by the custodian first.
The store layer - this is the ledger layer which calculates the balance and makes the balance public on the blockchain.
Described below is a summary of the entire Gemini Dollar ecosystem.
Issuer ----> Bank -----> Examination -----> Security Audit
Issuer - The Gemini Trust Company issues the Gemini dollar.
Bank - State Street Bank and Trust holds the USD that corresponds to the Gemini dollar issued.
Examination - BPM, LLP a registered public accounting firm, examines the USD deposits balances every month ensuring the 1:1 peg verification publishing all the independent accounts and making them available.
Security Audit - An information and security research firm Trail of Bits audits the Gemini smart contracts and later makes the report publicly available.
Cameron and Tyler Winklevoss are the brains behind Gemini, the duo is well known due to their involvement due to their support of Bitcoin. The two created the crypto with a vision of bridging the rift between the traditional finance sector and the crypto industries.
Gemini dollar’s official website also says that the crypto dollar was created with the help of top technologists and security engineer
Discussed below are the security measures that Gemini Dolla applies in its operations, for each security measure we will start by defining it and then explain how it has been used in Gemini dollar’s security.
Offline keys - Offline key is a private cryptographic protocol that ensures no unauthorised personnel or entity can back-up or archive data. This protocol has a public key that is used to encrypt data and an offline key that can be used to decrypt data. With Offline keys, Gemini approves risky actions which are then stored in Gemini proprietary cold stores.
Key generation - key generation is the process of creating a decryption and encryption key in cryptography. Gemini uses Hardware Security Module to store, generate and manage encryption keys that are used in the encryption and decryption of its data.
Multi-signature - Multi-signature is a digital signature that allows a group of users to work as signatories of a single document such that approval of all signatories would be required before any digital action is taken. Gemini’s Systems requires the approval of a minimum of two signatories for the approval of any risky action, this kind of security measure ensures the integrity of security and is also fraud tolerant.
Time Lock - A time lock is a mechanism developed to stop access even with valid access rights, this is majorly used in bank vaults and other high-level security containers to ensure its content are not tampered with. Once the Gemini’s security system identifies an activity as risky, the activity is locked for an unspecific period before execution which in turn provides a mechanism of detecting potential security breaches.
Revocation - refers to official cancellation or termination of a process. GUSD system can revoke malicious actions just before the execution of these actions.
One of the takeaways here one should know that Gemini dollar is not censorship-resistant, more so the coin has centralized features like freezing of funds or detection of suspicious transactions in which this feature makes the coin different from Bitcoin and Ethereum.
Another takeaway is for every coin one is entitled to a 1:1 claim of the underlying assets, it also allows fiat-crypto trading as well as crypto-crypto trading. Deposits are only accepted in USD this has to be done in the specified bank, also one should note that credit cards can not be used to purchase Gemini coins.
One of the downsides of this project is the fact that users starting out on this exchange may have to submit lots of personal data such as ID numbers and also go through verification of bank details and phone number verifications.
Here is a simple way in which one can buy GUSD coins.
Create an account with one of the exchange platforms that support Gemini such as Coinbase, HitBTC, Bitfinex e.t.c and fill out the platforms KYC.
From the latest news, it is clear that GUSD is expanding its circles. Partners with the latest announcement of pairing GUSD with EUR. the coin is also about to reach $100 market cap
GUSD is issued on Ethereum blockchain, to purchase Gemini coins/token the user can use the accepted crypto such as BTC and ETH or use fiat currency i.e USD and purchase through the bank.
One thing to note is that you will be required to provide your personal details before your account is verified for you to deal GUSD