The creators of the world's first cryptocurrency could not have known that the concept itself would become mega-popular, and the number of available options would quickly...Read More
Prices are in USD.
|Market Cap Rank||#53|
|Price Change 24H||0.00%|
|Price Change Percentage 24H||0.00%|
|Market Cap Change 24H||$2,352,104.00|
|Market Cap Change Percentage 24H||0.25%|
|Circulating Supply||948,271,808 tusd|
|All Time High||
August 27, 2018
|All Time Low||
March 12, 2020 -
|Explorers||https://ethplorer.io/address/0x0000000000085d4780B73119b644AE5ecd22b376 , https://etherscan.io/token/0x0000000000085d4780B73119b644AE5ecd22b376 , https://blockchair.com/ethereum/erc-20/token/0x0000000000085d4780b73119b644ae5ecd22b376|
|Community||https://www.facebook.com/281058942379795 , https://twitter.com/TrustToken , https://blog.trusttoken.com/|
TUSD rests as a USD-pegged, ERC-20 stablecoin that undergoes full-collateralization. When concerns of volatility and increased anticipation of Tether and increased criticism on the lack of transparency and lack of full-dollar backing of every single Tether led to a dire need of totally-collateralized and transparent stablecoin the market.
Due to this core demand, a set of minds took time to develop a brainchild that seems to address all these pitfalls; The TrueUSD. Rafael Cosman, aCo- founder of Trust Token and CTO, stated in an interview with VentureBeat that the TrueUSD coin shot an astonishing $12million in market cap. The astounding bit was the timeframe of such achievements. It all took place in less than two months. Consequently, we can confirm that TUSD Coin is a force to reckon with.
It is also abiding by legal adherences, thus gaining legal immunity and transparency in the verification process undertaken by third parties.
Fiat currency is stored in an escrow account. Therefore, the token rarely comes into direct contact with the funds. The escrow accounts guarantee both legal regulations against misappropriation. Additionally, the aid and ensure third-party validations take place.
However, with the blockchain lies Smart contracts, which guarantee an astoundingly 1:1 ratio between the USD and TUSD in every account.
TrueUSD was based on the Trust-Token Platform. The latter enables the creation of asset-based tokens, which we commonly refer to as tokenization. In tokenization, minting is done based on equivalences of worth between TUSD and USD deposited. However, more of this will be touched on below in this review. It is essential to recall that tokenization is globally-enabled notably. This helps users coming from countries that suffer from unstable currencies.
The Trust-Token Platform as a blockchain boasts of facilitation of exchange of digital assets. Moreover, its bragging rights grow due to an amazing $250 trillion. The amount is the total worth of real-world assets in vertical markets, including stocks, fiat currencies, TV shows, music and real estate.
The Trust Token Platform facilitates for tokenization and trade of any asset on a global, liquid exchange. For instance, Silver can transform to become silver-tokens, Euros to Euro-tokens, and even TV shows into tokens. Isn't this amazing?
After tokenization, the assets possess the freedom of issuing new coins, which act as representations of partial custody and control over the asset. TrueUSD boasts of being the first contender on the Trust-Token's asset-based, token platform list.
For every TUSD token, there is an even number of US dollars backing up done in the escrow accounts; used to collateralize the tokens. This ensures a 1:1 parity is maintained that; for every token of TUSD, a value of $1 is made available. The tokens are also redeemable; thus, an equilibrium is seamlessly attainable, thus maintenance of the TrueUSD to USD of 1:1.
Additionally, the supply of TUSD tokens will never have to undergo an artificial increase. This is made possible by Cohen& Co, one of the renowned accounting firms in the country. The latter ensures that TUSD adheres to full transparency and is obliged to alert the community in the event of any arbitrary increase of the coin.
TUSD tokens can be mined via the use of ASICs. These are selective, designed software that demands computational power to crack through and point to a valid transaction. After miners odd valid block into the blockchain, they get rewards.
However, it is key to note that an increase in the number of miners causes a corresponding increase in mining difficulty level.
Before mining, one should make sure that both software and hardware in-play support and possess the required abilities.
After mining or buying the coin at Bitfinex, a user may use one of the wallets below;
Hardware wallets for offline use unless transactions are being carried. Some of the brands available for use include; Ledger or Trevor.
Mobile wallets, which may be carried around and used practically anywhere.
Lastly, online wallets which are supportive of ERC-20 tokens. They are deemed to be more efficient. A couple of online wallets include; Coinomi, MetaMask and MyEtherWallet.
The TUSD token works via heavy reliance on Ethereum Smart contracts based on the Ethereum blockchain.
These are in-built commands on a blockchain, awaiting a full meeting of pre-determined conditions so that they can execute the user's desired commands.
Therefore, via these Smart Contracts, issuance and redemption of tokenized versions of the US dollar are made possible.
The tokenization process can be divided into the following key sections;
Some of the benefits of TUSD are that one incurred no redemption nor tokenization fees for transactions.
So far, TUSD makes it to the top-list of the safest stablecoins, momentarily available on the market. The former is a resultant event of the combination of transparency of Trust Token and a total-backed altcoin trait.
Some other reasons which make us label TUSD as safe are;
From our point of view, based on the analysis shared, we think that TUSD is among the best viable options for any crypto investor aiming for stablecoins.
Bearing in mind the creatively orchestrated system, frequent updates, and operation dynamics lead us to believe that TUSD is a good option. Also, the milestones achieved are astounding, and for this, we can vividly attest to the fact that TUSD, in conjunction with Trust-Token Platform, has met the necessary threshold requirements.
The following are some of the pros and cons of the TUSD token.
The pros include;
On the other hand, every coin must have two sides. After evaluating the pros, it is recommended to take a look at some of the pitfalls of TUSD;
Fortunately, we conclude on a higher note. The optimism in the transparency and success of TUSD leaves behind no element of doubt.
In this light, we wish you gained the required knowledge on TUSD, the mining process, tokenomics, and even in-depth insights on how it operates.