Tron blockchain today saw successful launch of USDT in its blockchain network following the announcement last month from Tether on partnership with Tron to launch USDT in Tron network by Q2 2019. The Tether project was originally created to be blockchain agnostic and has seen successful implementation in Bitcoin and Ethereum networks since its debut in 2014. The USDT token provided by tether is backed by actual USD in their reserves account with claims suggesting that every token is backed on 1:1 ratio of USD while other reports claim they have backing from USD, loan extended to 3rd parties and cash equivalents in other currencies as assets backing the stable coin. Due its popularity it is used as one of the major vehicles facilitating trade activities across major global cryptocurrency exchanges. Currently in the market, USDT has enjoyed widespread success in Bitcoin and Ethereum network as Bitcoin based USDT issued via Omni Layer protocol and Ethereum based USDT compatible with ERC20 standard.
Given its blockchain agnostic nature and in a bid to achieve the aim of Tether founders, USDT is now debuting in another major league player in blockchain industry – the Tron Network. The Tron blockchain network has been competing with Ethereum for quite a while now, gaining wider access to market as the network provides high transaction execution speed compared to ETH, and apps built on the network seem to have better user experience. Developers are option Tron as the network was built and continues to be optimized by its creators to facilitate use of any high level language for smart contracts creating a highly attractive user interface and operating environment for developers. The partnership between Tether and Tron is expected to improve the existing decentralised application ecosystem of Tron network further by improving overall value storage and decentralised exchange liquidity.
Post its debut in Tron network, USDT is changing from previous OMNI protocol based USDT to Tron based protocols and DApps allowing users to exchange fiat currencies and transactions across the Tron network. Post upgrade, all transactions are made via Tron smart contracts in a transparent process with no transaction cost while facilitating instant delivery. Justin Sun, CEO of Tron Network tweeted
“Thrilled to announce that the first 10 $USDT has been issued in #TRON #blockchain. This is a huge milestone for stable coin and a new beginning for #USDT. For partner, exchanges and wallets, feel free to support it. #TRX #BTT Check out: https://tronscan.org/#/token20/TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t …”
His twitter account also had an image which stated that reward worth $20 million awaits users who adopt TRC20 based USDT in order to incentivize users to migrate from OMNI & ETH protocol based USDT’s. The duration of incentive period is from 30.04.2019 to 07.08.2019 – a total of 100 days. Tron has stated that a snapshot of user’s USDT-Tron account will be taken every day at 2400 HRS (UTC+8), and the amount of USDT-Tron visible in the account as per snapshot data will be used to calculate the amount of reward to be credited in the user’s account. For more details on Tron’s incentive and reward program please visit: https://tron.network/usdt
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