Algorand to Launch Tether on Its Blockchain

US dollar-pegged Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term Tether on Wednesday announced that it will be launched on the Algorand Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

This will be the fifth blockchain on which the stablecoin will be launched after Omni, Ethereum, Tron, and EOS.

“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration,” Paolo Ardoino, chief technology officer at Tether, said.

“Algorand is an excellent team very much aligned with ours; we are proud to take this next step with them. We are very excited about the potential this enables for other projects in the decentralized ecosystem and we eagerly await working closely with many of them in the future.”

Launched as RealCoin in 2014, Tether started trading on crypto exchanges the following year in February. The USD-pegged coin was soon adopted by many cryptocurrency exchanges to list other digital currencies against it. This allowed them to provide fiat-like trading services without following the harsh requirements of fiat-based trading.

The trading volume of Tether in the last 24 hours even surpassed the same figure for Bitcoin with a total volume of almost $28.5 billion, as seen on Coinmarketcap.com.

A controversial crypto

Though the digital currency dominates the market of stablecoin, it is ladened with controversies. The company was first accused of not maintaining enough USD in its currency chest. Tether, however, never released a third-party audit report to squash the outside claims. A lawyer of the company recently admitted that Tether only maintained 74 percent in USD in its accounts as of April.

The company’s reputation also tainted with the New York Attorney General’s allegations of providing a loan of $700 million to its sister company Tether.

Meanwhile, during a chain swap from Omni to Tron on Poloniex, Tether accidentally misprinted $5 billion worth of USDT. However, the company was quick enough to burn all the tokens immediately.