Tether Adds Token on Ethereum Sidechain to Reduce Network Load

Tether, the leading USD-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, has released its token on OMG Network, a Plasma-based 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 network.

The majority of Tether tokens are supplied on the Ethreum network and by far is the largest gas utilizers on the decentralized network.

Announced on Monday, the additional tokens were launched on an Ethreum sidechain to boost its performance.

According to Paolo Ardoino, Bitfinex’s CTO, this will turn out to be cost-effective to Tether and will drive performance improvements and relieve pressure on the root chain network.

Formerly known as OmiseGo, OMG Network is based on Plasma, a layer-two solution for overcoming the scaling issues with Ethreum blockchain.

Along with Tether on the new network, OMG Network launched the beta mainnet of its network as well on Monday.

Ardoino also revealed that USDT on the Plasma network will initially available to the traders on Bitfinex allowing them to react faster on trading opportunities.

A controversial project, yet in high demand

Tether is the most used stablecoin globally despite its link with many controversies. The project faced criticism for years for its opaque operation and accused of not maintaining a 1:1 ratio of USD in its currency chest.

Tether’s name also surfaced in the massive controversy of Bitfinex for hiding a loss of $800 million by taking a line of credit from the stablecoin issuer.

Meanwhile, Tether is continuing to pump more and more stablecoins into the market with increasing demand among traders.

The iFinex subsidiary even launched Tether Gold, a stablecoin backed by the physical yellow metal which are kept in a vault in Switzerland, according to the company.

Notably, Tether is already available in multiple blockchains including Omni, Ethereum, Tron, EOS, and Algorand.