Tether helps counter the volatility and unreliability of bitcoin currencies, by introducing a block chain-enabled platform where traditional currency can be used like digital currency. It offers stability and everyday utility of traditional currencies and gives them a new lease of life with the cryptocurrency infusion. USDT remains as fast and boundless as digital currency but with greater stability that makes it satisfactory to critics of digital currencies that find them to be unsuitable for long-term deals or contracts that involve huge amounts of value. Formerly known as Realcoin, Tether was just another altcoin but was unable to compete with similar products and was forced to rebrand to what it is today.
How does it Work?
Tether is available through the Omni Protocol, an open source software that crosses points with blockchains to facilitate the issuance or redemption of cryptocurrency tokens. The digital currencies on Tether are backed by 100% actual traditional currency in a reserve account. This means that for every 1 tether USDT, it equals 1 USD. The digital tokens can be redeemed and exchanged pursuant to Tether’s terms of service. At any given time, the balance of traditional currency held in the Tether reserves is equal to or greater than the number of tethers in circulation. This configuration supports reliable Proof of Reserves process.
Tethers can be purchased from the official web-wallet Tether.to or from supported exchanges such as Bitfinex which also supports deposits and withdrawals. You can also transact and store tethers with any Omni Layer enabled wallet such as Omni Wallet, Holy Transaction and Ambisafe.
Benefits of Tether
Tether leverages on Blockchain technology to allow you send and receive digital tokens bound to official currencies all around the world, instantly and securely in just a fraction of the cost of other alternatives. It also eliminates unneeded bureaucracies such as the need for receipts before being able to carry out any online transactions. Additionally, using tether is convenient as the company has several international partners like Space Shift and Poloniex that help validate it. Users without technical know-how also have the advantage of one to one backing implementation that makes the platform much easier to use.
Conclusion
Tether is transparent and innovative solution to today’s fast changing world. There are no hidden fees or commissions charged for suing the service. It is a reliable solution for people that buy and sell online regularly as it increase their earning possibilities by disturbing the balance of global financial markets.
