Tether EURt (EURT)

What IsTether EURt (EURT)?

Tether EURt (EURT) is a blockchain-driven decentralized platform that has pioneered the stablecoin concepts in the digital asset space. The platform is designed with a vision to simplify the use of traditional currencies in a digital space. The platform uses a modern approach to switch up the conventional finance system. Tether seeks to empower users with the ability to conduct transactions using traditional currencies across multiple blockchains. As its website mentions, Tether uses stablecoins to support and enhance ventures in the blockchain space. 

According to its whitepaper, Tether EURt is an asset-backed cryptocurrency operating on the Bitcoin blockchain. Cryptocurrencies facilitate borderless transactions, trustless ownership, anonymity, and freedom from the centralized banking system. However, the inadequate understanding of cryptocurrencies and volatile price swings of crypto-assets continue to stand out as significant problems. Therefore, the platform brings into play cryptocurrencies called ‘Tethers’ that are pegged or secured using traditional currencies. Tether EURt implements the ‘Omni Layer Protocol’ to launch the crypto-tokens on the Bitcoin blockchain. Omni Layer is a platform supporting the creation and trading of custom digital currencies. Every token in circulation is secured to a corresponding traditional currency in a one-to-one ratio. For example, one Tether EURT is equal to one EURO. The traditional currency here is securely kept as reserves by Tether Limited, a company based in Hong Kong. 

Tether EURt enables users to transfer the tokens, store the Tethers, and trade the tokens like any other cryptocurrencies. As the whitepaper highlights, Tether EURt provides traders and users with a few advantages. 

• The cryptocurrency or Tether runs on a secure and decentralized Bitcoin blockchain instead of centralized closed-source software.

• Tethers function as secure digital assets since the tokens are cryptographically protected.

• The crypto-token inherits the Omni Layer Protocol features that operate as an open-source DEX or decentralized exchange on the browser.

• Users can pair Tethers to wallets, exchanges, and merchants, just like Bitcoin.

• The platform ensures no liquidity restrictions. Hence, users can issue, redeem, and trade as many Tethers they wish by paying low transaction fees.

• Tethers are secure from market risks like liquidity shortages.

Tether EURt implements Proof of Reserves (PoR) to ensure users that equal amounts of traditional currency always secure the tokens in circulation. Proof of Reserves is defined as an independent audit that proves that the decentralized digital tokens in circulation are 100 percent backed by a reserve of underlying assets.

History of Tether EURt (EURT):

A group of Bitcoin enthusiasts created Tether in 2014. JL Van de Velde serves as the CEO of the Tether decentralized platform.