Tether, in short, USDT is a cryptocurrency produced and distributed on the Bitcoin Blockchain via the Omni protocol and on the Ethereum network as an ERC20 smart contract. Tether Limited announced this cryptocurrency as “a cryptocurrency indexed to the US dollar.”
Tether, also known as USDT, is a digital currency that started operations four years ago. The company supporting Tether claims that this digital currency is indexed to dollars. For this reason, what is expected in Tether is that it is suitable for the course of the dollar and is valued as crypto money.
Tether targets this principle to save investors from the situation of converting various digital currencies into dollars and making it possible to transfer between platforms in a cheap and fast way.
What is usdt erc20?
Our USDT was returned to the Tether Treasury in this exchange and re-issued as ERC20 tokens in a 1:1 premise. Users can transfer their tether (USDT) balances with the blockchain system and keep them in virtual wallets suitable for the ERC-20 blockchain system. Fixed cryptocurrencies are designed to dispose of the disadvantage created by the volatility of traditional cryptocurrencies such as Bitcoin and Ethereum and have a fixed value.
What is blockchain?
Imagine that you live in a primitive community that does not use money; instead of cash, they trade by swap. If you have ten pigs and sell them for one cow and if it is taken records that everyone can see, it means that you can not sell the same ten pigs for something else to someone else. If youı do so, it can be seen, and people would be aware of your fraud in this sense. The blockchain system works more or less this way. Every transaction and exchange is taken as records so that online coins can have value, and no fraud can happen. All of the details are publicly available to everyone, and the people cannot change or take back the earlier transactions.
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control new units of a particular cryptocurrency.