The EOS ecosystem is experiencing major transformations. The Bitfinex CTO Paolo Ardoino declared that the giant Stablecoin Tether will be launched on the EOS blockchain. He did not declare this directly but answered the question on Twitter, on which Blockchain Tether could start today. However, it soon leaked out through multiple media that it will be EOS.
. @Tether_to is launching on a new chain today. Any guess?
I believe that cross-chain support is a key element for the success of a stable-coin.— Paolo Ardoino (@paoloardoino) May 31, 2019
In an interview given to CCN, Ardoino stated that this decision is crucial for the decentralized crypto-exchange EOSFinex, which will shortly be launched. The DEX, like all decentralized exchanges, depends on stablecoins because there are no fundamental substances that would manage FIAT currency.
He told CCN
One of the main reasons is that we need it for eosfinex. Since it is a on chain exchange we need Tether EOS to offer EOS/USDt and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch.
Tether is the largest and oldest stablecoin in the cryptocurrency world. Right now, Tether runs on Omni, Ethereum, and TRON, and Ardoino asserted that cross-chain assistance is essential for the long-term success of a stablecoin. Ardoino also said that the Bitfinex team is co-operating with Blockstream to mount Tether on Liquid and to deliver assets on the Lightning Network with the purpose of launching Tether on the Lightning Network by the end of the year 2019.
The Lightning Network is a “second layer” payment custom that runs on a Bitcoin blockchain. It allows immediate transactions between competing nodes and has been promoted as an answer to the bitcoin scalability difficulty. It highlights a peer-to-peer method for executing micropayments of cryptocurrency through a network of payment channels without transferring administration of reserves and reducing the liability of third parties.
The Lightning network is an important step in the scalability of Bitcoin. It is very important for the BTC community that the main chain works properly. Therefore, changes are made with great care and usually take a long time. Lightning eliminates massive interventions in the protocol, which has proven itself for over 10 years, such as extending the block size or reducing block time.
In the month of March 2019, Bitcoin Lightning Network had exceeded 1,000 BTC network capability on its one year birthday. The case highlighted the layer-two scaling solution’s improvement in the small extent of only a year. The tether would be the first mainstream asset to be announced on the Lightning Network, which could support the second layer protocol in advancing its approval. Tether’s rivals, USD Coin, TrueUSD, PAX, Gemini dollar are all distributed exclusively on Ethereum.
Conclusion
Recognizing the adhesion the Lightning Network has obtained in its only first year, it is innoxious to believe developers will be prompted to further work on it and develop on top of it. Succeeding years might not have the equivalent gaudy numbers — but during its first year, a solid base has already been developed around Bitcoin lightning network.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.
It is super easy to buy Ripple. Just take a look at our exchange comparison!
Follow us on Social Media and subscribe to our free crypto newsletter!
@Telegram
@Instagram
@Twitter
@TikTok
@Facebook
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Altcoin
What are the best Monero (XMR) wallets?
Monero is one of the most popular anonymous cryptocurrencies because of its high level of security, privacy, and strong technology. …
Top 5 Performing Cryptocurrencies of the Week -(Week 25)
At the time of writing this, the Bitcoin price is sitting at $34663.26. Here are the top 5 performing cryptocurrencies …
Breaking – After Bitcoin Crash, Cryptocurrencies Price Analysis, Bitcoin, Ethereum, IOTA, EOS, Ripple, Cardano, Chainlink
The whole crypto market is falling strongly. But where could prices go now? When is it safe to buy in …