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Stablecoins Rivalry: Which New Coin will Replace Tether (USDT)?

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After the recent Tether (USDT) incident, a lot of investors started paying more attention to stablecoins. However, they were quite popular long before USDT started losing its value, and a lot of new ones were in development for a while now. These days, the stablecoin invasion is in its full swing, with around 57 coins being around — either already in circulation, or about to enter.

While most crypto investors already know this, we should explain that stablecoins are cryptocurrencies that are backed by another asset. This other asset is often a fiat currency, such as the USD. This is done so that their price would always be the same. with each coin being backed by the same amount, which is usually $1. That way, the coin is able to escape volatility, and ensure stability, hence the name.

While there were numerous stablecoins in circulation already, the one that made them known and popular was Tether (USDT). This is a coin issued by the Tether company, which claims that it can back each coin in circulation with 1 USD. However, since the company failed to provide proof that it actually has enough money to do so, the coin lost its credibility, and investors started dumping it.

This has left an empty spot in the space, and numerous stablecoins rushed in to fill the gap left by Tether. Today, we will review some of these coins.

1. Tiberius Coin (TCX)

Tiberius Coin (TCX) is a stablecoin issued by a Switzerland-based Tiberius Group AG. This is a large and known trader of commodities and asset manager, which issued the coin almost two months ago, on October 1st. The coin is rather unique, even for a stablecoin, since it is not backed by a single asset. Instead, the company is using 7 precious metals for backing it up, This includes Gold, tin, aluminum, nickel, platinum, copper, and cobalt.

The company’s CEO, Giuseppe Rapallo, stated that the reason for this is diversification, which is supposed to make coin more attractive, as well as more stable. At the same time, purchasing the coin will be just like investing in said metals, as well as in technologies that depend on them, such as electric cars, robotics, solar power, the AI, and more.

2. USD Coin (USDC)

USD Coin, or USDC, was launched on September 26th, 2018, as a joint effort of the CENTRE open-source consortium and Circle Internet Financial Ltd. As the name suggests, this is a dollar-backed coin, just like Tether. It was made on Ethereum’s network, and it can be traded on numerous exchanges already.

The two companies understand what Tether did wrong, and they aim not to repeat the same mistakes. Considering that stablecoins are something of a bridge between crypto and other assets, they have to be legitimate and trustworthy, with open standards and transparency that will provide investors with security. This is why USDC keeps no secrets regarding their funds, and can confirm that each coin is fully backed by $1.

3. Gemini Dollar (GUSD)

Launched on September 10 this year, Gemini Dollar (GUSD) comes as a new project of the Gemini Trust Company. This is a well-known cryptocurrency exchange and custodian which is run by the Winklevoss twins. The twins stated that they are excited to bring this project to life, especially since it aims to combine stability and trust associated with the USD with technology and power of blockchain.

This is another stablecoin that has learned what not to do by watching Tether, and each coin is backed by $1, with the money being held at State Street Bank and Trust Company. In addition, every month, the deposit balance is examined and confirmed, so that the Tether incident can never happen with GUSD. At the time of writing, this stablecoin is already listed on numerous exchanges, including HitBTC, Bibox, DigiFinex, BTEX, and more.

4. LBXPeg

LBXPeg is a stablecoin issued by the London Block Exchange on September 29. This is the first stablecoin to ever be backed by the GBP, with each coin being backed by one pound sterling. The LBX issued a press release recently, stating that they will allow users to transfer their coins quickly and easily anywhere in the world via the decentralized network.

Furthermore, money transfers will be traceable, trustless, and safe, which is why numerous other use cases are expected to arrive as well. Users will be able to pay for goods and services, create smart contracts, and more. In addition, the company is using ETH blockchain for creating, distributing, and managing the coin.

Finally, the coin is an ERC-621 token, which means that it will have enough flexibility in its total supply to match the amount of GBP held in their bank account. The company also announced plans to issue their stablecoin on other blockchains at some point and to tie the value of the coin to that of other currencies, such as the US dollar and Euro.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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