Gemini Dollar GUSD to Stellar XLM Exchange

Crypto Pair Details: GUSD to XLM

Gemini Dollar GUSD

The Gemini dollar — the world’s first regulated stablecoin — combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators. Get Gemini dollars 1-to-1 for U.S. dollars on Gemini. Gemini dollars can be used on the Ethereum network. ISSUER The Gemini dollar is issued by Gemini Trust Company, LLC, a New York trust company. BANK U.S. dollars that correspond to the Gemini dollars issued and in circulation are held at a U.S. bank and eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations. EXAMINATION The U.S. dollar deposit balance is examined monthly by an independent registered public accounting firm to verify the 1:1 peg. All Independent Accountants’ Reports are published and available here. SECURITY AUDIT The Gemini dollar is a cryptographic token built on the Ethereum Network according to the ERC20 standard for tokens. The code of the Gemini dollar smart contracts has been audited by Trail of Bits, Inc., an information security research & development firm, whose report is publicly available here. Gemini was founded four years ago with a mission: build a bridge to the future of money. Gemini dollar aims to combine creditworthiness and price stability of the U.S. dollar with blockchain and the oversight of U.S. regulators, the New York State Department of Financial Service. Gemini dollar is a stable value coin that is: 1. issued by Gemini, a New York trust company 2. strictly pegged 1:1 to the U.S. dollar 3. built on Ethereum network according to ERC20 token standards Starting 10th September 2018, you will be able to convert U.S. dollars in your Gemini account into Gemini dollars and withdraw them to an Ethereum address. You will also be able to automatically convert GUSD back as USD into your Gemini account. GUSD is expected to be listed on Bibox soon.

Stellar XLM

The Stellar network is an open source, distributed, and community owned network used to facilitate cross-asset transfers of value. Stellar aims to help facilitate cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that gives people of all income levels access to low-cost financial services. Stellar can handle exchanges between fiat-based currencies and between cryptocurrencies. Stellar.org, the organization that supports Stellar, is centralized like XRP and meant to handle cross platform transactions and micro transactions like XRP. However, unlike Ripple, Stellar.org is non-profit and their platform itself is open source and decentralized. Stellar was founded by Jed McCaleb in 2014. Jed McCaleb is also the founder of Mt. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. Stellar is also a payment technology that aims to connect financial institutions and drastically reduce the cost and time required for cross-border transfers. In fact, both payment networks used the same protocol initially. Distributed Exchange Through the use of its intermediary currency Lumens (XLM), a user can send any currency that they own to anyone else in a different currency. For instance, if Joe wanted to send USD to Mary using her EUR, an offer is submitted to the distributed exchange selling USD for EUR. This submitted offer forms is known as an order book. The network will use the order book to find the best exchange rate for the transaction in-order to minimize the fee paid by a user. This multi-currency transaction is possible because of 'Anchors'. Anchors are trusted entities that hold people’s deposits and can issue credit. In essence, Anchors serves as the bridge between different currencies and the Stellar network. Lumens (XLM) Lumens are the native asset (digital currency) that exist on the Stellar network that helps to facilitate multi-currency transactions and prevent spams. For multi-currency transactions, XLM is the digital intermediary that allows for such a transaction to occur at a low cost. In-order to prevent DoS attacks (aka spams) that would inevitably occur on the Stellar network, a small fee of 0.00001 XLM is associated with every transaction that occurs on the network. This fee is small enough so it does not significantly affect the cost of transaction, but large enough so it dissuades bad actors from spamming the network. The collected fee is then redistributed and added to an inflation pool. This inflation pool releases Lumens at a rate of 1% each year.

SOURCE: COINGECKO

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