TrueUSD TUSD to Skycoin SKY Exchange

Crypto Pair Details: TUSD to SKY

TrueUSD TUSD

TrueUSD provides its token holders regular attestations of escrowed balances, full collateral, and also the legal protection against misappropriating underlying USD. The team believes that TrueUSD will be able to come up with the stable trading instrument for the traders of cryptocurrency that has been long-awaited. This will allow the businesses and consumers to use the digital currency as a medium of an exchange. The goal of the TrueUSD team was to build a coin that is stable and which can be used and trusted by them too. TrustToken is a platform that creates the tokens backed by assets that can easily be purchased and sold all around the world. The first asset token of TrustToken is TrueUSD, which is a stable coin and can be redeemed 1-for-1 for US dollars. TrustToken have partnered with registered fiduciaries and banks for holding the funds securely backed by TrueUSD tokens. To increase the amount of security, fiduciaries, and banks directly handle all the funds. Escrowed funds do not give access to the TrueUSD system. TrueUSD works with various trust companies which already manage around billions of dollars. Just pass an AML/KYC check, send USD to a trust company with an agreement of escrow. When the funds get verified, their API tells the smart contract of TUSD to mint an equal amount of TUSD to your public Ethereum address. The USD funds are regularly verified in scheduled attestations by a very much trusted auditing firm. USD funds are kept safely in a third party account, that is escrow accounts, wherein TrustToken does not hold any direct access to the funds and cannot abscond with them even if they wish to. The token burning and minting system makes sure that every TUSD token is backed by 1 USD. A mandatory check of AML/KYC makes sure that TUSD keeps shady people away from the entire project. TUSD makes faster transactions in low transaction fees. Even though TUSD is a unique offering, it is most likely overshadowed by its bigger competitors - Tether. While TUSD arguably offers more security and features, it may be losing the marketing battle. This is not to say that the situation will remain the same. With more crypto investors joining the market every day, the good times for TUSD may be on their way.

Skycoin SKY

The Skycoin Platform is the most advanced blockchain platform in the world. Developed by early contributors to both Bitcoin and Ethereum, Skycoin’s platform is completely secure, infinitely scalable, and ISP independent. It uses its own specific distributed consensus algorithm, called Obelisk, instead of other commonly used algorithms like proof of work (POW) and proof of stake (POS). Obelisk uses the concept of ‘web of trust dynamics’ which distributes influence over the network and makes consensus decisions depending upon the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network. Skycoin is very fast. With transaction speeds close to 2 seconds and no transaction fees it can rival any other cryptocurrency on the market as a payment method. The transaction costs of Skycoin are covered by Coin Hours. This is value paid to Skycoin holders for each hour they hold a Skycoin. Skycoin is against charging transaction costs and mining incentives as it only drives up the costs of the network. The biggest benefit of Skycoin is that it is energy efficient due to the Web-of-Trust social proof. It can even run on a 30-watt cell phone processor making it great for mobile payments. Centralization becomes less of an issue when anyone can participate in the blockchain. Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers. A major goal of Skycoin is to promote actual usage of cryptocurrency rather than speculation. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycoin also has its own ICO platform called Fiber, their own deterministic programming language, CX, derived from Golang, a private decentralized messenger system called Sky-Messenger, and a decentralized social media platform, BBS. Here is another way to think of Skycoin: An open-source, community-owned, hardware-based peer to peer internet designed from first principles and leveraging the incentive system of the blockchain.

SOURCE: COINGECKO

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