Created in October 2014, Tether’s deep, ecosystem-wide liquidity as a trading pair for other crypto-assets means that it holds systemic importance in this space. Based on Coinmarketcap data, Tether routinely ranks as one of the top 5 most traded cryptocurrencies by daily 24h volume.
For most casual users who have mainly relied on USDT solely as a trading pair on exchanges, not many would know that it is actually a token built on top of the Bitcoin network (more specifically, the Omni Layer protocol), and later, on top of Ethereum as well — in addition to those issued on the Omni Layer protocol.
Today, Rate3 is proud to announce that Tether is now available for use on IOST’s ultra-high TPS blockchain
Most of Tether in circulation today are still based on Omni; there are two main drawbacks to this:
- Moving Tether on Omni is slow (it takes about ~60 minutes to achieve transaction finality)
- Tether on Omni is non-programmable — and therefore can’t be seamlessly integrated to other Dapps
Through Rate3 iStablecoin’s swap service, we’ve helped mitigate those drawbacks by enabling Tether to leverage upon IOST’s advantages:
- Fast transaction speeds: IOST’s high TPS blockchain recently clocked ~8k TPS speeds, shortly after the Feb 25th Mainnet launch. IUSDT (IOST — USDT) can therefore become a medium of exchange to make P2P value transfers in an almost instantaneous manner
- Programmability: Being built on IOST, users can leverage IUSDT’s ability to be programmable and integrate it to other Dapps and smart contracts
While one could argue that Ethereum and several other smart-contract platforms serve similar purposes, we believe that it is essential to support the development of a greater diversity of quality blockchain ecosystems, as it adds to the anti-fragility of the overall space.
The IOST technical team has previously laid out their arguments around the advantages of IOST ahead of its competitors:
How We’re Designing a Better Virtual Machine than Ethereum and EOS
Written by Li Haifeng — IOST Senior Engineer Former Tencent senior engineer and successful entrepreneur. Responsible…
As strategic partners of IOST, we are glad to be the first service to bring Tether to the IOST ecosystem, and look forward to the demand that it will generate for usage of our iStablecoin swap service!
Rate3 is a decentralised dual protocol for cross-chain asset tokenization and identity management. The Rate3 Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity.