- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
- Research Finds Active Bitcoin Address Linked with Terrorist Group Hamas
The TRON network is unarguably one of the world-leading crypto platforms today. The TRON blockchain was created by the China-based Justin Sun. Since its inception, the TRON network has been famed for a lot of things and a few days back, they just completed a huge project that has been in the pipeline for a while now.
This new project is focused on bringing the largest stablecoin in the crypto market, Tether (USDT), to the TRON blockchain. And yes, they did it.
Introduced in 2014, Tether (or USDT) has risen to the number one position as the most popular and largest stablecoin by market capitalization across the globe. Even with hundreds of stablecoins flooding the cryptocurrency market each month, USDT has found a way to maintain its relevance and the number one position among other stablecoins. The stablecoin is pegged to the United State’s dollar in a ratio of 1:1. This gives it stronger stability compared to other crypto coins.
However, it is worthy to note that USDT does not have a blockchain of its own. So, it is very much expected of it to collaborate with another blockchain, and that is exactly what is happening now with TRON.
The TRON network announced on April 16th that USDT now functions on its nlockchain; they described it as an upgrade from the OMNI protocol based USDT. With this upgrade, USDT users can now hold and transfer USDT through a smart contract on the TRON network. The upgrade also allows for a completely free and transparent process with zero transfer fee. As well as enjoying the aforementioned benefits, USDT users can now enjoy instant delivery whenever they make a transaction.
To commemorate this new mileage it achieved, the TRON network announced that it will be rewarding customers holding the TRC20-based USDT with 20 million USDT for 100 days. TRON revealed that it will be working closely with world-leading digital asset exchanges like OKEx and Huobi on this incentive campaign. The incentive program which will reportedly run for 100 days, from April 30th to August 7th, is proposed to reach an annual interest rate of as high as 20%. Furthermore, holders of the TRC20 based USDT are not required to pay anything to qualify for the reward, they just have to hold the token to qualify, nothing more.
Currently, the list of exchanges and wallets that supports the TRC20 based USDT are BTEX, cobo, ExShELL, BITFINEX, BiKi, gate.io, OKEX, Huobi, BitForex, etc. For existing individuals and crypto exchanges who are interested in upgrading to TRC20 based USDT, kindly follow these instructions for the complete breakdown of the upgrade process.
Basically, exchanges are required to contact the Official USDT service email ([email protected]) to initiate the process. They are allowed to decide the amount to be transferred from their existing accounts to the new account.
After confirming the destruction address, Tether will have to request for a TRC20 based USDT receiving address on behalf of the exchanges. Upon receiving the new address, the exchanges are required to activate it by depositing at least 1 TRX into the account. After several probes, the transfer can be made to the new TRC20 based USDT account.