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Under the microscope: the trust token new test system for stablecoins a

the The Team behind the trust token has recently introduced an independent system for stablecoins. In cooperation with the software company, Armanino, it shoul

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Under the microscope: the trust token new test system for stablecoins a
the The Team behind the trust token has recently introduced an independent system for stablecoins. In cooperation with the software company, Armanino, it should be possible in the future to check whether for each digital Token is a US Dollar deposited. An important step in the direction of Mainstream adaptation.

By Phillip Horch
On 7. March 2019BTC$3.887,86 0.67%Facebook Twitter LinkedIn xing mail

stablecoins are – especially for traders – a fine thing. Since you do nothing else, as a "stable" currency (US dollars, euros, Yen, etc.) or an Asset (Gold, Oil, etc.), they offer a pleasant opportunity to get his ducks in a row, without leaving the pasture. In other words: Who are to a certain crypto exchange-Bitcoin, Ripple, Ethereum, etc., and again in a Fiat currency wants to convert, without deducting them from the stock exchange, you can do this by swapping them in Stable Coins. These tokens are then – as in the case of TrueUSD – a US Dollar, he is "stable".

trust token wants more security in the Bitcoin Ecosystem

But anyone who has followed the turmoil around Tether, don't know that, Stable Coins are always safe. Because, as we reported extensively, in the crypto-Community is always a doubt whether the cover of the Token does not exist at all. Exactly such a Doubt in advance of, the technology companies trust token now developed a System to verify the existence of the deposited tokens. It cooperates with the auditing firm Armanino and takes the first TrueUSD under the magnifying glass. A Dashboard where all the users of the cover, the Stable Coins in real time check is used.

1-Click-Redemption switches TrueUSD in U.S. dollars

In the press release, it says of Noah Buxton, the Chairman for risk management at Armanino:

With their proven success history and pioneering way of thinking, we see trust token as the perfect customer partnership, innovation in the crypto and accounting industry. We are of the opinion that the continuous backup and testing is not a distant future, but an imminent reality.

The Test Dashboard to open from April, its digital goals. From then on, it is in principle possible for anyone to check whether his TrueUSD are also hedged with a US Dollar. According to the press release, the System comes up with a further innovation: the 1-Click Redemption. Thus, it should be possible, the TrueUSD directly from the respective stock exchange to be deducted. Then you can transfer to it as the "real" US dollars to his Bank account.

Read also: FreedomCoin: New Stable Coin to Pay for weapons

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