by Fauzan Anandika
As we can see in the last cryptocurrency movement, Tether tries to climb CoinMarketCap for some time. Not in a long time, Tether has already become the third biggest cryptocurrency according to the market cap calculation. Tether could easily surpass XRP in cryptocurrency transaction volume.
After scoring a new high supply volume, Tether starts to expanding its network chain. As we know from the beginning of the coin publishing, Tether uses the Omni layer protocol on the Bitcoin blockchain. But now it steadily builds its transaction using Ethereum, Tron, and EOS. With a different network, Tether could reach bigger market potential. With this migration makes Tether become a promising payment tool. There is some reason that makes this happens.
Tether become the biggest stable coin
Using the US dollar as their base, Tether becomes the most trusted coin right now. The reason is for every Tether coin published is built upon the USD fiat currency. Stable prices will ensure every business using Tether for their transaction receives the same amount of money following the transaction agreement.
Suitable for many business types
Already uses a different type of Blockchain network, Tether transaction become faster in confirmation, exchange withdrawal, deposit times, and lower fees than when it only uses Omni-layer. Every business could easily choose a blockchain network that suits their need. According to Anthony Sassano, founder of Ethereum intelligence firm EthHub, Ethereum is the best rail for Tether transactions. Ethereum as a blockchain network has a compatible characteristic for a wider transaction.
Easy to implement in a business
Become a part of the Ethereum chain gives Tether more flexibility to be implemented in a different kind of business. While Ethereum uses a smart contract makes that can adjust different purposes. In a business that uses a complex supply chain, smart contracts use to control and monitoring its logistics. This is where a smart contract from the Ethereum chain is needed.
Easy to exchanging process
As we all know that Tether using the US dollar as their price reference, Tether become acceptable in many countries because it gives the same trust as US dollar transaction. This advantage makes Tether easily exchange to many different fiat currencies.
Transparent with decentralization
Using decentralize apps makes Ethereum hard to hack. These apps make every stakeholder get copies for every transaction that happens. With an irreversible feature that makes every transaction can’t be changed and recorded in eternity, every member could easily audit the process.
As an asset, Tether is invulnerable to the hacking process. To change a data in Tether transaction, someone needs to change the entire network since the transaction record is decentralized and every member had the copied.
The reason why Ether migrating their transaction into several networks is for their effectiveness and efficient transaction process. Choosing the right network can suppress the operational cost with lower transaction fees and faster process. The migration, especially to the Ethereum chain, makes Tether our future payment tools and could have threatened other cryptocurrencies under the same infrastructure.