Crypto Academy Week 7 Homework Post for @yohan2on - Stable Coins Part 2 (TrueUSD -TUSD)
Till today, I see that this community is getting more active and every week the professors are always discussing interesting topics. In this post, I will discuss one of the familiar stable coins. The stable coin is TrueUSD (TUSD). I discuss about stable coin because this is one of the writing topics given by professor @yohan2on on this week.
TrueUSD (TUSD) is a type of stable coin whose price is always equal to the price of 1 US Dollar. This is an ERC-20 token that uses a smart contract on the Ethereum blockchain. This token was created by the TrustToken platform based in the United States and launched in 2018. There are three main characters in this project, they are Rafael Cosman, Alex de Lorraine and Tom Shields.
It is a stable coin that is reliable, transparent and safe. You can use this stable coin to protect from market volatility that can occur at any time. When the market is volatile, you can move or save your capital quickly and safely at no additional cost.
In the tokenization process, the amount of TUSD in circulation is equivalent to the amount of USD deposited by the issuer at the bank, because every 1 USD deposited will create 1 TUSD. To make it clear, TUSD was created through three simple steps on the TrustToken platform. First of all, the user sends an amount of USD to this platform. Then the platform will convert the amount of USD into TUSD tokens on the blockchain with a ratio of 1:1 and use a smart contract. After being successfully generated, the TUSD tokens are sent to the user, while the USD that was deposited will be kept by the issuer.
To get TUSD is not difficult, there are several methods you can use. You can easily buy it on cryptocurrency exchanges, there are many exchanges that provide TUSD, such as Binance, KuCoin and Bittrex. Apart from that, you can also get it from instant exchange sites. You can also buy it directly on the TrustToken platform using KYC / AML. KYC / AML verification is a standard that this platform enforces to ensure high security for each user. On the TrustToken platform, TUSD tokens can also be exchanged back into USD.
To save TUSD is also not difficult. Since TUSD is an ERC-20 token, it can be stored in various wallets that support ERC-20 tokens, such as MetaMask, TrustWallet, Ledger, Binance Chain and MyEtherWallet.
Hi @zheyeng
Thanks for attending the 7th -Crypto course on stable coins and for your effort in doing the given homework task.
Feedback
Good work. Well researched on TUSD
Homework task
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