Steemit Crypto Academy | Stable Coins Part - 2 | Homework task 7 for @yohan2on

Today I'm going to make my Steemit Crypto Academy Homework task by professor @yohan2on Lesson 7 that talking about Stable Coins Part - 2. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills.

Homework task 7 for this week is talking about Stable Coins Part - 2. On this occasion I will try to discuss about stable coins one of the four list namely TrueUSD (TUSD).

TrueUSD (TUSD)

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All of you already know a little about the function of stable coins which is intended to reduce and control the high volatility of cryptocurrency. This was discussed last week, but the many types of stable coins that are present make this discussion even more interesting for a deeper review. Lots of stable coins issued by various companies for the same purpose. But of course the advantages in terms of functions, benefits, profits, and features of each stable coins must be different. One of the digital coins that has become a stable coin, namely TrueUSD (TUSD).

TrueUSD (TUSD) is a new stablecoin similar to the Tether (USDT) coin that was issued to reduce and control the high volatility of cryptocurrency. This coins are created on a trust token platform with the Ethereum blockchain system so that they are known as ERC-20 tokens. By using the Ethereum blockchain system, of course, there are smart contracts in the system that will help all the transactions involved. TUSD has a price value that is based on USD. You can excange 1 TUSD to 1 USD.

TrueUSD (TUSD) is the only digital coin that you can transact by providing complete information to a third party who will verify and handle everything about this coin transparently such as certificates and legal protection to exchange TUSD for USD. The purpose of a third party is to make these coins into stable coins simple, without having to trust several companies with hidden bank accounts. The third party here is a confirmed account with credibility on the platform.

Get TrueUSD (TUSD)

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To get TrueUSD (TUSD), you must pass the KYC / AML standard test as the first condition. Then you can deposit the USD that you have for a trusted company that is a third party with a storage agreement in it. Then when a third party verifies your money, smart contract system instructs to issue a TUSD equivalent and send it to your public Ethereum address. After going through all this you already have a TUSD coin which is equivalent to the USD that you deposited earlier. You can do many transactions as you want. To withdraw USD back, you have to go through a KYC / AML check, then you can send your TUSD from the registered Ethereum address, then the bank will monitor and send the money to you.

Characteristics of TrueUSD (TUSD)

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• Stable value
  The value of TUSD is based on USD, making it a stable coin that can be used to exchange cryptocurrencies you want on the market.
• Legal protection
  As a user you must pass the KYC / AML standard test as a condition so that you have the right to legally use TUSD .
• Auditing
  Companies that are third parties will undergo continuous assessments by reputable auditors to ensure the best possible privacy practices.
• Transparency
  Everything related and involved between you as a user and the first/third parties is open publicly and can be accessed easily.
• Simple transactions
  As a user, you can transact directly with third parties who have credibility on the platform without involving the first party.

Thank you for reading my blog, hope it will be useful for all of you.

CC:
@yohan2on
@steemcurator02