Interest in the cryptocurrency market is steadily growing, the cryptocurrency market is expanding and replenished with new coins. Digital currency TrueUSD is a typical stablecoin representative and a direct competitor to Tether. Lets take a closer look at what TrueUSD has to offer.
The TrueUSD cryptocurrency appeared as part of the universal TrustToken program, the initial goal of which was to create a digital analogue of the dollar. After some time, the project developers plan to transfer gold reserves into virtual money, as well as other national finances. In this system, three main definitions should be distinguished:
TrustToken is a generalized system of technological and legal norms, on the basis of which all other functionality is based;
TrueCoin is a platform on which real and virtual funds are linked and which guarantees the functioning of a stable cryptocurrency;
TrueUSD is one of the projects of the TrustToken system, a digital currency pegged to the US dollar in a 1: 1 ratio.
TrueUSD token is a stablecoin. This means that the coin is backed by some traditional valuable asset (fiat, gold, oil), making it less prone to fluctuations in the rate. The base price of TrueUSD is backed by the value of the dollar, which significantly reduces the risks associated with volatility. The coin is based on the Ethereum blockchain and runs on the ERC-20 protocol. In fact, this site was established to create digital money, backed by the above assets, as a result, you can sell or buy TrueUSD practically all over the world.
Among other things, this coin has legal protection, is transparent and inspires much more trust among users than traditional cryptocurrency.
The US dollars, which ensure the stability of the TrueUSD rate, are held by several trust organizations in different accounts, instead of being controlled by one company. The content of academic records is checked every month, and information about the state of accounts is published daily. This method of preserving finances is much more credible due to decentralization, which excludes the abuse of assets by any one company. For greater security, no one has direct access to finance, and transactions are processed exclusively through the transaction account.
The TrueUSD project is relatively young, it started in early 2018 and even then was able to raise USD 12 million in just two months. By the summer of 2018, he had already received 20 million USD.
The first token was created. Users immediately became interested in the new project, the main curiosity was caused by the stability of the cryptocurrency. Therefore, almost immediately, TrueUSD coins were issued, backed by the real US currency.
One of the significant factors is the fact that the organization is not funded by the ICO. This project has classic venture support from investors, including BlockTower Capital, Stanford-StartX, FJ Labs. In order to enhance security, the development team does not have access to assets, finances are handled directly by trust organizations.
Among the creators of TrueUSD are graduates of Stanford, Berkeley, Carnegie Melon University, as well as specialists from such giant companies as Google, PayPal and the like. CTO Raphael Cosman, Head of Operating Systems Stephen Cade and CEO Denny Ain played key roles in the development of the site. They are also co-owners of the company.
Dollar-backed digital money has no upper limit on coin issuance. Thanks to such reliable support, this cryptocurrency can be called quite well-known in certain circles. TrueUSD value is relatively stable and, as a rule, fluctuates only with a deviation of 0.02 USD in one direction or another. At the time of this writing, in January 2020, it was possible to buy TUSD for USD 1.002.
Despite the fact that the public almost immediately believed in this token and began to call it the main competitor of Tether, the popularity of TUSD since its release, albeit slowly, but declining. Although, there is every reason to hope that decentralization and impressive investor support will not let the project sink into oblivion.
The TrueUSD stablecoin, as mentioned above, is the digital equivalent of paper dollars. It can be used as a means of payment and for trading on cryptocurrency exchanges. The main goal of the project is called the absolute replacement of the American dollar on the stock exchange.
Many regular and trusted traders have requested the creation of a stablecoin, which is why Tether was issued. Recently, however, he began to actively criticize due to the lack of transparency. He is practically bogged down in inconsistencies associated with claims that Tether Limited holds much less US dollars in assets than stated, and, in fact, is simply creating tokens that are not financially backed.
Regardless, however, stablecoins are still popular, which prompted the founders of TrueUSD to create a worthy replacement. TUSD is an ERC-20 stablecoin based on the Ethereum blockchain and is traded on many digital currency exchanges. The founders of TrueUSD tried to take into account the mistakes and mistakes of the main competitor, and, apparently, they managed to do what everyone expected:
Generating coins and storing fiat money are separate. The former are created on the TrustToken site, and the dollars are in escrow accounts, which are owned by several unrelated trust organizations. TUSD developers do not have access to finance to support tokens.
In order to resolve claims of regulators, a check of persons purchasing coins has been introduced in accordance with the KYC / AML norms.
User recognition allows you to actually own the coin and finances on escrow accounts, and it also made it possible to legally recognize this fact.
Coins are generated in direct proportion to the number of received funds.
The website publishes daily information on the amount of US dollars stored in secure accounts.
In the event of a buyback of dollars, the coins are burned.
The information base is transparent and accessible to every user.
The large-scale application of this coin provides new opportunities for all users of the cryptocurrency market. TrueUSD can be used either by one person or by entire organizations, moreover, without any territorial restrictions. Since TUSD is an absolutely stable cryptocurrency, it can be used to conclude long-term transactions.
To get started with the TUSD stablecoin, you need to do the following:
go through the KYC / AML procedure;
transfer funds to a trust organization to place them under protection;
upon completion of the verification, the trust organization will convert dollars into smart contracts, and TrustToken will create a similar number of coins for your shared Ethereum address.
If the client decides to exchange TrueUSD for fiat, he should also go through the KYC / AML identification, send a smart contract for coins from the registered Ethereum address, after which the bank will transfer funds to the user.
This system allows TrueCoin to avoid any contact with fiat, all processes are carried out by trust organizations through deposit accounts. As a result of this scheme, the number of coins changes depending on the number of dollars, and this fact determines the price of both assets.
To redeem TrueUSD through the Internet application in accordance with the KYC / AML identification procedure, the client must indicate his name, TIN, residence address, date of birth, ID-card (or passport) and go through address verification.
If you need to buy TrueUSD using bank funds, then you need to go through two stages of the procedure: first, the user buys ETH or BTC on the cryptocurrency exchange, and then moves this capital to the market that sells TUSD for these coins.
You can store TUSD on specialized Ethereum e-wallets, the most popular being Myetherwallet. In addition, you can store coins on the exchange (which is not recommended due to the high probability of hacking) or using hardware wallets.
Thanks to the provision of the coin with dollars, it is quite profitable to invest in this token, especially if you have long-term benchmarks. One of the main security guarantees is the lack of access to the accounts of the founders and developers. Deposit accounts allow you to exclude the services of intermediaries and speed up transactions. All TrueUSD owners are legally protected.
You can exchange tokens for fiat at any time, just by passing the KYC / AML identification. Besides the above, TrueUSD has other advantages:
Free transfers to any country.
Absolute independence of the release of new tokens, attracting the majority of market users.
Reliable protection against hacker attacks due to the lack of information from intruders.
The minimum commission paid at the request of the user.
Full confidentiality of participants (only account details and minor transaction details are available).
Possibility to receive income on TUSD at any time.
Discussing the prospects of the coin, there is reason to believe that over time, the demand and popularity of this stablecoin will only grow. Firstly, it creates conditions for protecting traders from fluctuations in cryptocurrency rates, and secondly, the use of TrueUSD may become relevant in countries that are just developing, and whose monetary units cannot boast of stability.
The founders of the project claim that over time they are going to transfer assets in other national currencies into tokens, for example, in yen and euros. This proposal can be considered quite promising if the developers fulfill this promise - thereby they will contribute to more efficient trading.
Collaboration with the audit firm Armanino plays an important role in maintaining trust. Since the beginning of cooperation, traders have access to control the stability of coins and the state of the account of other cryptocurrency assets.
Everything mentioned above only proves the true stability of the TrueUSD stablecoin, which unites the worlds of fiat and digital currencies. In addition to undoubted trust, there are many other reasons for investing in TrueUSD.
Added: 30.11.1999 
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