For further actions, you may consider blocking this person and/or reporting abuse
For further actions, you may consider blocking this person and/or reporting abuse
Vicky Sharp -
Lisa Cantin -
William Parvez -
Lisa Cantin -
Once suspended, evelynsoto will not be able to comment or publish posts until their suspension is removed.
Once unsuspended, evelynsoto will be able to comment and publish posts again.
Once unpublished, all posts by evelynsoto will become hidden and only accessible to themselves.
If evelynsoto is not suspended, they can still re-publish their posts from their dashboard.
Once unpublished, this post will become invisible to the public and only accessible to Evelyn Soto .
They can still re-publish the post if they are not suspended.
Thanks for keeping Bitcompare Community safe. Here is what you can do to flag evelynsoto:
Unflagging evelynsoto will restore default visibility to their posts.
Top comments (1)
Tether (USDT) is a stablecoin that operates on several blockchain platforms, with Ethereum being one of the most prominent. On Ethereum, Tether is an ERC-20 token, which means it adheres to the Ethereum blockchain's ERC-20 token standard. This compatibility ensures that Tether benefits from Ethereum's robust infrastructure, including its decentralized ecosystem, security, and interoperability with Ethereum-based decentralized applications (dApps).
How Tether Works on Ethereum
1. Issuance and Redemption
2. Token Standard
transfer
function.approve
andtransferFrom
functions.Transfer
andApproval
trigger events recorded on the blockchain for traceability.3. Ethereum Blockchain’s Role
4. Gas Fees
Since Tether operates on Ethereum, users must pay gas fees in ETH for transactions. Gas fees depend on network congestion and the computational resources required for the transaction.
5. Smart Contract Integration
Challenges of Tether on Ethereum
1. High Gas Fees:
Ethereum's scalability issues sometimes lead to high gas fees, making transactions expensive during peak usage.
2. Centralization Concerns:
While Ethereum is decentralized, USDT itself relies on Tether Ltd., which manages its reserves and issuance.
3. Scalability Limitations:
The speed and efficiency of USDT transactions are constrained by Ethereum’s network throughput, although this is improving with Ethereum 2.0 and Layer 2 solutions.
Use Cases of Tether on Ethereum
In conclusion, Tether functions on Ethereum as a stable, widely adopted ERC-20 token that combines the stability of fiat currency with the decentralized advantages of blockchain technology. Despite challenges such as gas fees, its role in DeFi and global finance highlights its significance in the cryptocurrency ecosystem.