The Tether token is a new approach to money and the company is constantly challenging the current financial system. Tether is one of the leading systems, and one of the first platforms to promote the transfer of fiat backed currencies over a secure blockchain network, which gives its users the ability to transfer digital currency through the blockchain but without the intricacy that is usually associate with digital currencies. Their Bitcoin-based USD Tether was issued via the Omni Layer Protocol.
The platform has now announced the launch of both USD and EUR Tether, based on Ethereum and compatible with the ERC20 standard. This Ethereum base can be transferred over the Ethereum network and allows these for tokenized USD and EUR.
Contract information is open and viewable on the platform's website. https://wallet.tether.to/transparency.
The use of ERC20 Tether can be beneficial as it has much lower transaction fees and a faster confirmation times (15-30 seconds) when compared to Tether on the Omni protocol. This will support a much more efficient exchange, a number of Tether partners have already integrated the new token option.
These days, many projects are already built on the Ethereum technology and vision about mainstream adoption of blockchain in the conservative financial world. The main factor in this process is to include the improvement of currencies with lower inherent volatility whilst at the same time acknowledge for applications which interact with the real world to pay for products, pay salaries or fund projects.
The contracts were audited by Phil Daian, and later by Zeppelin, and the full report on the latest version is available.