Stablecoins Migrate To PermaWeb For Transparency And Legitimacy
Stablecoins Migrate To PermaWeb For Transparency
Tether has been mired in a cryptocurrency scandal. Even then, the platform and its USDT token are still crypto stablecoins. This does not alleviate the need for more accountability and transparent alternatives, though.
PermaWeb is a platform that can make such transparency and accountability a reality. PermaWeb is an update by Arweave. An Arweave statement indicates that Permaweb is “an immutable, decentralized web that puts the power back in the hands of the masses. The permaweb is the only one of its kind, offering incentivization and information permanence across a globally distributed network. It’s the web you can own and run.”
Stablecoin holders can use the permaweb to publicly verify the authenticity of real=world reserves. For instance, recently TrueUSD went through a third-party audit. The audit was performed by a U.S. based accounting firm. At the end of the audit, the information was made public and transparent when TrueUSD placed it on the permaweb. TrueUSD is not the only platform to place its information on the permaweb. Other platforms, such as NOS and Moneyfold have done the same.