Tether has published a plan on how to protect its stablecoin USDT If the blockchains on which it runs become unresponsive.
According to new press releaseTether makes improvements to both increase the resilience of blockchains and protect users in worst-case scenarios.
Tether explains that USDT can be used on a variety of blockchains. “blockchain recovery plan” In the event that USDT transactions were disrupted, it is important to have a plan in place. Tether hopes to maintain USDT access and avoid user disruption with this plan.
“Tether is a lifeline for hundreds of millions of users across the globe. Tether is especially important in emerging markets and developing countries, who rely on USDT in their day-to-day lives for both savings and payments. As part of honoring our user’s trust in USDT, Tether believes it is crucial to ensure that, even in highly-unlikely worst-case scenarios, USDT will never be at risk.”
USDT, according to the press release operates independently from any blockchain that it may be using, which is used only as a syncing mechanism. “transport layer.” Tether wants its users to be protected from the risks associated with all blockchain transactions.
According to the announcement USDT can easily be transferred between blockchains if a blockchain is no longer responsive.
“Affected Users would be able to initiate the migration through a user friendly interface, accessible by web or command-line. The process requires cryptographically signing the migration request to prove ownership of the Tether tokens. This process is compatible with popular hardware wallets like Ledger and Trezor, as well as browser extensions.
A command-line interface also allows the user to enter their private key, which enables them to sign a message with an open-source signature.source “Script on their local machine”
USDT’s current market capitalization is $100.04 billion.
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Source: dailyhodl.com
