Trust Token Teams Up with Syscoin to Connect TrueCurrencies
A cryptocurrency’s stability and its ability to deliver the benefits of its establishment to the masses with security and compliance is instrumental to its success and growth. To improve its platform accustomed to the users, TrustToken has joined hands with Syscoin.
Syscoin a scalable protocol for assets and fast payments has partnered with a stablecoin platform to speed up and reduce the costs of transacting by providing trustless interoperability with Ethereum.
Syscoin is known as “the blockchain platform for real money, assets, and blazing-fast token payments that scale.
Whereas TrustToken is a global exchange platform with multiple tools and in-built features boasting transparency and compliance. With Trust Token, the entire suite of digital assets is backed by real-world money. Ergo, the TUSD is backed by the USD and the same goes for Canadian dollars, Great Britain Pound, Australian dollar, and many more.
This partnership opens up many new doors for both the platforms and supplements each other. For Syscoin, TrustToken will help enhance the speed and volume of payments exchange on the Ethereum blockchain, and the currencies present on the TrustToken can now run on the Syscoin blockchain.
A Relationship to Boost Scalability and Extensibility
Stablecoins have become very popular and conform to the user’s needs and requirements. But one issue faced by them is scalability. Moreover, the boom in acceptance and practice of Decentralized Finance has further added to the mass adoption of stable coins. But the development teams of these stablecoins face issues when it comes to scaling these coins.
Because when a stable coin gets popular, it needs to increase the rate of transactions. Similarly, for Trust Token, Syscoin’s Z-Dag technology will catalyze a higher speed of transaction at lower fees.
Out of these assets on the platform, the TUSD has a market cap of more than $268 presently. Moreover, in the near future, the Syscoin 4.2 version will also come out. With this update, the Trust Token users will also be able to leverage the Network-enforced rule sets, which will allow Trust Token users to utilize the enterprise-level network infrastructure.
More importantly, Syscoin’s model will also apply to Trust Token and help the latter channel their resources to ensure mass adoption. The Foundation Chairman of Syscoin has a similar perspective, “Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”
What is Syscoin?
Syscoin is an open-source decentralized blockchain project founded in 2013 and launched to mainnet the following year. It provides a Proof-of-Work merge-mined blockchain backed by Bitcoin’s security model and a notable percentage of its hash rate. Syscoin features Blockchain Foundry’s patent-pending technology Z-DAG (Zero Confirmation Directed Acyclic Graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full. Syscoin also pioneered trustless interoperability with Ethereum. Syscoin Bridge was delivered to the mainnet in January 2020.
Syscoin Foundation is a registered entity founded on December 11th, 2018. The non-profit organization represents the Syscoin core development team and secures the project’s code repositories. It also oversees public relations. Its goal is to expedite the global adoption of blockchain technology by demonstrating Syscoin’s capabilities and benefits.
Other recent Syscoin partnerships include the Binance BUSD stablecoin, a business development and research cooperative with Matic Network, and Corion Platform.
About Trust Token
TrustToken builds modern financial infrastructure to make economic opportunities open to all. TrustToken’s TrueCurrencies (TUSD, TGBP, THKD, TCAD, TAUD) are the world’s first and only independently live-attested, fully collateralized stablecoins.
Collectively trading on over 100 exchanges and OTC desks, TrueCurrencies generate billions in monthly volume in +150 countries. Enjoy near-instant transactions, the lowest transaction costs of any stablecoin, an easy exchange between fiat, obsessive customer service, and easy access to earning opportunities.
The TrueFi platform is pioneering a new approach to on-chain uncollateralized lending, letting TRU holders vote on borrowers and deal terms and creating more ways for users to generate returns in DeFi.
Other recent TrustToken partnerships include NEAR Protocol and Chainlink.
To Sum it Up
Jack Sun, Strategic Partnerships at Trust Token shares that “TrustToken is proud to support TUSD on the Syscoin chain, we’re looking forward to seeing what the community builds with a more fee-efficient TUSD on Syscoin.” This partnership is highly beneficial for the users of both platforms and will allow them to move ahead.