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Review on TrueUSD by Tuan Nguyen Van
TrueCoin is a stablecoin that aims to offer a more transparent alternative to…
TrueCoin is a stablecoin that aims to offer a more transparent alternative to Tether and its USDT digital token. Today, many exchanges use Tethers as a way for users to exchange cryptocurrencies into stable fiat currencies. However, Tether has faced criticism for its alleged lack of audits. TrueCoin, on the other hand, will adopt a completely different model, allowing users to view daily and monthly audits from outside professionals
Pros
- TrueCoin also has a unique legal framework that allows users to exchange USD directly with a custodial account – so TrueCoin never touches the funds. Plus, publicly-audited smart contracts ensure a 1:1 parity between TrueCoin and USD in the accounts. The end result is a simple stablecoin without the need to trust some company’s hidden bank account or special algorithm
Cons
- has faced criticism in recent months due to its lack of transparency. The company has been accused of not letting auditors verify its cash reserves. All USDT are supposed to be backed by $1 USD in a real, liquid reserve. However, it’s not clear if that’s totally the case. It causes a lack of trust for the participants. Takes time to learn the long lead to loss of long time attracting new investors
