Review on Gemini Dollar by David Olayide
The Winklevoss Brothers And The Gemini Dollar
The Gemini dollar is an ERC 20 token built on the Ethereum blockchain network. Gemini dollar (GUSD) is also a U.S. dollar backed stablecoin that is even actually approved by a regulatory body in the USA. No doubt the name Gemini should ring a bell when you hear it. The Gemini Trust Company which issues the tokens is owned and run by the Winklevoss brothers who also own the Gemini trading and exchange platform. The brothers have succeeded in establishing a conducive environment for crypto investors, and all the activities they engage in is legal and regulated by the government.
Since the Gemini dollar is a stablecoin, it is not prone to the frequent destabilization in price that is common to most other cryptocurrencies. From what I can gather, the GUSD is designed to be versatile and be able to work in all kinds of transactions while at the same time be highly scalable. For none thing this currency makes everything easier, because you have your dollar on a blockchain and you can as well just send some money as easy as sending an email.
So I really like the idea behind the Gemini dollar, and I trust it because it shares some of the properties of the original dollar currency such as price stability. It is trusted by a lot of investors, banks, and exchange platforms because it can be exchange 1:1 for the dollar. To make sure that the GUSD is always equivalent to the dollar, there is regular monthly auditing and examination. GUSD is also listed among a lot of exchanges particularly the Gemini exchange, and can be stored of multiple crypto wallets such as Atomic and Exodus wallets or any wallet that accepts Eth based tokens.
Ever since its release in 2018, the GUSD has maintained a stable price. The currency is transparent and this is helped by the fact that you can find the GUSD ledger stored on the Ethereum blockchain. This way everyone can see the total number of GUSD in circulation. Using the GUSD will surely benefit some investors and crypto traders.
Pros
- The price of GUSD is stable and not susceptible to volatility
- GUSD is an ERC 20 token and can be stored in mobile wallets that support Ethereum
- The currency is safe and is legally regulated and audited by authorities
- GUSD is on par with the US dollar
Cons
- Might not really be profitable for investment because the price is stagnant
