RATE Group | Gemini’s New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive
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Gemini’s New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive

12 Sep Gemini’s New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive

Posted at 18:43h in Cryptocurrency News by

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Cameron and Tyler Winklevoss Bitcoin Cryptocurrency Gemini

The Gemini cryptocurrency exchange, founded by the Winklevoss twins, announced on Monday that the company has launched a stablecoin built on the ERC-20 standard.

Named “Gemini Dollar” (GUSD) the coin’s value will be “strictly pegged 1:1 to the U.S. dollar,” according to the whitepaper. Of course, many stablecoins exist that are pegged to USD, such as Tether (USDT) and Dai (DAI), though some pegs are reserve-based and other are algorithmic.

The technical specifications for Gemini coin are a large factor for improving trust, and below we will take a deep dive into the token’s whitepaper.

Issuing and Redeeming GUSD

Gemini tokens and the amount in circulation can be viewed by the public on the Ethereum blockchain. An independent accounting firm will be retained to perform regular, full audits of the Gemini Trust Company to ensure that the tokens have the dollars to back them.

The blockchain will verify the overall supply of coins, while a third-party auditing firm…

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