An alternative to tether?

[Daviant]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

[cellard]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

Someone needs to come up with tether alternatives to re-distribute the potential loss of a tether breakdown. If we have "many tethers" then if one collapses, it wouldn't be such of a big deal, but meanwhile, the tether risk keeps growing. And one could say, "who cares about tether, let it crash", but this is delusional, there will always be a demand of a virtual gateway for the dollar.

If you make a tether alternative, improve on the current tether problems, make the account holdings public etc, otherwise everyone will think it's another scam. Tether has been audited and this makes it's credibility very low. I understand how difficult it is to run such a service tho.

[easynote]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

So far, the only thing that would be considered close to Tether would be to leave you fiat in an exchange and purchase Altcoins at the price you want.

[pinkflower]

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

If you dont have a lot of knowledge then you have no place in cryptocurrency development or starting your own platform. Maybe its better for you to contribute in the BTC codebase before thinking of starting your own cryptocurrency.

There are many developers who came here with a lot of ambition but have created failing projects that turned into scams.

[Kryten12]

Your question has just been answered there is a new coin just completed ICO "X8". Its job is identical to Tether except it will be a Euro based denomination and will be backed by a basket of 7 major currencies plus Gold. Should be available middle of this year.

[EvaGC]

GLOBCOIN? Their cryptocurrency is 100% asset-backed. Linked to a currency basket of 15 most imortant fiat coins and 5% gold.

Although the most interesting advantge for me is their multicurrency prepaid mastercard, successful in Europe since 2016. The plan is to include their cryptocurrency in the existing card!

[yareklamator]

There is no doubt that Tether needs an alternative. But it's pretty hard to do. Tether is connected with crypto exchange, so it's easier for them to prove real dollars for confirming liquidity. But even in this case, Tether developers have a lot of questions. Do you want to develop a huge project on your own? One idea is not enough. You need people with experience.

[Holla123]

There is no doubt that Tether needs an alternative. But it's pretty hard to do. Tether is connected with crypto exchange, so it's easier for them to prove real dollars for confirming liquidity. But even in this case, Tether developers have a lot of questions. Do you want to develop a huge project on your own? One idea is not enough. You need people with experience.

Well arguing like that why should one of the other big exchanges not be able to come up with something like that. Also it might be of interest for the exchanges that currently dont offer a payout into fiat to give people an option in a falling market. Still wondering how that will play out with Tether. Their reserve should be like 2 billion USD. As it is linked to Bitfinex who do 1 Billion turnover per day I cannot imagine any major problem here.

[Nikhila]

Definitely I agree for the alternative to tether because people are badly in search of asset backed coins and to create such coins and platform you definitely would need large financial backing, infrastructure and legal background which is a hell lot of work and complicated

[CryptoDemonElite]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

There are a lot to learn in crytocurrency. If you interested in doing something similiar to tether, where are you going to get the money needed to back your coin. Tether is in billions. I not putting you down, but there are lots to learn when it comes to creating your coin. It not just only about the tech. You got to learn marketing, accounting, legal stuff, regulation, day trading, and the list goes on. You should focusing oncontributing to project, that will also look good on your college thesis.

[randythered]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

And why would anyone buy the coin in the first place? I don't think people would buy it in the first place to have it backed up by the dollars in an account, you would have to source these dollars somewhere else, at least that's my feeling of how this would work.

[Eddyc]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

Firstly, I would like to congratulate you on your commitment to studies, but as quoting above, there are many with great dreams and wonderful ideas and when faced with reality end up in failure. Do not give up on your goals, look for information in the technical support sessions and project developments perhaps may help.

[bountyjunkie]

Simply go ahead. To start with build an exchange first or you will have to tie up with one.

[John Langut]

Maybe it's because Tether is under scrutiny now, but I'm seeing more and more so called stablecoins. If you just look up that term you'll find a lot of information.

By the way I think 0.25% is an excessive transaction fee. Imagine how much $1 million worth of your stablecoin costs just to move it.

[Balab01]

A coin that unites all the positive sides of bitcoin and Ethereum will definitely be something revolutionary, I do not have such deep knowledge in the crypt but I wish u good luck with your project!

[superflecks]

The bettet alternative that also benefits from enterprise grade performance could be also kUSD by http://Kowala.tech plus it is decentralized and mine-able.

That's my opinion at least to the tether USDT alternative.

[SaarMast]

Fiat money is an alternative   

[superflecks]

Fiat money is an alternative   

Please show me how you transfer $ fiat from 3rd world country to your client or vendor in Europe or US within 3 -8 seconds with barely to no fees?

[rayk]

Fiat money is an alternative   

Please show me how you transfer $ fiat from 3rd world country to your client or vendor in Europe or US within 3 -8 seconds with barely to no fees?

It depends on which 3rd world country you live in, if a coin with very low fee and instant transaction is listed on a local exchange, you can buy it with $ and send it to europe or us. As it is local exchange you probably deposit your money with no fee through your bank account?

[superflecks]

Fiat money is an alternative   

Please show me how you transfer $ fiat from 3rd world country to your client or vendor in Europe or US within 3 -8 seconds with barely to no fees?

It depends on which 3rd world country you live in, if a coin with very low fee and instant transaction is listed on a local exchange, you can buy it with $ and send it to europe or us. As it is local exchange you probably deposit your money with no fee through your bank account?

Well, bank (if allows you) would take few days using Swift and will cost you a solid amount of fees in most cases. Using Western Union? Massive fees.

Crypto? If it's the right one, takes few seconds to wire anywhere in the world and fees are barely to none.

Can we agree ?