Tether price, charts, marketcap and other stats2020-05-24T12:13:53+00:00

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Tether
USDT
$ 1.00
0.00010400 BTC
Marketcap
$ 9,202,466,847
Volume (24h)
$ 30,403,105,318
Circulating Supply
9,187,991,663 USDT
Total Supply
9,479,177,442 USDT

What is Tether?

Tether is a tocken issued by Tether Limited company which belongs to the Bitfinex trading platform. It was built on top of Omni Layer digital currency protocol, which works on the Bitcoin blockchain. The main purpose of this token is to provide stability to traders and members of cryptocurrency market, because Tether is claimed to be backed by US dollars on Tether Ltd bank accounts, so its price is not as volatile as prices of other cryptocurrencies. However, that remains yet to be proven and is is the reason why the U.S. Commodity Futures Trading Commission issued subpoenas to both Tether and Bitfinex. Also Tether Ltd underlines that the Tether token is not a financial instrument, and the owners of Tethers have no rights for legal claims or guarantees against losses. Nevertheless, tether is a very popular token and is used by a number of exchanges (mostly the crypto to crypto only ones) as their main stablecoin. The amount of Tethers grew up to $2.8 billion. During summer 2018 around 80% of Bitcoin volume was traded in Tethers. deployment of Ripple is solely managed by Ripple Labs. Originally, the Rip-ple network was created with a limited supply of 100 billion XRP units; 20%of those units are retained by Ripple founders, 25% are held by Ripple Labs,while the remaining 55% are set to be distributed to promote the growth of thenetwork. This represents the largest holdback of any crypto-currency [4], buthas not apparently stopped the adoption of Ripple by a considerable fraction ofusers. At the time of writing, Ripple claims to have a total network value of ap-proximately 960 million USD with an average of almost 170 accounts created perday since the launch of the system [33]. Moreover, there are currently a numberof businesses that are built around the Ripple system [14, 20]. For instance, theInternational Ripple Business Association currently deploys a handful of Ripplegateways [22], market makers [23], exchangers [21], and merchants [24] locatedaround the globe. Although crypto-currencies are receiving considerable attention in the litera-ture [11,16,28,31,37], there are surprisingly no studies—as far as we are aware—that investigate the Ripple system. In this paper, we remedy this problem andwe analyze the deployment and security provisions of the Ripple payment sys-tem. More specifically, we overview the Ripple protocol and discuss the basicdifferences between the current deployments of Ripple and Bitcoin. Motivatedby recent forks in the Ripple consensus protocol [25], we provide a new necessaryand sufficient condition that provably prevent the realization of a fork in Ripple.Finally, we extract information on the current usage patterns and trade dynam-ics in Ripple from almost 4.5 million ledgers which were generated in the periodbetween January 2013, and January 2015. Our findings suggest that—althoughit has been introduced almost 2 years ago—most Ripple users seem inactive andtheir trade volume is not increasing. As far as we are aware, this is the firstcontribution which investigates the current deployment of Ripple.The remainder of this paper is structured as follows. In Section 2, we detailthe Ripple protocol and the underlying consensus protocol. We also discuss thesecurity and privacy provisions of Ripple in relation to the Bitcoin system. InSection 3, we analyze the conditions for forking in Ripple. In Section 4, weanalyze the current usage patterns of Ripple by extracting information from theRipple ledgers. In Section 5, we discuss related work in the area, and we concludethe paper in Section 6.2 The Ripple ProtocolIn what follows, we introduce and detail the Ripple system. We also analyzeRipple’s consensus protocol and compare it to Bitcoin.2.1 Overview of RippleRipple [38] is a decentralized payment system based on credit networks [19, 29]. The Ripple code is open source and available for the public; this means thatanyone can deploy a Ripple instance. Nodes can take up to three different roles in Ripples:userswhich make/receive payments,market makerswhich act as tradeenablers in the system, andvalidating serverswhich execute Ripple’sconsensusprotocol in order to check and validate all transactions taking place in the system.Ripple users are referenced by means of pseudonyms. Users are equippedwith a public/private key pair; when a user wishes to send a payment to anotheruser, it cryptographically signs the transfer of money denominated in Ripple’sown currency, XRP, or using any other currency. For payments made in non-XRP currencies, Ripple has no way to enforce payments, and only records theamounts owed by one entity to the other. More specifically, in this case, Rippleimplements a distributed credit network system.A non-XRP payment fromAtoBis only possible ifBis willing to acceptan ‘I Owe You” (IOU) transaction fromA, i.e.,BtrustsAand gives enoughcredit toA. Hence,Acan only make a successful IOU payment toBif thepayment value falls within the credit balance allocated byBtoA. This may bethe case, e.g., if the participants know each other, or if the involved amounts arerather marginal; typically however, such transactions require the involvement of“market makers” who act as intermediaries. In this case, enough credit shouldbe available throughout the payment path for a successful payment. For example, a trust line can be established between market makerU1 andA(cf. Figure 1) byAdepositing an amount atU1. In our example,Awants toissue a payment toBwith the amount of 100 USD. Here, the payment is routedfromA→U1→U2→U4→B. This is possible because available credit linesare larger than the actual payment for every atomic transactions. Notice that wedid not route throughU3 as there is not enough credit available betweenU1→U3. However, we note that it is possible to break down the payment amount atU1, route a payment below 90 USD throughU1→U3→Band transfer the restthroughU1→U2→U4→B(extra fee atU3 required). In typical cases, Ripplerelies on a path finding algorithm which finds the most suitable payment pathfrom the source to the destination. By implementing credit networks, Ripple canact as an exchange/trade medium between currencies; in case of currency pairsthat are traded rarely, XRP can act as a bridge between such currencies. Ripple’s Ledger:Ripple maintains a distributed ledger which keeps track of allthe exchanged transactions in the system. Ledgers are created every few seconds,and contain a list of transactions to which the majority ofvalidating servershaveagreed to. This is achieved by means of Ripple’s consensus protocol [38] whichis executed amongst validating servers. A Ripple ledger consists of the followinginformation:(i)a set of transactions,(ii)account-related information such asaccount settings, total balance, trust relation,(ii)a timestamp,(iv)a ledgernumber, and(v)a status bit indicating whether the ledger is validated or not.The most recent validated ledger is referred to as thelast closed ledger. On theother hand, if the ledger is not validated yet, the ledger is deemedopen.Consensus and Validating Servers:Each validating server verifies the pro-posed changes to the last ledger; changes that are agreed by at least 50% ofthe servers are packaged into a new proposal which is sent to other servers in the network. This process is re-iterated with the vote requirements increasingto 60%, 70%, and 80% after which the server validates the changes and alertsthe network of the closure of the last ledger. At this point, any transaction thathas been performed but did not appear in the ledger is discarded and can beconsidered as invalid by Ripple users. Each validating server maintains a list oftrusted servers known as Unique Node List (UNL); servers only trust the votesissued by other servers which are contained in theirUNL. We detail and analyzeRipple’s consensus protocol in Section 2.3.Currently, 5 Ripple validating servers are run by Ripple Labs [7]; note how-ever, that any entity can run its own server [34] (e.g., Snapswap [8]). By doing so,Ripple enables different institutions (e.g., banks which run their own servers) toreach a consensus with respect to the fate of financial transactions. For instance,in September 2014, Ripple Labs sealed a partnership agreement with two USbanks which agreed to adopt Ripple’s open-source distributed transaction in-frastructure [9].2.2 Ripple TransactionsRipple currently supports six types of transactions [35], namely:Payment:This is the most common type of transactions, and allows an entityto send funds from one account to another.AccountSet:This transaction allows an entity to set options relevant for one’saccount. Notice that anAccountSettransaction enables the cancellation ofa transaction with the same Sequence Numberprovided that the transactionhas not been incorporated yet in a validated ledger.SetRegularKey:This transaction allows an entity to change/set the key usedby the entity to sign future transactions.OfferCreate:This transaction expresses an intent to exchange currencies.OfferCancel:This transaction removes an offer from the ledger. TrustSet:This transaction creates (or modifies) a trust link between two ac-counts.As shown in Table 1, all six transaction types contain some common fields.Notice that for any entity to open an account in Ripple, it has to issue a paymentwith a value larger than the minimum XRP (i.e., 20 XRPs) to an account numberwhich does not exist yet. Once this transaction is processed, a newAccountRootnode will be added to the global ledger to reflect the newly-created account. 2.3 The Consensus ProtocolAs mentioned earlier, Ripple’s consensus protocol is an asynchronous round-based protocol which is executed by the network’s validating servers. At the endof every round, a new last closed ledger is published by all involved servers. Theconsensus protocol comprises three phases: the collection phase, the consensusphase.


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