Aug 28, 2020 12:05 UTC
Aug 28, 2020 at 12:05 UTC
Centre Consortium Unveils USDC 2.0, Presents New Functionalities
The Centre Consortium, an entity recognized by Circle and Coinbase to manage the USD Coin (USDC), has tossed a significant upgrade to the stablecoin, claiming the move will expressively advance its usability and security.
“Today’s update comes at a time when USDC has punched through [USD] 1.4 billion market cap solidifying its position as the fastest-growing regulated fully-reserved digital dollar stablecoin in the world,”
the consortium held in an August, 27 statement. Conversing the particulars of the update, the statement says that USDC 2.0 will allow developers of digital wallets to remove the so-called ‘gas fees’ that are associated with transactions performed on the Ethereum (ETH) network.
Users of most digital wallets supporting USDC, which is an Ethereum ERC-20 token, had to purchase and hold a balance of ETH to pay the fees to settle down transactions,
“creating an enormous barrier to mainstream adoption and broad usage of digital dollar stablecoins for internet payments,” said the statement.
It furthered: “USDC 2.0 introduces ‘gasless sends,’ which enables wallet developers to remove this complexity from the user experience and either pay for the fees on behalf of customers or present/deduct these fees in USDC instead of ETH.“
The consortium has faith in that. As a result, the experience of using USDC in digital wallets will turn out to be closer to mainstream mobile payment apps. One more element of the upgrade encompasses a new set of on-chain multiple-signature contracts that consist of new consensus mechanisms. The consortium forecasts the measure will help to progress the
“resiliency and growth of Centre and shift off-line human processes into on-chain multiple signature processes.“
Owing to the upgrade, administrative processes will be managed on-chain versus manual off-chain processes, enhancing security, auditability, as well as in turn resilience, held Centre.
“By using M-of-N multiple signature models, these improvements also anticipate growth in Centre with more members, including issuing members who would participate in operational flows using on-chain tasks,“
the statement said. The latest updates will be backward compatible, it furthered.
USDC bested the USD 1 billion market cap last July, about 21 months after its launch, with Centre claiming the coin’s continued rapid progress in 2020 as a result of several factors. First, the financial catastrophe caused by the COVID-19 pandemic
“resulted in currency volatility across many developing economies. Demand for digital dollars that are fast, global, secure, and inexpensive has increased significantly as a result,” held the consortium.
“Secondly, they added, “Businesses around the world are beginning to seek the advantages of payments made via an entirely new, digital, global and interoperable infrastructure that enables low-cost transfers anywhere nearly instantly.” And thirdly, the “recent innovations in the governance of the Compound protocol have driven significant demand for USDC, highlighting DeFi as a space with high growth potential,” the statement settled.