The dollar Tether, also known as USDT, is a crypto-currency not really decentralized since it is based on the US dollar rate. Indeed, Tether Limited, the American start-up founded in 2009 which is at the origin of this project, indicates that a USDT token will always be equivalent to 1 US dollar, whatever the evolution of the latter. In concrete terms, the company explains that each time it emits a tether, it acquires and stores a dollar to make the balance. In short, 1 USDT = 1 USD.
USDT price in September 2017
USDT started from 64.46 INR on 1st September 2017 and slowly leaped towards 65.09 INR on 30th September 2017.
USDT price in October 2017
That is when USDT started from 65.21 INR on 1st October 2017 and experienced a descent towards 64.71 INR on 31st October 2017.
USDT price in November 2017
However, USDT witnessed a move from 64.44 INR on 1st November 2017 and gradually leaped towards 65.09 INR on 30th November 2017.
USDT price in December 2017
Therefore, USDT started at 65.05 INR on 1st December 2017 and moved downwards to 64.64 INR on 31st December 2017
USDT price in January 2018
Therefore, USDT started at INR 64.45 on 1 January 2018 and was trading at INR 63.14 on 31 January 2018.
USDT price in February 2018
Therefore, USDT started at INR 63.24 on 1 February 2018 and moved up to INR 64.55 on 26 February 2018.
The main idea of the USDT is a complete bond to the real money trust. If the system receives a dollar amount, an equivalent number of USDT coins is automatically issued. If the USDT changes to real currency, the equivalent of the USDT is self-destructing.
The use of the USDT creates a number of benefits:
Instant internal transfers.
Cryptographic protection means during storage and transactions, which is provided by bitcoins encryption algorithm.
Confirmation and verification of transactions is done through the Factom system, working on the principle of the simple proof of the confirmation of the reserves, or Proof of reservations, it also carries out an audit of the deposits of the users on the purses; Interest-free replenishment and withdrawal of funds through crypto exchanges.
The USD exchange rate is maintained in the 1:1 ratio, and independent auditors continuously monitor the ratio of the fund's assets and financial statements.
The total number of tokens in circulation is always the amount in USD of the bank account. In order to confirm the transparency of this condition and increase the credibility of the system, Tether Limited publishes the balance in the bank account on the "transparency page".