Is The Winklevoss Stablecoin A Small Step Toward Crypto Acceptance?
The Gemini dollar is one step ahead of its time. Read on to know the reasons. Also, where is Opera headed with its crypto features to the mobile browser?
The Gemini Dollar Stablecoin
To introduce, a stablecoin comes to be a cryptocurrency pegged 1-to-1 with another stable currency as in most cases the coins are pegged to the US dollar and allowing for true transfers of actual fiat currencies between parties using the blockchain and in case you are nodding off right now thinking about this, then these moves however minor right now are an important step forward in cryptocurrency acceptance.
Hitting the virtual streets is the Gemini Dollar that comes as the latest stablecoin as it comes on the heels of the much-ridiculed Tether as the stablecoin created in 2014 has been the brunt of much criticism including suggestions that the team has been artificially pumping the currency with wash trades.
Winklevoss-run Gemini is the new currency pegged directly to the US dollar on the Ethereum blockchain meaning that for every Gemini Dollar there is one actual dollar in the bank account. Here comes the Gemini Trust Company holding deposits and has been officially accepted by the New York Department of Financial Services as the regulatory body associated with banking and finance.
In other words, the G.D comes to be the first stablecoin gaining a truly official imprimatur. According to Department of Financial Services Superintendent Maria T. Vullo, who is the financial technology marketplace as it continues to evolve, therefore New York is committed to fostering innovation as also ensuring responsible growth with approval as demonstrating that companies can create change and strong standards of compliance within a strong state regulatory framework safeguarding regulated entities and protecting consumers.
Thereafter the NYDS has come forward requiring that the Gemini dollars are fully exchangeable for a US dollar and has Gemini maintaining records of their movement. Including controls that include AML and OFAC, the requirement presents money laundering or terrorist financing as the independent accountant examines the fiat holding bank account to ensure that all of the stable coins are accounted for and you can convert and withdraw Gemini Dollars directly onto the Ethereum blockchain.
To conclude, all this means that there is now a stable regulated coin that should offset some of the traditional volatility of crypto which interestingly if limited is a move by the big player in the crypto space.
Here Is Opera Comes With A Load Of Crypto Features To The Android Mobile Browser
Crypto markets may probably be down and down while it isn’t stopping Opera’s crypto features that were released in beta from rolling out to all users of the core mobile browser today as the company bids to capture the decentralised internet flag early on.
According to Statcounter, Opera comes to be the world’s fifth most-used browser releasing the new Opera Browser for Android including a built-in crypto wallet receiving and sending Bitcoin and other tokens while also allowing for crypto-based commerce where supported. Opera users can buy using a password or even their fingerprint, on the e-commerce sites accepting payment via Coinbase Commerce or other payment providers.
Here it is the headline features that then gets the most use in the here and now whereas Opera is also talking up the support for “Web 3.0” the so-called decentralised internet of the future based on blockchain technology.
Opera has integrated the Ethereum web3 API thereby allowing the users of the browser to access decentralised apps based on Ethereum as the token support for Cryptokitties which was the once-hot collectible game that is seemingly every single decentralised internet product working within one way or another.
There isn’t much to see or use on Web 3.0 to be quite honest now as the big bet is that there will be in the future. Here Ethereum like other cryptocurrencies is in a funk right now giving thanks to the bearish crypto market which the popular refrain from developers is that low season is a good time to build as well as Opera has just shipped the means to access Ethereum Dapps as the community responds and gives people a reason to care.
The Concluding Thoughts
Setting aside the pessimism, the launch is notable because it has the potential to get blockchain-based tech into the daily habits of millions of people according to Charles Hamel the product lead of Opera for crypto.
It is here that while Opera can’t match the user base of Apple’s Safari or Google Chrome as both of which has the advantage of bundling a browser with a mobile OS and Opera does have the very loyal following making this release one of the most impactful blockchain launches to date.