Justin Sun, the founder of TRON, recently announced on Twitter that the TRC 20 based Tether USDT will now be supported by the Magnum wallets. Earlier this month, TRON Foundation talked about ‘incentive plans’ for all the users who will adopt the USDT-TRON. The Foundation made an announcement on Medium that there is a ‘20 million U.S. Dollar incentive plan’ which is launched to encourage the customers of the platform to convert their USDT holdings into USDT-TRON. By doing so, the company in the blog said, the user will be able to enjoy a much quicker, economically efficient payment system.
— Justin Sun (@justinsuntron) April 23, 2019
USDT-TRON Freedom coupled with Magnum Wallets-
Magnum wallet has made its name in the light wallet industry due to the great control it gives to the user. Since the private keys are not stored on the wallet, and neither other information such as backup files, customer’s personal information, back up files etc are stored by the Magnum wallet; it offers a great deal of control in the hands of the users.
Where does the important information gets stored if not on the wallet? Well, the private keys are encrypted in the browser’s local storage and the encrypted SSL-connection controls all the transactions. A natural question follows, that if the wallet does not store information about the user, then how does it gets information and in return supports its customers? The answer is quite simple, the company makes use of a third-party Application Programming Interface (API) to arrange for information such as crypto exchange rates. Stock charts, blockchains and so on. Therefore, with the support of Magnum Wallets, the users can enjoy a much more efficient payment system with USDT-TRON.
The USDT-TRON partnership-
On the partnership with USDT, team TRON said that this move will improve the existing decentralized application DApps ecosystem. It will also boost the “value storage”, and will have a positive effect on the liquidity of decentralized exchange DEX. With this change, the platform becomes very much accessible to both the institutional investors as well as the individual enterprises.
The CEO of BitTorrent and the Founder of TRON- Justin Sun had the following to say-
“USDT-TRON will firstly bring more users to the industry because it is easier for those who are unfamiliar with digital currency to understand and accept. As a result, more people will take notice of TRON, and the whole industry will benefit. We believe that with a faster, more economic and concrete stablecoin payment experience, more ordinary people will start to pay attention and use DAPPs. In addition, we will offer attractive incentives for early adopters, totaling the equivalent of 100 million RMB, to get existing USDT holders to transition to TRC20-based USDT and advance the potential of decentralized finance.”
More on Magnum Wallet-
On 18th of this month, Magnum made an announcement about it showing support for Binance Chain main-net as well as Binance DEX. On the other hand, where several crypto platforms have been found removing Bitcoin SV from their platforms, Magnum Wallet, a relatively new entry in the wallet industry joined the same trail. In mid-April, the wallet company said-
There are a lot of disputes over Craig Wright's decisions and we, Magnum Wallet, as a community-driven project need your opinion!
Should we delist Bitcoin SV or not? #delistbsv @APompliano @ErikVoorhees
— Magnum Wallet (@Magnum_Wallet) April 16, 2019