6 million USDT coins have been minted and are available based on the BCH network, but are there any advantages?

After bidding farewell to the fierce battles during the two forks, BCH seems to have entered a state of Buddhism. However, according to Coindesk's analysis, BCH's development progress and discussions on social media still surpass BSV, which seems to be more popular in the Chinese world.

The biggest positive for BCH in the near future is the upcoming issuance of USDT based on the BCH chain. On July 9, Tether transferred 6 million USDT from the Bitcoin omni network to the BCH SLP network. Before that, Tether issued 3027 USDT based on the BCH chain, but destroyed 2017 of them. According to Brucelee, a BCH enthusiast, Coinex Exchange said that it would support USDT_SLP as soon as it goes online.

The author Shandian in the cryptocurrency circle also said that he received 20 USDT-SLP on July 8, which was the royalties earned from translating for the SLP Foundation. If you want to experience USDT-SLP, you can search for Electron Cash Wallet to download and experience it.

Txid: d9ccb637328f822e0e03da28b2e1185d19c29916d6493f5a18c0cf8cd63580c1

USDT is a stablecoin created by Tether, with a total market value second only to Bitcoin and Ethereum, with a market value of nearly 10 billion US dollars. USDT is currently issued on the chains of Bitcoin, Ethereum, TRON, EOS, and BCH, among which Ethereum has the largest amount, but USDT on the TRON chain is growing rapidly due to its low handling fees and fast transfer speed. As of June 2020, USDT on the TRON chain has reached 2.9 billion US dollars, nearly 3 times the market value of TRON itself.

On the positive side, for BCH, the SLP protocol has been developed for less than 2 years, and the addition of USDT has very good brand value for the BCH ecosystem and the development of the SLP protocol. Tether's expression of this is that first, it can reflect the diversity of USDT and can be supported by different chains; second, it can support more applications on the BCH chain and enrich the use of USDT.

On the other hand, the comparison standard of USDT is also very simple, which is nothing more than the level of handling fees and the speed of transfer (and possibly security). TRON has developed rapidly due to this advantage, and may even replace Ethereum chain USDT in the future. BCH has certain advantages in handling fees, but the transfer speed is relatively slow. USDT_SLP was originally planned to be launched in May but was delayed to July. The main reason is that the technical staff of Tether are not familiar with the SLP protocol, which has led to the delay of testing and use.

Brucelee, a BCH enthusiast, said, when USDT_SLP goes online, will the user experience be better than USDT_TRC20? The answer is no, the transfer fees of both are extremely cheap, so they are even. However, it is impossible for exchanges to support zero-confirmation deposits on the BCH chain. According to the current nature of BCH, which sometimes takes more than an hour to get confirmation, USDT_TRC20 will beat it in the transfer experience between exchanges. If BCH can shorten the block time to 1 minute, then USDT_SLP can still compete with USDT_TRC20.

As for the Avalanche Protocol led by Bitmain, it is said that it can be deployed on BCH and shorten the transaction confirmation time to about 3 seconds, making BCH's zero confirmation mechanism a reality. However, relevant technical experts said that this has nothing to do with USDT deployed on SLP.

According to the Bitcoincash official account, Wu Jihan, one of BCH's supporters, also has a very clear understanding of the current situation. He said: "The BCH ecosystem has completed an important link. In a short period of time, there may not be many stablecoin users migrating over. But at present, the complete ecosystem of any cryptocurrency is inseparable from stablecoins. BCH has completed this link, and application developers and users within the BCH ecosystem will feel more convenient in the future." In fact, there have been multiple stablecoins on the BCH chain before, but their application is not too wide.

Regarding the advantages and development of USDT_SLP, Wu Zhitao, a fan of the BCH community, said that first, compared with USDC, which has become a hot topic in the past two days, BCH's USDT is based on UTXO and is censorship-resistant; (Brucelee's interpretation of this is: compared with the frozen USDC, the advantage is that the stablecoin on SLP is very safe and not afraid of being frozen; the disadvantage is that USDC and the like are unlikely to be issued on SLP); second, the bitcoin.com wallet, which has exceeded 10 million downloads, will support the application of USDT on this BCH chain; third, the badger wallet supports the slp protocol, and the Spanish version currently supports no bch transfer fees, which lowers the threshold for the use of stablecoins.