End Of An Era: Tether Stopped The Production Of USDT On Omni, Kasuma, and Bitcoin Cash Blockchains
In a move that marks the 'end of an era,' Tether, the world’s largest stablecoin by market cap, has announced the cessation of support on the Bitcoin Omni, Kasuma, and Bitcoin Cash Blockchain. This news highlights how quickly the cryptocurrency world is evolving. Although it might be surprising this decision aligns, with the trends in the crypto industry.
For those who're not familiar with it Omni is a currency platform that operates on the Bitcoin blockchain. It was previously used as the basis, for USDT transactions. However Tether has officially announced their plans to gradually discontinue producing coins on this technology.
It is worth noting that the USDT stablecoin initially debuted on the Bitcoin Omni Layer protocol. The Omni Layer played a vital role in facilitating the issuance and burning of USDT, backed one-to-one by US dollars. Further, Bitcoin Cash, a hard fork from Bitcoin, and Kasuma, another blockchain platform, also hosted Tether's USDT. The decision to pull support indicates a shift in Tether's strategy, focusing on more modernized and efficient blockchain infrastructures.
Tether cites lacks significant traction on those Blockchain with no signs of recovery in usage over an extended period as pivotal reason for the halt in support for Bitcoin Omni, Kasuma, and Bitcoin Cash Blockchain. As we find ourselves in an era that demands traction and volume, it's not hard to see why Tether may have deemed these blockchain obsolete.
Considering the increasing viability of modern Blockchains, rather than old layers Blockchains, it seems Tether has found its priorities lined up with most of the modern Blockchain startups. The shift signifies Tether's resolve to leverage newer blockchain technologies that offer superior community support, security, and efficiency.
Tether has sought refuge in newer blockchain technologies like Ethereum, Tron, and EOS, where most USDT transactions are currently hosted. With blockchains like Ethereum's offering better scalability solutions such as sharding and layer two protocols, Tether’s move seems pragmatic.
Moreover, Ethereum possesses smart contract capabilities which are not present in the Bitcoin Omni Layer. This function allows more sophisticated financial transactions and improved efficiency, making it a favored choice for Tether. Also, platforms like Tron and EOS offer higher performance and lower fees, which are critical to Tether's operational efficiency.
This decision seems to be in line with the evolving cryptocurrency landscape that has witnessed newer technology developments. Many cryptocurrencies are either moving to more effective blockchains or upgrading to address community concerns, security, and efficiency concerns. As stablecoins remain a popular choice for traders looking to hedge against volatility in the crypto market, it's essential for Tether to go where the market is.
While the demise of Bitcoin Omni, Kasuma, and Bitcoin Cash Blockchain support may look like a setback, it points to the inevitability of progression within the cryptocurrency space. Like many tech-based landscapes, evolution is not only expected; it is necessary. As Tether bids farewells to these blockchains, it embraces an era of more technologically advanced infrastructures, reiterating the importance of constant evolution in the rapidly progressing crypto space.
With this move Tether is making a bold statement and sending a message to the entire crypto space and Blockchain startup communities on the need for a more updated ecosystem. Blockchain startups need consistent stablecoins for investors to use their services. And Blockchain users need stability and an ease of use for their transactions.
Since Bitcoin Omni layer, Kasuma are old technologies, Tether may seem justified by this move. However, for Bitcoin Cash, it seems hard to digest. This is because, the Bitcoin Cash Blockchain has a very strong and dedicated community. Moreover, the Blockchain has continuously been undergoing protocol upgrade to improve its overall performance. With this, Tether got it wrong with Bitcoin Cash.
Bitcoin Cash is innovative and secured, but Tether is not right about their withdrawal of support for the Bitcoin Cash Blockchain. Many individuals who invest in Bitcoin Cash do so with the purpose of utilizing its features rather than trading it for Bitcoin or other digital currencies. The main reason people purchase Bitcoin Cash is due, to its practicality. It serves as a currency that enables users to save send and receive money with low transaction fees and increased speed. Despite this offering it has not gained recognition, within the cryptocurrency community.
Indeed, the dynamic metamorphosis of the blockchain landscape requires businesses to adhere proactively, aligning with efficient, future-proof platforms. As Tether withdraws support, the ball now lies in the court of Bitcoin Omni, Kasuma, and Bitcoin Cash Blockchain. Will they adapt to rise anew by finding a new ally or ceases to have a stablecoin supporting them? Only time will tell.
The attached image was recreated by me using Adobe Express.