How does Tether get their transactions validated?

Hijackedusername

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Quote from: adaseb on June 10, 2018, 03:30:20 AM

Quote from: madnessteat on June 10, 2018, 02:10:32 AM

I think that the confirmation of the transaction is the POS mining. For example, the creators of the token have put a certain number of tokens under this, which confirm the transactions. But I could be wrong, this is just an opinion.

Completely false.

Tether basically runs on the OMNI network and uses the bitcoin blockchain. Basically its validated and secured by the hashpower of all the BTC miners which currently right now is very large and highly protected against 51% attacks.

OMNI network is like a side chain or so. Basically most BTC explorers don't recognise tether transactions because it says error on the inputs but the USDT tether blockchain can decode them properly.

Only issue with this is when the fees goes up, its very expensive to move tether around because the transactions are slightly larger.

Thanks

adaseb

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Quote from: madnessteat on June 10, 2018, 02:10:32 AM

I think that the confirmation of the transaction is the POS mining. For example, the creators of the token have put a certain number of tokens under this, which confirm the transactions. But I could be wrong, this is just an opinion.

Completely false.

Tether basically runs on the OMNI network and uses the bitcoin blockchain. Basically its validated and secured by the hashpower of all the BTC miners which currently right now is very large and highly protected against 51% attacks.

OMNI network is like a side chain or so. Basically most BTC explorers don't recognise tether transactions because it says error on the inputs but the USDT tether blockchain can decode them properly.

Only issue with this is when the fees goes up, its very expensive to move tether around because the transactions are slightly larger.

madnessteat

legendary

Activity: 2310

Merit: 2073

I think that the confirmation of the transaction is the POS mining. For example, the creators of the token have put a certain number of tokens under this, which confirm the transactions. But I could be wrong, this is just an opinion.

Hijackedusername

newbie

Activity: 6

Merit: 0

Since Tether is not mined, yet the transactions need to be validated, how is this achieved?

(I am assuming that there are fees associated with sending Tether from wallet to wallet, and I am assuming there is a miner that needs to validate this transaction, so if the value of Tether always stays at $1, and there are no Tether generated by mining, I can only assume the miner makes all their fees from validating transactions?)

Topic: How does Tether get their transactions validated? (Read 170 times)