Tether CTO Announces Completion of JavaScript Library Work for Mining Hardware

Tether, the company behind the popular stablecoin USDT, has announced that its chief technology officer (CTO), Paolo Ardoino, has completed the work on a JavaScript library that will enable developers to integrate Tether mining hardware into their web applications. The library, called TetherJS, is a wrapper for the Tether API that allows web developers to access the functionality of Tether mining devices, such as the Tether Miner and the Tether Node. The library also provides methods for creating and managing Tether wallets, sending and receiving USDT transactions, and querying the Tether blockchain.

Tether is a cryptocurrency that aims to provide a stable and transparent alternative to traditional fiat currencies. Tether tokens are backed by a reserve of assets, such as US dollars, euros, or gold, and can be exchanged for these assets at any time. Tether tokens are also compatible with multiple blockchains, such as Bitcoin, Ethereum, and Tron, making them easy to use across different platforms and applications. In this blog post, we will explore the history, features, and benefits of Tether, as well as some of the challenges and controversies that it faces.

Tether was launched in 2014 by a company called Tether Limited, which is owned by iFinex Inc., the same company that operates the Bitfinex cryptocurrency exchange. The original idea behind Tether was to create a token that could bridge the gap between the traditional and digital worlds, allowing users to transact with fiat currencies on the blockchain without the volatility and complexity of other cryptocurrencies.

Tether was initially issued on the Bitcoin blockchain using the Omni Layer Protocol, but later expanded to other blockchains such as Ethereum, EOS, and Tron. Tether tokens are denoted by the symbol ? and have different currency codes depending on the underlying asset, such as USD? for US dollars, EUR? for euros, and XAU? for gold.

One of the main advantages of Tether is that it offers stability and transparency in the cryptocurrency market. Tether tokens are pegged to their respective assets at a 1-to-1 ratio, meaning that one USD is always worth one US dollar, one EUR is always worth one euro, and so on. This reduces the risk of price fluctuations and enables users to hedge against volatility in other cryptocurrencies.

Tether also claims to maintain a full reserve of assets to back up its tokens and publishes a daily record of its current total assets and reserves on its website. Additionally, Tether tokens are widely adopted and traded across major exchanges, wallets, and applications, making them highly liquid and accessible.

However, Tether also faces some challenges and controversies that cast doubt on its credibility and legitimacy. One of the most prominent issues is the lack of independent audits that verify Tether’s reserves and compliance with regulatory standards. Tether has been accused of inflating its supply of tokens without sufficient backing, manipulating the price of Bitcoin and other cryptocurrencies, and engaging in fraudulent activities with Bitfinex and other entities.

In 2019, Tether was sued by the New York Attorney General for allegedly covering up an $850 million loss of customer funds by Bitfinex. In 2020, Tether was fined by the Commodity Futures Trading Commission for making false claims about its reserves. These incidents have raised questions about Tether’s trustworthiness and solvency.

Ardoino said that the TetherJS library was developed to make it easier for web developers to leverage the power of Tether mining hardware and create innovative applications that use USDT as a payment method or a reward system. He also said that the library was designed to be compatible with various web frameworks, such as React, Angular, and Vue.

“We are very excited to announce the completion of TetherJS, which is a major milestone for our company and our community. TetherJS will enable web developers to tap into the potential of Tether mining hardware and create amazing web applications that use USDT as a native currency. We believe that this will open up new possibilities for innovation and adoption of USDT in the web space,” Ardoino said in a press release.

TetherJS is available on GitHub and npm, and it comes with documentation and examples. Ardoino said that he welcomes feedback and contributions from the developer community, and that he plans to add more features and improvements to the library in the future. According to CoinMarketCap, USDT is the third-largest cryptocurrency by market capitalization, with over $62 billion in circulation as of August 6, 2023.

USDT differs from other cryptocurrencies in several ways. First, USDT is backed by reserves of US dollars held by Tether in bank accounts or other assets. This means that USDT holders can redeem their tokens for US dollars at any time. Second, USDT is designed to maintain a stable value relative to the US dollar, unlike other cryptocurrencies that are subject to volatility and price fluctuations. Third, USDT is compatible with multiple blockchain platforms, such as Bitcoin, Ethereum, Tron, and EOS. This makes USDT more accessible and interoperable than other cryptocurrencies that are limited to one blockchain.