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Friday, June 14, 2024

Cheaper Method to manage Ethereum Addresses developed by TrustToken


TrustToken who is the designer and producer of TrueUSD has introduced an innovative process for crypto exchanges to control an enormous amount of addresses related with TrueUSD and other ERC20 tokens. TrustToken has launched the first open available process which has enough capacity to handle up to thousands or millions of addresses within a single wallet, thereby decreasing the amount of consumption of Gas (Ethereuem) that is required for managing of wallets accepting TUSD.

The good thing about this, as this is an open-source code any update is not just limited to only TrueUSD smart contract but can also be adopted and replicated by other tokens as well.

Rafael Cosman, The Head of Engineering for TrustToken, during a press release explained about the technology and stated “While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet.”

As per the statement of TrustToken’s Lead engineer, Terry Li, “The AutoSweep features, while first deployed with TrueUSD, have big implications for the Ethereum blockchain more generally, and could be applied to any Ethereum token.”

The savings resulting out of lower consumption of Gas can be passed on to the traders thereby resulting in a lower Transaction fee. Post integrating the code into their back-ends, the Exchanges might be able to save a considerable amount due to the gas savings and will also be able to create up to 1,048,576 Ethereum wallet addresses through the process of AutoSweep.

As per the current operations, one Ethereum block includes 0.04944099 ETH in the form of transaction fees. Though at the current prevailing prices this might seem to be a minimal amount, but as the prices start rising, this could come as an advantage to the traders in the form of lower transaction fees and ultimately higher margins.

Jeffrey Tucker is of the opinion that transaction fees can play a significant role in increasing the acceptance and it not kept under control might reduce the same. He also believes that TrueUSD recognizes that it is quite essential to create effective transactions in order to reach its scaling strategy. He says “With the TrueUSD market cap over $200 million, efficient token management has become key to efficiently scale.”

Glen Nelson

Glenn Nelson has been actively engaged in stocks, digital currencies and global financial markets. He has recently joined EdgeCoinNews team as a writer. He has studied journalism and have five years of experience in writing news stories in different domains such as cryptocurrencies, price analysis, opinion articles etc. In his free time, you can find him exploring tools for financial analysis.

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