USDC

Coinbase Traders can Take Payments with USDC

August 16, 2019 at 5:00 AM | By Jit Sutradhar Exchanges

The US-Exchange Coinbase uses the Ethereum update “Constantinople” to provide transactions in cryptocurrencies for its clients. Thousands of traders around the world can take payments without the risk of volatility thanks to the USD Stable Coin (USDC).

Coinbase Commerce has been in place since early 2018. Online merchants use the platform to accept payments in cryptocurrencies. In addition, the app can integrate these transactions into existing business processes. A May press release states that 2,000 merchants use Coinbase Commerce and transacted over $ 50 million in transaction volume. Even the e-commerce giant Shopify belonged to the aforementioned dealer circle.

Shopify is listed and offers e-commerce solutions for creating online shops and payment functions.

Just recently, Coinbase has integrated the CREATE2 application, the Ethereum platform.

Ethereum Update and USDC Stable Coin against the volatility of cryptocurrencies

Bojan Joveski, a Coinbase software developer, writes about the new feature in a blog post on August 14th.

Since February 2018, Coinbase Commerce has offered its merchant customers the ability to accept cryptocurrencies. So far, it was only possible to use Bitcoin, Ether, Litecoin and Bitcoin Cash. However, many traders worry about the volatility of cryptocurrencies. The new function CREATE2 can solve this problem. In addition, Joveski says:

We released USDC support a few months ago that offers our traders a volatility-free way to accept cryptocurrencies. The US Dollar supports the USDC Stablecoin one to one. This gives the USDC a stable price and makes it a good option for trading.

CREATE2 also enables a new workflow with huge cost savings.

Without CREATE2, we would need to contact the blockchain to show you the address to which you can pay. With CREATE2, I can show you an address that does not exist in the blockchain, but to which you can pay.

This saves Coinbase the gas costs and prevents the initiation of counterfeit payments. CREATE2 allows developers to simulate interaction with the blockchain. However, this happens without using the smart contracts directly.

Chain Security CTO: A “Deterministic Approach”

Hubert Ritzdorf, CTO of Chain Security, describes it as a “deterministic mission” and said in an interview in February:

When a new Smart Contract is deployed on the Ethereum platform, the network calculates the address to which the contract will be distributed. CREATE2 makes it easier and says, “We will distribute a contract to this address in the future.”

BTC-ECHO had already reported in January about the upcoming Ethereum Update Constantinople. Among other things, CREATE2 was activated with Constantinople. The Ethereum co-founder Vitalik Buterin developed CREATE 2 (or even EIP 1014) himself. The aim was to make off-chain transactions to increase efficiency possible.

CREATE 2 allows you to use the USDC. The USDC is a stable coin that is implemented as an ERC20 token on the Ethereum Blockchain. A stable coin is price-stable, as the crypto-asset one-to-one depicts the traditional asset (US-Dollar, Euro, Yen etc.).

Image via Shutterstock

This article is translated by Google Translate from btc-echo.de

Comments (0)

    Write a Reply or Comment

    You must be Logged In or Sign Up to post a comment.