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TrustToken, the developer and issuer of TrueUSD, has come with a method for crypto exchanges to manage millions of addresses associated with TrueUSD and other ERC20 tokens. This amount will be reduced to the amount of gas, and the reduction of the amount of gas is required.
The update to the TrueUSD does not only apply to TUSD. The token's code is open-source, so other tokens and outfits can replicate the method.
In a press release on Monday, TrustToken Head of Engineering Rafael Cosman describes the technology as such:
While being able to set up individual accounts for users, there is no standardized process for the backend accounting for these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an 'alias' feature for an etereum-based token and to improve both the accounting structure and save on time.
The press release includes the following diagram of how the process works:
Lead engineer Terry Li says:
The AutoSweep features, but first with TrueUSD, have a large implications for the Ethereum blockchain more generally, and could be applied to any Ethereum token.
Making ERC-20 Token Trading Cheaper
Transaction fee savings can transfer to traders. Exchanges can create up to 1,048,576 Ethereum wallet addresses using AutoSweep. For many, this covers their entire user base. Gas savings might be many thousands of dollars.
A recent, single Ethereum block included 0.04944099 Eth in transaction fees. Those who spent the cryptos today will be glad for any mechanism that saves them in the future during another bull run.
Smart costs can be higher, depending on many factors in Ethereum. For example, a recent transaction to move just .7 TUSD ($ 0.70) to an exchange cost the user $ 0.09 or 0.00072936 Eth.
Some people like Jeffrey Tucker believe they can not be controlled. TrueUSD understands this and believes that creating efficient transactions is essential to its scaling strategy:
With the TrueUSD market cap over $ 200 million, efficient token management has become key to efficiently scales.
Featured image from Shutterstock.
