TrustToken discovers a less expensive way of handling client ETH addresses for digital currency exchanges

TrustToken discovers a less expensive way of handling client ETH addresses for digital currency exchanges
Jan 15, 2019 by Rico Wise

TrustToken has created the first publicly accessible means to manage the countless addresses within a single wallet, therefore cutting the Gas costs (ETH utilized for settling transaction fees) needed to maintain TUSD-accepting digital wallets.

The upgrade to the TUSD smart contract does not necessarily need to apply exclusively to TrueUSD stablecoin. The code is open-source, which means that any other ERC20-based token can duplicate the method themselves.

Rafael Cosman, the head of engineering at TrustToken, stated that whereas cryptoexchanges are presently capable of establishing individual addresses for customers, there is absence of standardization regarding the process for backend accounting in terms of settlement of such accounts, with every single transaction demanding Gas payments. AutoSweep is the first introduction of a so-called alias feature for an ERC20-based coin and enables cryptoexchanges to substantially better both the structure of accounting and performance time and costs, saving up via automatically sweeping customer accounts to the central wallet.

Funds saved on transaction fees can become transferred to cryptotraders. Cryptoexchanges can set up as many as 1,048,576 Ethereum-based wallets via AutoSweep. For the majority, this accounts for an entire customer base pool. Integration of the code into the cryptoexchange’s backends, Gas savings might account for thousands of dollars.

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