Tether

Starting with a whitepaper posted online in January 2012, J.R. Willett defined the possibility of building new currencies on the pinnacle of the Bitcoin Protocol. Willett assisted in implementing this concept in the cryptocurrency Mastercoin, which had a related Mastercoin Foundation (later renamed the Omni foundation) to promote the use of this new “2nd layer”. The Mastercoin protocol would grow to be the technological basis of the Tether cryptocurrency, and one of the unique members of the Mastercoin Foundation, Brock Pierce, became a co-founder of Tether. Another Tether founder, Craig Sellars, turned into the CTO of the Mastercoin Foundation.

The precursor to Tether, firstly named “Realcoin,” was introduced in July 2014 via co-founders Brock Pierce, Reeve Collins, and Craig Sellars as a Santa Monica primarily based startup. First tokens were issued on 6 October 2014 on the Bitcoin blockchain. This becomes executed by using the Omni Layer Protocol. On 20 November 2014, Tether CEO Reeve Collins announced the venture was being renamed “Tether.” The organization also introduced it as entering private beta, which supported a “Tether+ token” for three currencies: USTether (US+) for u.s. Dollars, EuroTether (eu+) for euros, and YenTether (JP+) for Japanese yen. Tether stated, “each Tether+ token is backed one hundred% by its original currency, and can be redeemed at any time with no publicity to trade risk.” The agency’s website states that it is incorporated in Hong Kong with workplaces in Switzerland, without giving details.