TrustToken (TrueUSD) Develops A New Method For Managing Client ETH Addresses For Crypto Exchanges

In today’s crypto news, we have TrustToken which is the developer and issued of the stablecoin TrueUSD – and its new novel method that allows crypto exchanges to manage millions of addresses associated with TrueUSD as well as other ERC20 tokens.

According to TrustToken, this is the first publicly available means of easily handling thousands of millions of addresses for crypto exchanges within a single wallet, reducing the amount of Gas (Ethereum used for transaction fees) that is required for the maintenance of wallets that accept the TUSD stablecoin.

However, this update to the TrueUSD smart contract does not only have to apply to TUSD. The token’s code is open-source which means that other tokens and outfits can replicate the method.
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In an official press release, the Head of Engineering at TrustToken Rafael Cosman described the new technology as following:

“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.”

The press release also includes a diagram on how the process works. According to the lead engineer, “the AutoSweep features have big implications for the Ethereum blockchain more generally and could be applied to any ETH token.”

All of this could make ERC-20 token trading cheaper and help exchanges to benefit from a new discovery, saving thousands of dollars on behalf of their customers through gas savings.