TrustToken Releases AutoSweep to Revolutionize the Way Exchanges Manage User Addresses
TrustToken, known for its TrueUSD stablecoin which is currently a leading USD-backed digital asset, has announced the development of absolutely new cutting-edge features aimed at offering crypto exchanges a facilitated way to manage numerous unique user addresses.
The recently revealed features have been named AutoSweep. Not so long ago the team launched a new smart contract for TrueUSD. Namely, this contract was used to build the new features into.
Owing to AutoSweep, each client of an exchange that uses new features will have an opportunity to receive a unique TUSD deposit address that will be automatically ingrained into the primary wallet on the exchange. And it will be conducted with zero commission fees.
Speaking about their new initiative, Rafael Cosman, head of Product and Engineering at TrustToken, stated:
“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.”
How It Works
As it has been explained by the company, the process of creation of TrueUSD AutoSweep unique addresses resembles the process of creation of email aliases on a corporate email account. In the case with email, it is possible to create numerous outward-facing addresses that will direct emails into a single inbox.
The situation with multiple outward-facing deposit Ethereum addresses that lead to a single Ethereum wallet is quite similar to the above-mentioned one.
One of the lead engineers who participated in the project, Terry Lee explained:
“The TrueUSD team developed these features after working with over 75 exchanges over the last year, listing more than 200 TrueUSD trading pairs and working with thousands of unique wallets. With the TrueUSD market cap over $200 million, efficient token management has become key to efficiently scale. The AutoSweep features, while first deployed with TrueUSD, have big implications for the Ethereum blockchain more generally, and could be applied to any Ethereum token.”
AutoSweep feature presupposes that if exchanges want to create TrueUSD AutoSweep addresses, they need to send a small transaction from any Ethereum address to the AutoSweep smart contract to determine a central wallet.
As a result, the wallet will be automatically registered on the smart contract and the first 35 digits will be saved as the base address. The other 5 characters will be used by exchanges to assign users.
AutoSweep feature is expected to revolutionize the way of managing user addresses for exchanges. Meanwhile, according to the TrustToken platform, who managed to raise $20 million in its strategic round last year, they are not going to stop at this point and will work on the development of new advanced tools aimed at making the usage of TrueUSD even more convenient for traders and exchanges.
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