![]() The Implement layer (also referred to as “Impl”) is where the underlying programmatic logic and smart contract data is stored. The proxy layer can be considered the governance layer and communicates with the implement layer (described below) to determine which transactions should be executed. It also provides a mechanism to stop GUSD minting and transfers in cases of security concerns or legal considerations. Through the use of smart contracts, the Proxy layer is designed to create and transfer GUSD. The Gemini Dollar protocol is built on the Ethereum blockchain, and leverages smart contract technology.To guarantee security and stability, as well as support scalability, optimize efficiency, and easily resolve bugs, the Gemini Dollar protocol is separated into multiple, independent, but coordinated layers in a configuration known as “contract separation.” The following three layers make up the contract separation process: Proxy, Implement, and Store. With this process, Gemini provides proof of solvency - providing a public, transparent guarantee that the number of USD held as collateral is sufficient to back the number of Gemini dollars in circulation. ![]() BPM confirms that this data is factual under the official attestation standards established by the American Institute of Certified Public Accountants. This specialized account is maintained at State Street Bank and the balance is audited monthly by BPM LLC, an independent accounting firm that publishes its audit publicly on a monthly basis.įurthermore, the Ethereum blockchain ’s distributed ledger serves as a publicly verifiable record of the number of Gemini dollars in circulation. In other words, for every GUSD in existence, Gemini holds one U.S. dollar and directly collateralizes each Gemini dollar against a U.S. Gemini achieves stability for GUSD by pegging its value in a 1:1 ratio to the U.S. The Gemini dollar is issued by the Gemini Trust Company, which has taken substantial steps to ensure the stable value and continued security of its cryptocurrency. The Gemini Dollar Approach: Proof of Solvency Send remittance payments to friends and family in other countries around the world. Trade with other ERC-20 tokens on decentralized exchanges like Uniswap and Curve. These tokens yield dividends and are traded using GUSD. For example, a Brazilian company leveraged GUSD to create a real estate security token to drive value and transparency for its investors. Perform larger transactions such as booking travel (via ) or paying freelancers (via Latium).īuild on the traditional financial system to create new methods for transacting. Make routine purchases at a number of retail outlets (including Bed Bath & Beyond, AMC Theaters, and Nordstrom). dollars to anyone in the world on the blockchain as easily as sending an email, in just a few clicks.Įarn interest on GUSD holdings by using lending services with interest rates of up to 9% per year. The Gemini Dollar (GUSD) acts as a bridge between traditional financial systems and the blockchain-based financial system, focusing on giving users more transparency and financial freedom.
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