Gemini Custodian Can Alter or Cancel Gemini Dollar Transactions
September 18, 2018
Gemini Custodian is able to generate myriads of digital coins and make all coins non-transferrable every 48 hours. This was the result of an analysis blockchain researcher Alex Lebed and cryptocurrency consultant Alexey Akhunov have conducted.
The experts have looked through the source code of the GUSD smart contract and demonstrated that Gemini USD transfers can be stopped anytime. In accordance with the information provided by Tyler and Cameron Winklevoss, transaction freezing is one of the tech-features for this stablecoin.
The Gemini dollar white paper reports on this function along with the rest three fundamental principles of the GUSD blockchain and stresses that the function may prove useful in emergencies.
In general, the experts studied the program’s source code to show how users can make use of this function on their own.
After getting licensed by the New York Department of Financial Services Tyler and Cameron have launched new centralized stablecoin Gemini dollar. GUSD will be backed by the state fiat with FDIC “pass-through” insurance in accordance with the requirements.