1) A user sends a request to the USDC issuer to redeem an equivalent quantity of USD for USDC tokens.

2) The issuer sends a request to the USDC smart contract to change the tokens for USD and take an equivalent quantity of tokens out of the circulation.

3) The issuer sends the requested amount of USD from its reserves back to the user’s bank account. The user receives the net amount equivalent to the one in USDC tokens, minus all incurred fees).

Other than working on Tether, Craig Sellars has been a member of the Omni Basis for over six years. Its Omni Protocol allows customers to create and trade smart-contract based mostly properties and currencies on prime of Bitcoin’s blockchain. Sellars has also labored in several other cryptocurrency companies and organizations, comparable to Bitfinex, Factom, Synereo and the MaidSafe Foundation.

Mining cryptocurrency makes use of a number of pc energy, so miners are rewarded for the work they do. On the Bitcoin community, miners who verify new blocks of knowledge are rewarded with 12.5 BTC of recent Bitcoin. This is the reason it’s known as mining. As a substitute of mining for gold or coal crypto, miners are digging for brand spanking new Bitcoin!

5. Rocki ($ROCKI): ROCKI is a subsequent-era music NFT and music streaming service, designed to solve some of probably the most basic problems of the music industry. Powered by the ROCKI token, it is the first platform that rewards each the artists for his or her streams and the listeners for his or her participation. This app has a high potential to be successful in India and different international locations.