Product Update: Universal crypto addresses

Inqud is excited to announce the launch of the Universal crypto addresses, a step forward in simplifying cryptocurrency transactions across multiple blockchains. This new feature is designed to greatly enhance user experience by allowing the reception of multiple cryptocurrencies under one consolidated address.

Previously, users needed to generate specific addresses for each cryptocurrency and blockchain network. For instance, to receive USDT on the TRON network, a user had to create a separate USDT address specifically for TRON. Similarly, another address was required to receive TRX on the same network. This process was not only cumbersome but also confusing for many users.

With the introduction of Universal Addresses, Inqud users can now create a single address that supports receiving various cryptocurrencies including Bitcoin (BTC), TRON (TRX), Ethereum (ETH), and others, across multiple blockchain networks like Bitcoin Blockchain, TRON Blockchain, Ethereum Blockchain, BSC Blockchain, and more. This means that whether a user wishes to deposit USDT via the TRC 20 on TRON or USDT via the ERC 20 on Ethereum, the same address can be used.

Key Features and Benefits:

Multi-Currency Support: Each Universal Address supports all cryptocurrencies and tokens available on the supported blockchains.

Simplified Management: Users no longer need to manage multiple addresses for different currencies and blockchains. A single address can now receive a variety of tokens, streamlining the management process.

Enhanced Accessibility: This update makes it easier for newcomers and experienced users alike to engage with different blockchain technologies without the need to understand the underlying complexities.

Legacy Address Support and Transition: Legacy addresses will continue to be supported for one month following the release date. After this period, these addresses will be automatically expired by our system, requiring no action from the users.

Retransfer Enhancements:

Retransfers from Universal Addresses will follow the current rules. However, if the address already holds a native currency for any of the supported networks, there is no need for additional top-ups, which represents a significant saving scenario.

Single Retransfer Button:

This function will now check all balances against the retransfer threshold and create between zero to multiple retransfers as needed.

Inqud is committed to continuous improvement and innovation. The Universal Addresses system is designed with scalability in mind, ensuring that as the blockchain ecosystem evolves, Inqud’s platform will seamlessly adapt to include new technologies and currencies.