How TurboWallet Works
This section has all the technical details around how TurboWallet works. For the nerdy or those who want to gain trust into how we operate.
TurboWallet uses blockchain technology to provide a safe and trusted environment for our customers. Blockchain provides complete transparency so you can always double check everything we do and ensure we are doing things right and above board.
Stablecoins
TurboWallet uses stablecoins for almost everything. We believe stablecoins and Central Bank Digital Currencies (CBDC) are the future of money.
Stablecoins are tokens on blockchain that are backed 100% by cash in bank accounts meaning they do not fluctuate and are always worth exactly one 1 of the currency it represents. You can take one token and cash it in with the company operating the stablecoin or in many other ways such as at cryptocurrency exchanges, our partner banks or even local businesses. See withdrawals for more information on getting cash out.
We currently use USDC as it is one of the largest stablecoins on the market and is operated by very trustworthy companies. You can find more information about USDC here.
Stablecoins on GoChain
In order to facilitate fast and cheap payments, we use GoChain, a blockchain network that is run by a group or large, reputable companies and non-profit organizations such as Lenovo, Dish Network, Conservation International and Penn State University. Most stablecoins live on Ethereum which is simply too slow and too expensive to do payments. Ethereum can only support a maximum of 13 transactions per second which means it can take minutes or sometimes hours to complete. And it can cost dollars or even tens of dollars for a single transaction (costs vary depending on congestion). You can't buy a pack of gum if it's going to cost you $1.00 or more and you might have to wait an hour at the register for the transaction to go through. GoChain can handle 100x the volume and fees are 1/10,000 the cost of Ethereum which makes it perfect for payments.
GoChain transactions fees are covered by TurboWallet so there is no cost to you.
GoChain provides a chain swap service that let's anyone move Ethereum based tokens to GoChain and back again. TurboWallet uses this service behind the scenes to move tokens back and forth between networks. Your main account uses GoChain tokens for fast, cheap payments. You can easily move those tokens back to Ethereum at any time.
USDC on GoChain is known as GO:USDC.
You can audit in real-time that GO:USDC is backed 100% by USDC.
GO:USDC balance - total supply is the number to look at there