Universal Protocol Alliance Launches UPBTC To Enable Cross-Chain Interoperability
This week, the Universal Protocol Alliance launched the Universal Bitcoin (UPBTC). This product is designed for increasing the mass adoption of Bitcoin and will earn 10% every year on CredEarn.
The importance of universal proxy tokens is underpinned by their ability to represent the value of assets, make them accessible and easily exchangeable on blockchain platforms. Universal Proxies are based on Ethereum’s ERC20 protocol and have smart contracts that use an If This, Then That (IFTT) logic to evaluate the authenticity of on-chain transactions. For instance, the smart contracts can facilitate trade and the subsequent settlement, provided the conditions for the transaction are met.
There are many methods of working the problem of interoperability across various blockchain networks. For instance, cross-chain atomic swaps enable users to swap tokens across different networks with relative ease. The problem, however, with such solutions is their inability to connect to multiple blockchain networks. This is because they are reliant on smart contract functionality of specific blockchain protocols.
Universal proxies, on the other hand, can represent the value of almost all assets held in reserves. They are also easily convertible into Ethereum protocol, which is hugely popular. Moreover, the fact that they are compatible with the ERC20 standard makes it easier to create.
The Universal Protocol Platform is a collection of universal proxy tokens for all digital currencies under one protocol. This makes it the ideal solution for cross-chain interoperability. Each asset held in reserve is changed into Universal Proxy Tokens in a 1:1 ratio, after which it becomes usable on the Ethereum network.
Dan Schatt, the chair of the Universal Proxy Alliance, believes that the introduction of the Universal Bitcoin will improve the accessibility and convertibility of Bitcoin. Essentially, it will introduce Bitcoin to the Ethereum network in the structure of a secure proxy token that is compatible with standard Ethereum applications. Dan concluded by saying that UPBTC is the safest and most convenient way of holding Bitcoin and enjoy the same benefits as holders of the Universal Dollar.
The Difference Between Standard BTC And UBTC
UPBTC differs from standard Bitcoin on several fronts. First, it is designed to meet enterprise-grade security standards. It is impossible for attackers to randomly generate new tokens for use on the network. This is ensured by a security mechanism that denies access to addresses that have suspicious activities.
Additionally, UPBTC is compatible with the Universal Protocol Token. This enables the fast, secure and affordable conversion of UPTC to other virtual currencies.
Another difference is that UPBTC has an intelligent bookkeeping system that stores all transaction records on a smart contract. Even if a malicious party brings the transparency page down, other users can request for backup records from the Ethereum network.
Lastly, the UPBTC project has the support of leading entities in the blockchain industry. These are; CertiK which validates the integrity of smart contracts, Cred which offers loans, Uphold which provides a trading platform and wallet services, and Blockchain at Berkeley whose role is research and further development of the ecosystem’s features.