Introducing the Universal Protocol Alliance and UPT
The Universal Protocol Alliance is the most prominent coalition in the blockchain industry dedicated to increasing interoperability, mainstream consumer safeguards and a more transparent standard of stablecoins.
Current members of the Alliance include known blockchain powerhouses such as OmiseGo, Bittrex, Cred, Uphold, Blockchain at Berkley and Certik.
The innovative minds within the Alliance identified one of the biggest problems holding back blockchain adoption was the lack of interoperability. To address this challenge, they developed the Universal Protocol. This allows instant and seamless transfer across different blockchains, acting as a connector between blockchain protocols that previously were unable to “communicate”.
One of the major achievements of this unique technology is that it allows any blockchain to readily compile with Ethereum and its ecosystem of smart contracts, dApps and decentralized exchanges. Universal Protocol offers a solution which is scalable and can quickly be applied across different blockchains unlike atomic swaps.
The goal of the Universal Protocol Alliance is to ultimately foster an ecosystem where seamless and decentralized conversions of tokenized assets are possible. Any asset that is currently trading on financial markets such as commodities, equities, debt or cryptocurrencies could be digitized and traded via Universal Protocol.
By combining Ethereum smart contracts and digital asset reserve management with their innovative Universal Proxy Tokens, the alliance is proposing a system where anyone can securely transfer value. Every Universal Protocol Token is fully-backed by an underlying asset. For instance, if an investor buys $3000 worth of Universal Dollar, $3000 United State Dollars will be purchased and held in reserve. Consequently, the price of the Universal Dollar will mirror the price of the United State Dollar dollar. The beauty of holding Universal Proxy Tokens is that you can easily swap these dollars into any other Universal Protocol Token.
The most recent addition to the Universal Ecosystem has been the Universal Euro, a Euro-backed stablecoin. This stablecoin enables people everywhere in the world to purchase and securely store Euro. Consumers can put their Universal Euro to work and earn 8% interest by staking them on applications powered by Cred, including Bitcoin.com and Uphold.
The Universal Protocol ecosystem is fueled by their native token: the Universal Protocol Token (UPT). As the easiest gateway into the Universal Protocol platform, the UPT utility token offers users:
- Reduced trading fees UPT
- The ability to lend or borrow with UPT
- Access to discounted events, auditing fee discounts and payment for some gas fees with UPT.
At Bitcoin.com Exchange, we believe that only with collaboration and team-effort will we be able to drive the blockchain industry forward. This is why we have decided to support the UPT alliance mission and will make the UPT token available on our exchange.
UPT will be listed on the 20th November.