The Universal Protocol Platform is a digital reserve ecosystem that provides value substantiation, investor protection, and interoperability for blockchainbased assets. It makes cryptocurrencies and crypto assets safer to own and easier to convert across networks.
The UP Alliance, a coalition of cryptocurrency companies and blockchain pioneers, is launching the platform to provide users with a more convenient way to access a comprehensive array of assets through a single protocol, and thereby accelerate the adoption of blockchain as a mainstream financial technology.
The Universal Protocol Platform addresses one of the biggest challenges facing blockchain users by allowing the instant and seamless transfer of value across different decentralized networks. Providing a ‘common language’ through which incompatible protocols can ‘reason’ with each other, the platform reduces the time, cost and risk of converting digital assets.
Put simply, the project enables blockchains to ‘talk’ to each other using existing technologies. Unlike alternatives such as atomic swaps and exchanges, the Universal Protocol Platform provides a scalable solution that can be applied across many blockchains rapidly
The ecosystem will be activated through the creation of the Universal Protocol Token (Symbol: UPT) and a family of Universal Proxy Tokens, each representing a different asset.
The platform’s goal is to facilitate seamless, decentralized conversion of tokenized assets – including commodities, equities, cryptocurrencies and debt.
The biggest challenge facing blockchain technology today is the lack of a common language through which different protocols can ‘reason’ with each other and enable the transfer of value across decentralized networks. Blockchain technology has generated much interest because it promises to do for the movement of value what the standard shipping container did for the movement of goods: reduce the cost, time and friction of transferring assets
Yet blockchain interoperability remains virtually non-existent. Today, if a user wants to move value across chains, they must first move tokens from one blockchain to a central exchange, trade on its in-house ledger, and then withdraw the ‘new’ asset to another blockchain. The process is slow, expensive and involves substantial counterparty risk.