The blockchain is celebrating its tenth birthday within the year but much hasn’t been seen of its supposed fruitful lifespan. One expects that its gospel must have infiltrated many ears and hands will be itching to have it in motion. However, the reversal had been consistent because relevant tools for blockchain adoption are not handy.
Citing some examples will suffice in comprehending how Universal Protocol tends to bring decentralization to the already fragmented value transfer across blockchains. There seems to be few tools that could have made interconnectivity possible among blockchains. For instance, transacting from Ethereum to other platform demands that a user maps assets to the other platform.
While concerns have been expressed over seeming security lags and low transaction time, synergy in transactions is not at their best. Consider a situation where you have to port value to a separate blockchain and trade there before your request to have a transaction can be accepted. This is usually the case if a transaction is not sent to sister-blockchain.
In the light of continued inefficiency in blockchains and given strenuous process to get value transfer, there is no light at the end of the tunnel that will attract willing investors and users who might have been interested in using the blockchain for their businesses.
Universal Protocol is touted as one-stop solution that will confront status quo and liberate the blockchain from inordinate practices that have kept it at its lowest ebb for the past ten years. When these are solved, then the light on blockchain’s forehead will be made manifest and only then will more use cases be realized. With the current model, such is not obtainable and an investor will only be living in fools’ paradise to think of adopting the blockchain technology with its current standing.
Universal Protocol is actually banking on its features to unite blockchains. Though this mightn’t be fiat, the process will be started off with bringing blockchains closer to one another. The era where futuristic projects haven’t seen beyond their nose will become less rampant because swift value transfer and interactions among chain networks will be enthroned.
The project itself is an off-shoot of innovative minds and companies interested in the growth of the blockchain. They are of the belief that the anticipated $60 billion USD market value of the blockchain and over $292 billion USD that have been garnered by cryptographic currencies are enough buoy to reshuffle value transfer with total overhaul implemented using the distributed ledger technology.
The major problem users are saddled with cryptocurrencies is herculean challenge they have to pass through before they get to exchange value. Thus, coin acquisition that ought to have been pleasing moment for traders become literal mourning. They have to scale three distinct processes before arriving at a value transfer.
First, a centralized exchange that will have support for initiating and receiving blockchains has to be in place. Second, the user needs to have the wallet of the other coin to withdraw funds and another for funds deposit.
Universal Protocol disrupts this with on-chain conversions. For instance, a user can leverage universal proxy tokens provisioned through the smart contract. To this end, values from different blockchains can easily be converted to appropriate formats without hassles. It will now be possible to convert BTC to ETH and other crypto coins.
Universal Protocol uses the Ethereum ERC-20 token compliant as foundation for these conversions. Hence, all assets to be traded will be re-converted to an ERC-20 token before they can be used on the platform.
Ticker: UPT
Token Supply: 10 billion UPT
Token Type: Utility Token
Exchange Rate: 1 UPT= $0.O1
Accepted Payment: ETH
There have been tons of projects that have used as possible means to bring disparate blockchains together. Universal Protocol seems better variant. The upside is its composition of token re-conversion; an act typical of killing birds with a stone – connecting chains and giving value transfer new lease of life.
Learn More About Universal Protocol With The Links Below:
Website | Whitepaper | Medium | Twitter | Telegram | Reddit
Bounty0x Username: Collinberg
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