While most cryptocurrencies exist and function on separate platforms, crypto industry leaders are teaming together to streamline them on a single platform to further improve efficiency.
Universal Protocol Alliance
Several leaders in the cryptocurrency industry have teamed up to create the Universal Protocol Alliance.
The Alliance aims to enable all cryptocurrencies to be accessible on a single network so that they are able to interact and work together.
This network will be accessed by users through the use of proxy tokens.
The official release quotes,
“Proxy Tokens are a digital representation of their underlying asset and can exist on other blockchains. Using these Proxy Tokens, the UP Platform creates a common universal language that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other.”
Big Backing
While this platform is new, it already has the backing of several big names.
In the cryptosphere, many industry leaders such as Uphold, Cred, and Blockchain at Berkeley are already behind the initiative.
It is already generating buzz and if successful, will usher in a new era for cryptocurrency.
The Need
In the world of cryptocurrency, there is always the lingering sense of each currency being ‘on its own.’
All currencies exist on different platforms and this makes it harder for outsiders to understand the digital tokens and for insiders to work with multiple currencies at the same time.
Through this initiative, the gap between currencies can be bridged and there will be a greater sense of unity rather than division among the currencies.
Transparency
The initiative has announced that there will also be a universal standard reserve and a custody standard.
According to the official statement: “The UP Platform will publish the value of its assets in custody in real-time on a public blockchain. The reserve will also be subject to quarterly third-party audits that will be shared with the community to demonstrate the financial soundness of the Proxy Token ecosystem,”
A New Horizon
Transparency and unity are two qualities that crypto is in dire need of not only to make the experience better for currency traders and minutes but for those who are not yet involved in the crypto world.
Should this initiative succeed, new steps will definitely be taken to legitimize cryptocurrency.
“We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption,” JP Thieriot, President of the UP Alliance and Co-founder of Uphold said.
