Universal Protocol is basically an alliance of like-minded virtual asset companies. These companies are also the pioneers of blockchain. The main aim of this alliance is to help decentralised ledger-technology to realise conventional adoption as a global way of transferring value with the help of the internet. In several ways, this protocol is a transformational advancement for the entire blockchain industry. This is expected to go a long way in order to make it possible for virtual assets to be exchangeable in one single ecosystem.
The Universal Protocol platform is mainly a coalition of main the blockchain firms who are known to have set up a global transparent reserve and also safekeeping standards. The companies or firms include names like Brave, Cred, Uphold, and Berkeley.
Why Universal Protocol?
This particular platform is known to serve as a hub for the development and supervision of proxy tokens. It also has user features which will be instrumental in driving the mass adoption of virtual assets globally. This platform is also beneficial when it comes to solving familiarity challenges and as well as usability. This is actually undergone by millions of users as they make use of virtual assets. At this point, virtual assets are known to exist on specific blockchain platforms which basically means that it is not possible for them to interrelate with each other. The main objective of the UP platform is to allow all virtual assets to be made accessible to one single ecosystem with the introduction of proxy tokens.
How does it work?
This particular platform is known to introduce foundational architecture for interoperability between different blockchains. This is made possible by combining various proven technologies like Ethereum smart contracts and digital reserve management with easily convertible and secure Proxy tokens. The Universal Protocol platform is basically a digital reserve ecosystem that is known to provide investor protection, interoperability and value substantiation for the blockchain based assets. It is expected to help crypto assets and crypto currencies safer to own and also easier to convert across different networks. it can be said that this is one helpful platform that has been introduced to us.
This platform is known to work with proxy tokens which basically represents a digital asset. It can represent Litecoin, Bitcoin, Ethereum and many other digital assets as well.
Proxy tokens are actually the virtual depiction of their underlying assets. This can be in existence on other blockchains as well. With the use of proxy tokens, this particular platform is going to set up a common universal language that will allow different blockchains and token based projects to interrelate seamlessly and liberally with each other.
Thus, from the above discussion it can be concluded that this particular platform has been introduced to help the virtual assets of the users. The platform also provides several benefits as well. If you wish to learn more about the concerned protocol then you can go through the white paper of the project on it’s official website.