Wire Network has unveiled a protocol called Universal Polymorphic Address protocol (UPAP) designed to allow its users to own a digital wallet that is readable regardless of the specific blockchain on which a user’s NFTs or cryptocurrencies are built. The protocol achieves this by giving each user a universal address that can be accessed from any blockchain system as long as one has the authentication credentials.
The UPAP protocol can also facilitate gaming, has improved usability and enhanced security from cyberattacks, and can be scaled quickly to suit any decentralized apps or crypto trading operations.
Wire Network CEO Ken DiCross says unlike competitor protocols, UPAP is decentralized and is more cost effective when compared to what is currently available in the sector. He adds that other products on the market have significant vulnerabilities at the bridges through which one blockchain system can interact with another, such as when a user is paying for a particular crypto using another crypto. The procedures of interoperability for the existing products on the market are also complex, leading to user frustrations, DiCross adds.
At the moment, this protocol can be accessed in its alpha form simply by visiting the NFT marketplace of Wire Network. The protocol is also available to users of its play-to-earn decentralized app called R4R3. Those who play the game Dragon Spawn can also access this early version of UPAP. The protocol will also be made available soon through Wire Network partners such as MegaMask and TheWallet.
As the UPAP functionality is rolled out, developers will make use of it to allow users to access this protocol via their digital wallets. Once it is activated, users will no longer have to pay any fees when trading an asset whose source is different from that of the blockchain from which the wallet originated. People who trade Bitcoin, Solana, Ethereum, Algorand, Wax and Cardano can start using the functionality. Other cryptos and their related digital assets will also be added to the protocol.
The protocol works by generating a mnemonic code for a person whose digital wallet has the UPAP functionality. With that code, the person can receive or send any asset on web3, and the activity will not encounter any barrier while being moved from one blockchain to another. For example, someone can buy Ethereum using BTC, and the transaction will be completed seamlessly.
As you can see, the blockchain tech space is evolving rapidly, and many players such as BlockQuarry Corp. (OTC: BLQC) are working to gain first-mover advantage in the specific segments in which they act. As this flurry of activity intensifies, the technology is poised to become mainstream.
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The post Wire Network Unveils Crypto Interoperability Wallet appeared first on CryptoCurrencyWire.
Jun 28, 2022
