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Universal Protocol Alliance Launches Interoperable Bitcoin – Universal Bitcoin (UPBTC)

Universal Protocol Alliance Launches Interoperable Bitcoin – Universal Bitcoin (UPBTC)

SAN FRANCISCO–()–The Universal
Protocol Alliance
, a group of leading blockchain companies including
Bittrex International, Brave, Blockchain at Berkeley, Uphold, Cred and
CertiK, announced the launch of Universal Bitcoin (UPBTC) the first
Ethereum-compatible Bitcoin that earns an annual ten percent return
through CredEarn.

“Universal Bitcoin is an important innovation because it makes Bitcoin
accessible and seamlessly convertible through a single blockchain
network. We are bringing Bitcoin to Ethereum in the form of a secure
proxy token that can now reason with any Ethereum application,” said Dan
Schatt, Chairman of the UP Alliance. “UPBTC is the safe, convenient way
for anyone to hold and interact with Bitcoin and benefit from the same
consumer safeguards, code integrity, transparency and interoperable
properties as the Universal Dollar (UPUSD) and every other Universal
Token issued through the Alliance.”

Unlike other initiatives designed to make Bitcoin interoperable with
Ethereum, UPBTC differs in a few important respects. First, it is
architected with institutional level security in mind. Attackers cannot
create arbitrary new proxy tokens to spend on the networks. The
Universal Protocol Platform contains a request system that can manage
whitelists and revoke access to addresses addressing critical security
issues associated with compromised keys. Second, UPBTC works seamlessly
with the Universal Protocol Token (UPT), designed to allow for quick,
low cost conversion of UPBTC to Bitcoin and other digital assets. Third,
UPBTC is designed as a smart bookkeeping system that logs deposits and
withdrawals on a smart contract. If a bad actor wishes to down the
website housing the transparency page, anyone can still query Ethereum
for the data, a huge advantage that instills trust and confidence in the
system.

The Universal Protocol Platform is creating a common universal language
that allows distinct blockchains and token-based projects to interact
freely and frictionlessly. The Alliance, whose mission is to attract the
next 100 million users of crypto, will mint 6-8 new Universal Tokens
every year and all digital assets that are minted as proxy tokens will
exist on Ethereum and can be reasoned with directly by Ethereum’s many
decentralized applications, decentralized exchanges and smart contracts.

Last week, the Alliance announced the release of the Universal
Dollar
, a USD-pegged stable coin that allows users to earn an annual
return of up to ten percent through the CredEarn
application
. UPUSD is currently active in over 40 countries in Latin
America and Africa and will continue to roll out in more countries.

To ask questions or learn more, join the Universal Protocol community
at:
www.universalprotocol.io

About the Universal Protocol Alliance

The Universal Protocol Alliance is a coalition of leading cryptocurrency
companies and blockchain pioneers seeking to accelerate the adoption of
blockchain as a mainstream financial technology by making digital assets
more accessible, secure and convenient to own. The Alliance Members
consist of Bittrex, Cred, Uphold, Brave Software, CertiK and Blockchain
at Berkeley.

Published at Wed, 13 Mar 2019 16:00:00 +0000