As calls for a universal, transparent reserve that will be the legally mandated body to mint and destroy proxy tokens intensify, a premier Blockchain exchange platform has decided to join in. Bittrex International, a global giant in the Blockchain revolution, has joined an alliance made up of some of the top-ranking organizations in the Blockchain space.
The alliance called the Universal Protocol Alliance, and consisting of Uphold, Cred, Brave Software, and Blockchain at Berkeley, was formed in August 2018. Its primary objective was to accelerate the adoption of cryptocurrencies and Blockchain-backed systems. However, the entry of Bittrex International is highly tipped to inject more power to the realization of its goal.
Cryptocurrencies like BTC and ETH, despite being the two most sought-after cryptocurrencies, only function on their respective blockchain platforms. The 1,000+ coins can’t team up or interact with each other, something that creates lots of inconveniences. And so, the coalition plans to roll out a Universal Dollar and Universal Euro through a Universal Protocol Platform, popular as UP Platform.
The need for UP Platform is long overdue
The platform will act as the center where ‘proxy’ assets are created and managed. And the role of these ‘Proxy’ tokens will be to act as the modes of a ‘common universal language’ required by all Blockchain and coin-based projects to seamlessly work together.
Besides the proxy tokens, however, there will be ‘proxy’ blockchains, ‘proxy’ securities and ‘proxy’ private equity. Essentially, the need for all these proxy assets is to enable speedy and hassle-free transactions and, in turn, unlock all the potentials that are available in the crypto ecosystem. They will have all the features of the quintessential platforms they represent.
Some of the aspects that would make the new platform suitable for its everyday use are a set of features designed to enhance the practicality and user-friendliness of the cryptocurrencies. One such feature is the ability to recover lost private key or transfer it from one party to the other.
A little information about the team
- Uphold is a digital assets exchange with nine cryptocurrencies available for trading and over a million users drawn from all parts of the world. Over $4 billion has been traded on it, although it was founded in 2014.
- Cred is an earning and lending platform, founded by ex-PayPal executives. It mainly deals in digital assets and has more than $300 in its lending capital.
- Blockchain at Berkeley is an academic group that offers informative resources, R&D and consultancy services to Blockchain projects. It is based at the University of California, Berkeley.
You can also be part of UP Platform!
According to Dan Schatt who serves as the alliance’s chair and co-founder of Cred, the strength of UP platform lies in its numbers. Bittrex International is joining the coalition at a period when its goals have already been formulated.
Announcing the premier Blockchain exchange’s entrance, Bill Shihara said they were excited to be part of a team dedicated to helping blockchain-powered projects ‘go mainstream.’ He said that the industry had long craved for a technology that could build confidence and openness, precisely what the Alliance had formed.
On his part, Brave Software’s Brendan Eich expressed confidence that the UP Platform would resolve issues around usability and familiarity that will arise as the crypto community grows.
JP Thieriot who is the Alliance’s president, however, believes that the potential that is behind this UP platform will help unite different Blockchain technologies. He compared the revolution with the effect that TCP & IP protocols had in boosting the mass adoption of the internet.
Dan Schatt is, therefore, calling upon more interested parties who are eager to reap from this technology to join in. He wants any individual or entity that believes in transparency and convenience to chip in and be part of the ecosystem.