SINGAPORE, Aug 24 (Bernama-BUSINESS WIRE) -- A coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Brave, announced a universal transparent reserve and custody standard that introduces ‘Proxy’ digital assets to the world via the Universal Protocol Platform (UP Platform). The UP Platform, which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘proxy’ tokens and user features that will drive mass user adoption of cryptocurrencies.
The founding members announced today are:
- Uphold – Founded in 2014, Uphold has over 850,000 users around the world and has traded over $3.5 billion on its digital money platform and reserve ledger.
- Cred (formerly known as Libra Credit) – Founded in 2018 by a group of former PayPal executives, Cred has introduced a revolutionary lending protocol and platform for digital assets.
- Brave – From the creator of JavaScript and co-founder of Mozilla and Firefox, Brave radically improves internet browsing and leadership in the realms of privacy and digital advertising with the Basic Attention Token.
- Blockchain at Berkeley – An academic organization at University of California, Berkeley, that provides educational resources, consultancy, and R&D to some of the biggest blockchain projects in the world.
“The UP Platform solves real usability and familiarity problems faced by the next hundred million users of digital assets,” said Brendan Eich, co-founder of Brave and creator of JavaScript.
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly work-around solutions. To date, this has greatly hindered innovation in blockchain and the realisation of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens.
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. This technology enables Proxy Bitcoin, for example, to exist on Ethereum and be reasoned with directly by Ethereum’s preponderance of decentralized applications, decentralized exchanges and smart contracts.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold. “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.
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly work-around solutions. To date, this has greatly hindered innovation in blockchain and the realisation of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens.
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. This technology enables Proxy Bitcoin, for example, to exist on Ethereum and be reasoned with directly by Ethereum’s preponderance of decentralized applications, decentralized exchanges and smart contracts.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold. “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.
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