Wire Network, a 3rd-generation, Layer-1 blockchain on Thursday announced the launch of its interoperability protocol called Universal Polymorphic Address Protocol (UPAP), enabling users to have a universal, readable wallet address to send and receive NFTs, perform cryptocurrency swaps, and add liquidity pairs across any blockchain.
The UPAP Interoperability Protocol is blockchain technology leads a line-up of first-to-market innovations focused on usability, gaming, scalability, and security for cryptocurrencies and decentralized applications (dapps).
“While other competitors have attempted interoperability, they are limited by complex procedures, vulnerable blockchain bridges, pricey oracles, or centralized operations. The UPAP protocol is fully decentralized, requires no bridges, no oracles, and offers low-fee service that is more secure from cyberattacks,” said Ken DiCross, CEO of Wire Network.
“UPAP is the future of usability in Web3. We anticipate adoption from every major chain, wallet, and user,” he added.
Alpha versions of the universal wallet are currently accessible through Wire’s NFT marketplace and play-to-earn dapp, R4R3, and Dragon Spawn, and will soon be available broadly via UPAP-enabled wallet partners TheWallet and MegaMask.
Developers will be able to adopt and integrate the SDK into their wallets to provide users with UPAP functionality. This means that once a digital asset is held by a UPAP wallet holder and therefore entered its ecosystem, it now has interoperability that enables users to trade assets while bypassing transaction fees of the native chain.
The UPAP wallet integrates with any blockchain that uses an ECDSA key pair like Bitcoin BTC/USD, Ethereum ETH/USD, Solana SOL/USD, Cardano ADA/USD, Wax WAXP/USD, Algorand (WAXP), and all others. Simply import a mnemonic code from a wallet and it will render a universal wallet address unlocking all protocols representing any blockchain.
Just by knowing a recipient's universal wallet address, users can send and receive any Web3 asset authoritatively, making UPAP a first-of-its-kind protocol that allows sending of digital assets from any chain to one universal wallet without any barrier.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.