Ethereum-Compatible Universal Bitcoin Announced By Universal Protocol Alliance

News | March 14, 2019 By:

The Universal Protocol Alliance has unveiled its second tokenized financial product designed to expand the usability of bitcoin.

Formed in 2018, the Universal Protocol Alliance is a coalition of cryptocurrency companies and blockchain pioneers, including Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital. It seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own.

The alliance’s second tokenized financial product, called Universal Bitcoin (UPBTC), will reportedly make bitcoin “accessible and seamlessly convertible through a single blockchain network.” Unlike other initiatives designed to make bitcoin interoperable with ethereum, the alliance claims that UPBTC provides “institutional level security” and works seamlessly with the Universal Protocol Token (UPT), designed to allow for quick, low cost conversion of UPBTC to bitcoin and other digital assets. UPBTC is also designed as a smart bookkeeping system that logs deposits and withdrawals on a smart contract.

“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.”

Alliance members will reportedly support various aspects of the UPBTC ecosystem. CertiK will validate the code integrity of the UPBTC smart contracts, Cred will offer UPBTC lending and borrowing services, blockchain at Berkeley will support cutting edge features and functionality and Uphold will provide wallet and exchange functionality.

Earlier this month, the alliance announced the release of the Universal Dollar (UPUSD), a USD-pegged stablecoin that allows users to earn an annual return of up to ten percent through the CredEarn application. The stablecoin is currently active in over 40 countries in Latin America and Africa and will continue to roll out in more countries.