The Ethereum blockchain has been able to tokenize just about anything. From what we have seen so far, there have been tons of forks and side projects using its functionalities to bring tokenized versions of Bitcoin to the crypto economy.
In the latest digital currency news, we have a new tokenized version of Bitcoin to the economy. We are talking about Universal Bitcoin (UPBTC) – an altcoin which was designed by the Universal Protocol Alliance group which is essentially a consortium of blockchain companies that are focused on tokenizing non-Ethereum blockchain projects on Ethereum.
The founding members of the alliance include the exchange Bittrex, the blockchain security startup CertiK, the crypto lender play Cred, the Basic Attention Token (BAT) creators at Brave browser and even more members.
All of the UP Alliance members, as the headlines show, have joined their forces to build the Universal Protocol Platform which is meant to become a step towards ““all cryptocurrencies [being] convertible on a single network,” as the coalition’s website explains.
In this manner, UPUSD was announced as a new stablecoin last week, being named the Universal Dollar. The group also announced that their first major cryptocurrency token launch will be the release of Universal Bitcoin (UPBTC) which will be a token pegged to the value of Bitcoin – and a cryptocurrency that can bring 10% annual returns through the CredEarn lending program, as the coalition claimed.
According to the Chairman of the UP Alliance Dan Schatt, the tokenization effort was all about bringing another reliable way to transact BTC via Ethereum. As he stated:
“We are bringing Bitcoin to Ethereum in the form of a secure proxy token that can now reason with any Ethereum application. 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.”
The UP Alliance, however, is not satisfied with this move. The group also said that it was looking to launch more than a handful of wrapped tokens every year, stating:
“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.”
All of these tokens will be compatible with the Universal Protocol Token (UPT) which will cover their conversion fees on the Universal Protocol Platform.
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