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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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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