Thousands of cryptocurrencies exist today. Interoperability between these different projects is nearly non-existent. A new effort spearheaded by JavaScript creator Brendan Eich may help address this problematic situation. Known as the Universal Protocol Platform, the venture will help bolster the cryptocurrency ecosystem.
The Universal Protocol Platform by Brendan Eich
Improving collaboration between different cryptocurrencies is a massive undertaking. All of these projects are designed with specific purposes in mind. At the same time, this causes a lot of usability problems and leads to a fractured ecosystem. For the industry as a whole, new solutions need to be created to address these drawbacks. Brendan Eich, best known for creating JavaScript, makes it his personal mission to introduce a solution.
Under the Universal Protocol Platform banner, he aims to introduce cryptocurrency interoperability. Allowing blockchains to communicate with one another is a step in the right direction. This is achieved through proxy tokens, which represent individual digital assets. A token can correlate to Bitcoin, Litecoin, Ethereum, or any other asset available today.
Through this universal tokens, blockchains can interact freely with each other. Proxy tokens are not native to a specific blockchain, as they can be introduced on any distributed ledger. In the future, this concept will be expended to encompass securities and private equity as well. Swapping and exchanging value in a frictionless manner will elevate cryptocurrency to the next level of adoption, according to Eich.
Improvements Across the Board
The Universal Protocol Platform offers many different advantages besides interoperability. It improves overall liquidity for the cryptocurrency ecosystem as a whole. With a focus on private key recovery, loss assurance, and inheritability, a lot of new use cases can be explored. As such, the Universal Protocol Platform offers a lot of initial promise.
Furthermore, Brandon Eich is convinced decentralized exchanges will receive many benefits. Through the Universal Protocol Platform, listing new tokens will become easier and potentially even automated. As new trading pairs can be explored through the proxy tokens, a whole new world will open up. In the long run, the cryptocurrency industry will enter a new stage altogether.
With the help of strategic key partners, progress will be made in the coming years. Universal Protocol Platform partners include Uphold, the Brave Browser, and Blockchain at Berkeley. The project has also received investments from FBG Capital, Alphabit, and Arrington XRP Capital. Bringing digital assets to millions of consumers will need innovative solutions. The UP Platform may be the catalyst to kickstart this process.
How will Eich’s Universal Protocol Platform impact the cryptocurrency and blockchain spaces? Let us know in the comments below.
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