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 (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), Wax (CRYPTO:WAXP), 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.
