A lot of different and unique initiatives have been launched in the cryptocurrency industry. The Universal Protocol Alliance is one of those ventures which has seemingly gone by unnoticed. With a unified goal of bringing more people into cryptocurrency, one has to wonder how the team will achieve all of this.
A Unified Goal
In the cryptocurrency world, there is no such thing as “universal accessibility”. Every ecosystem and blockchain has its own set of rules and is, by default, incapable of communicating with any other network. One way to solve this problem is by building “artificial bridges” which aim to make communication between multiple chains possible. Several solutions exist in this regard, albeit they are limited in functionality and appeal. The Universal Protocol Alliance may be more successful in that regard, albeit it is still too early to draw any real conclusions.
This alliance was created by a group of cryptocurrency companies looking to achieve the exact same goal. It is more than evident the cryptocurrency industry has stagnated somewhat in recent years. Very few newcomers have entered the fray in the past 18 months, thus finding new solutions is a priority. That is much easier said than done. Keeping that in mind, it makes sense for various companies to band together and try to move things in a more definitive direction.
Who is in it?
As is always the case, a name like Universal Protocol Alliance’ doesn’t say much on its own. While it makes the group’s initiative clear and obvious, the participants are what interests people most. In this case, it seems some very prominent companies have hopped on this initiative. That list includes Uphold, Bittrex International. Brave, Certik, OmiseGO, and Blockchain at Berkeley. A very interesting collective of service providers, to say the very least.
Some of these participants are in a good position to help the Alliance’s vision come true. Onboarding up to 100 million new people to cryptocurrency may remain an insurmountable task, for all one knows. Although Bitcoin and altcoins see periods of increased relevance, they also disappear into the background equally as fast. It is very difficult to create a lasting impression, especially where volatile markets are concerned. Even so, the recent addition of OmiseGO to this initiative may help move things along accordingly.
The Solution is on the Table
No one can deny the current cryptocurrency ecosystem is far from ideal. Scaling problems affect a lot of projects individually. The Universal Protocol Platform will address this challenge by introducing a common language through which individual protocols can “reason” with one another. In an ideal situation, users can interact with a plethora of assets on a single blockchain. They will also benefit from smart contract technology, which is certainly something worth keeping an eye on.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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