UPP is a hybrid solution for blockchain interoperability, ready for practical applications.
A semi-decentralized way of holding and trading diverse tokens that will appeal to the general public not keen on working with private keys and to businesses that need insured custody.
Universal Protocol Platform: About the Platform
After the initial news about capital backing of UPP got out, in mid August 2018 Universal Protocol team finally provided a one-pager (litepaper). Copy is linked from this document.
This allows us to compare the UP Platform solution to the currently most high-profile interoperability technology provided by Polkadot:
- Annotated Polkadot whitepaper via LINER
Universal Protocol vs Polkadot
Universal Protocol aims to use the Ethereum blockchain to store value and business logic for any cryptoasset, where the underlying token is held by a custodian. UPP primarily focuses on transfer of value, which is its simplest application and requires very little customization: Essentially, tokens of UPP (Proxy tokens) are issued as a representation for stored assets in the custody.
All transactions are triggered via the UP network and get translated in real time into the underlying blockchain in a transparent auditable way.
This is similar to the IOU model of Tether, an additional functionality provided by the features of Ethereum blockchain is the possible addition of more complex business logic.
The UPP solution is a hybrid, not entirely decentralized but again, thanks to the Ethereum blockchain the integration of Proxy token (ERC20) with DEXes straightforward.
Polkadot on the other hand is a bundle of independent blockchains (paralel chains or parachains) that provides very little functionality aside from the interoperability of blockchains, custom solutions are therefore necessary.
While Polkadot is a step towards stronger decentralization, there is still a need for governance system. As per the whitepaper, a token holder governance solution is proposed consisting of common users and a smaller high-tech commitee of major players.
The protocol functionality in Polkadot is taken care of by designated agents - collators, fishermen, nominators and validators - who are rewarded for their maintenance work.
While the Polkadot solution is technically more innovative, for simple value transfers it seems to be an overkill.
As far as mainstream and business adoption of blockchain is concerned, the Universal Protocol is more attractive due to its user friendly nature. Last but not least, Uphold, a member of the UP Alliance, offers $25MM of first-loss assurance to users in the event of hacking or theft.
Universal Protocol Platform: Token Promotion & Results
The Proxy token development is currently at the stage of a concept.
The Business Intelligence for Universal Protocol Platform
Universal Protocol platform is a project of UP Alliance which is a co-operative alliance of blockchain tech and fintech companies.
The founding members of Universal Protocol Alliance are:
- Uphold – Founded in 2014, Uphold has over 850,000 users around the world and has traded over $3.5 billion on its digital money platform and reserve ledger.
- Cred (formerly known as Libra Credit) – Founded in 2018 by a group of former PayPal executives, Cred has introduced a revolutionary lending protocol and platform for digital assets.
- Blockchain at Berkeley – An academic organization at University of California, Berkeley, that provides educational resources, consultancy, and R&D to some of the biggest blockchain projects in the world.
The core leadership team of UP Platform consists industry experts and key Uphold personalities:
- Dan Schatt, co-founder at CRED, board of directors at Uphold Inc
- JuanPablo Thieriot, vice chairman at Uphold Inc
- Tiago Ribeiro, chief engineer at Uphold Inc
- Rui Marinho, head of core engineering at Uphold
- Francesco Matteini, fintech compliance and operations
- Simon McLoughlin, director of Uphold Europe Ltd
- Pavel Paramonov, co-founder of Ternary Intelligence, where he developed a proprietary market instability detection methodology
Chief executives from Uphold, Brave Software, GlobalID and CRED form the Universal Protocol Platform Advisory Board.
- Uphold on Crunchbase
- Brave Software on Crunchbase
- CRED (Libra Credit) on Crunchbase
- Blockchain at Berkeley on Crunchbase
Investing in Universal Protocol Platform
So far the Universal Protocol Platform has been raising funds through private investments only.
- Universal Protocol - new platform for practical interoperability of blockchains - gets backing of capital asset management firms
The leading investors are capital asset management firms, which corresponds to the sort of businesses that may be directly interested in the solution that UPP provides:
Documents archived for Universal Protocol Platform
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