Blockchain organisations partner to secure digital assets

 KUALA LUMPUR, Aug 24 (Bernama) -- A coalition of blockchain organisations -- Uphold, Cred, Blockchain at Berkeley and Brave -- announced a universal transparent reserve and custody standard that introduces ‘Proxy’ digital assets to the world via the Universal Protocol Platform (UP Platform).

The UP Platform which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘proxy’ tokens and user features that will drive mass user adoption of cryptocurrencies.

“The Universal Protocol Alliance is coalition of companies promoting a new technology that gets stronger as the network of members and use cases gets bigger,” said chairman of the UP Alliance and Co-founder of Cred, Dan Schatt.

“We are actively seeking partners that would like to benefit from this new technology that we believe will set the standard for transparency, convenience and make an unprecedented amount of liquidity available for the ecosystem,” added Schatt.

Digital assets like Bitcoin and Ethereum exist on separate blockchain platforms resulted in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly work-around solutions.

The UP Platform will work to solve this issue by allowing all  cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens -- a digital representation of their underlying asset that able to exist on other blockchains.

Using Proxy Tokens, the UP Platform creates a common universal language that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other, a statement said.

It will publish the value of its assets in custody in real-time on a public blockchain whereby the reserve will also be subject to quarterly third-party audits that will be shared with the community to demonstrate the financial soundness of the Proxy Token ecosystem.

The UP Platform will also unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Proxy Tokens representing the next generation of digital money.

For everyday users, the platform introduces groundbreaking new types of safeguards that render cryptocurrencies significantly more practical and convenient to own, such as private key recovery, inheritability and loss assurance. More details at https://universalprotocol.io

-- BERNAMA