On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Wire Network Unveils Crypto Interoperability Wallet

Wire Network has unveiled a protocol called Universal Polymorphic Address protocol (UPAP) designed to allow its users to own a digital wallet that is readable regardless of the specific blockchain on which a user’s NFTs or cryptocurrencies are built. The protocol achieves this by giving each user a universal address that can be accessed from any blockchain system as long as one has the authentication credentials.

The UPAP protocol can also facilitate gaming, has improved usability and enhanced security from cyberattacks, and can be scaled quickly to suit any decentralized apps or crypto trading operations.

Wire Network CEO Ken DiCross says unlike competitor protocols, UPAP is decentralized and is more cost effective when compared to what is currently available in the sector. He adds that other products on the market have significant vulnerabilities at the bridges through which one blockchain system can interact with another, such as when a user is paying for a particular crypto using another crypto. The procedures of interoperability for the existing products on the market are also complex, leading to user frustrations, DiCross adds.

At the moment, this protocol can be accessed in its alpha form simply by visiting the NFT marketplace of Wire Network. The protocol is also available to users of its play-to-earn decentralized app called R4R3. Those who play the game Dragon Spawn can also access this early version of UPAP. The protocol will also be made available soon through Wire Network partners such as MegaMask and TheWallet.

As the UPAP functionality is rolled out, developers will make use of it to allow users to access this protocol via their digital wallets. Once it is activated, users will no longer have to pay any fees when trading an asset whose source is different from that of the blockchain from which the wallet originated. People who trade Bitcoin, Solana, Ethereum, Algorand, Wax and Cardano can start using the functionality.  Other cryptos and their related digital assets will also be added to the protocol.

The protocol works by generating a mnemonic code for a person whose digital wallet has the UPAP functionality. With that code, the person can receive or send any asset on web3, and the activity will not encounter any barrier while being moved from one blockchain to another. For example, someone can buy Ethereum using BTC, and the transaction will be completed seamlessly.

As you can see, the blockchain tech space is evolving rapidly, and many players such as BlockQuarry Corp. (OTC: BLQC) are working to gain first-mover advantage in the specific segments in which they act. As this flurry of activity intensifies, the technology is poised to become mainstream.

NOTE TO INVESTORS: The latest news and updates relating to BlockQuarry Corp. (OTC: BLQC) are available in the company’s newsroom at http://ibn.fm/BLQC

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.

To receive instant SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 844-397-5787 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://CCW.fm/Disclaimer

CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is part of the InvestorBrandNetwork.

Share This Page

Archives

Select A Month

Official NewsWire Relationships

Anarchapulco Main Event Blockchain Africa Conference Blockchain Futurist Conference Blockchain Life Conference Blockchain Shift Coingenius Coinvention CryptoBlockConCryptoFest European Blockchain Convention EVOLV - evolve.events Finovate nftexpoverse The North American Bitcoin Conference Virtual Blockchain WeekThe Voice of Blockchain World Crypto Conference

CryptoCurrencyWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 212.994.9818