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New Universal Bitcoin Ethereum-compatible, earns 10% per year

Tony Zerucha

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The Universal Protocol Alliance, a group of leading blockchain companies including Bittrex International, Brave, Blockchain at Berkeley, Uphold, Cred and CertiK, announced the launch of Universal Bitcoin (UPBTC) the first Ethereum-compatible Bitcoin that earns an annual 10 percent return through CredEarn.

“Universal Bitcoin is an important innovation because it makes Bitcoin accessible and seamlessly convertible through a single blockchain network. We are bringing Bitcoin to Ethereum in the form of a secure proxy token that can now reason with any ethereum application,” said Dan Schatt, Chairman of the UP Alliance. “UPBTC is the safe, convenient way for anyone to hold and interact with Bitcoin and benefit from the same consumer safeguards, code integrity, transparency and interoperable properties as the Universal Dollar (UPUSD) and every other Universal Token issued through the alliance.”

Unlike other initiatives designed to make Bitcoin interoperable with Ethereum, UPBTC differs in a few important respects, the alliance said in a statement.  First, it is architected with institutional level security in mind. Attackers cannot create arbitrary new proxy tokens to spend on the networks. The Universal Protocol Platform contains a request system that can manage whitelists and revoke access to addresses addressing critical security issues associated with compromised keys.

Second, UPBTC works seamlessly with the Universal Protocol Token (UPT), designed to allow for quick, low cost conversion of UPBTC  to Bitcoin and other digital assets. Third, UPBTC is designed as a smart bookkeeping system that logs deposits and withdrawals on a smart contract. If a bad actor wishes to down the website housing the transparency page, anyone can still query Ethereum for the data, a huge advantage that instills trust and confidence in the system.

The Universal Protocol Platform is creating a common universal language allowing distinct blockchains and token-based projects to interact freely and frictionlessly. The Alliance, whose mission is to attract the next 100 million users of crypto, will mint 6-8 new Universal Tokens every year and all digital assets that are minted as proxy tokens will exist on Ethereum and can be reasoned with directly by Ethereum’s many decentralized applications, decentralized exchanges and smart contracts.

Last week, the Alliance announced the release of the Universal Dollar, a USD-pegged stable coin that allows users to earn an annual return up to ten percent through the CredEarn application. UPUSD is currently active in over 40 countries in Latin America and Africa and will continue to roll out in more countries.

 

To ask questions or learn more, join the Universal Protocol community at: www.universalprotocol.io

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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