The Universal Protocol Alliance, a group of leading blockchain companies including Bittrex International, Brave, Blockchain at Berkeley, Uphold, Cred and CertiK, announced earlier this week the launch of its Universal Bitcoin (UPBTC), which is described as an Ethereum-compatible Bitcoin that earns an annual ten percent return through CredEarn.
While sharing more details about the new cryptocurrency, Dan Schatt, Chairman of the Universal Protocol Alliance, stated:
“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. 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.”
The Alliance then noted that it is creating a common “universal language” that allows distinct blockchains and token-based projects to interact freely and frictionlessly and will mint 6-8 new Universal Tokens every year as well as 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.