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Wire Network Launches Unique Interoperability Protocol

Wire Network Launches Unique Interoperability Protocol

Last updated 24th Jun 2022
Disclosure
  • Protocol gives users a universal, readable wallet address to send and receive NFTs
  • An exceptional lineup of first-to-market innovations focused on usability, gaming, scalability, and security

Wire Network, a third-generation, Layer-1 blockchain, today announced the launch of its interoperability protocol called Universal Polymorphic Address Protocol or UPAP, Bankless Times learned from a press release.

It gives users a universal, readable wallet address to send and receive NFTs, perform cryptocurrency swaps, and add liquidity pairs across any blockchain. This is possible for the first time.

An exceptional lineup of innovations

The UPAP Interoperability Protocol is Wire Network's breakthrough blockchain technology that leads an exceptional lineup of first-to-market innovations focused on usability, gaming, scalability, and security for cryptocurrencies and decentralized applications (dApps).

Ken DiCross, CEO of Wire Network, said:

While other competitors have attempted interoperability, they are limited by complex procedures, vulnerable blockchain bridges, pricey oracles, or centralized operations. The UPAP protocol is fully decentralized, requires no bridges, no oracles, and offers a low-fee service that is more secure from cyberattacks. UPAP is the future of usability in Web3. We anticipate adoption from every major chain, wallet, and user.

Alpha versions will be available soon

Alpha versions of the universal wallet are currently accessible through Wire's NFT marketplace and play-to-earn dApp, R4R3, and Dragon Spawn and will soon be available broadly via UPAP-enabled wallet partners TheWallet and MegaMask.

Developers will be able to adopt and integrate the SDK into their wallets to provide users with UPAP functionality.

This means that once a digital asset is held by a UPAP wallet holder and therefore enters its ecosystem, it now has interoperability that enables users to trade assets while bypassing transaction fees of the native chain.

Universal blockchain integration

The UPAP wallet integrates with any blockchain that uses an ECDSA key pair like Bitcoin, Ethereum, Solana, Cardano, Wax, Algorand, and all others.

Simply import a mnemonic code from your favorite wallet, and it will render a universal wallet address unlocking all protocols representing any blockchain.

Just by knowing a recipient's universal wallet address, you can send and receive any Web3 asset authoritatively. In essence, UPAP is a first-of-its-kind protocol that makes it possible to send digital assets from any chain to one universal wallet without any barrier.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.