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The Universal Protocol Alliance, a coalition of blockchain and crypto companies formed in August 2018, has announced the launch of Universal Bitcoin (UPBTC) – an Ethereum-compatible Bitcoin that earns an annual 10 percent return through CredEarn.
UPBTC is the latest in the series of tokens and stablecoins released through the Universal Protocol Alliance. It follows the launch of the Universal Dollar (UPUSD) – a stablecoin pegged on a 1:1 ratio to the U.S. dollar.
Dan Schatt, Chairman of the UP Alliance, explained that Universal Bitcoin will make 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,” he said. “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.”
According to the official release, UPBTC has been designed with institutional level security in mind. 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.
In addition, 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.
“The Universal Protocol Platform brings together Universal Proxy Tokens for all major cryptocurrencies on a single protocol, effectively solving the challenge of interoperability in an elegant and scalable way,” the Universal Protocol Alliance said in an online post.
The alliance said that UPBTC has been designed as a smart bookkeeping system that logs deposits and withdrawals on a smart contract. In case a bad actor intends to down the website housing the transparency page, anyone would still be able to query Ethereum for the data. This would help instill trust and confidence in the system, it said.
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