Wire Network has launched an interoperability protocol that gives users access to a universal, readable wallet address to send and receive non-fungible tokens as well as perform cryptocurrency swaps across any blockchain.
The Universal Polymorphic Address Protocol (UPAP) is a blockchain technology that leads a line-up of innovations focused on usability, gaming, scalability, and security for cryptocurrencies and decentralised applications (dapps).
“While other competitors have attempted interoperability, they are limited by complex procedures, vulnerable blockchain bridges… or centralised operations,” said Ken DiCross, CEO of Wire Network. “The UPAP protocol is fully decentralised… and offers low-fee service that is more secure from cyberattacks.”
DiCross said he expects every major chain, wallet and user to adopt the protocol.
Alpha versions of the universal wallet are currently accessible through Wire’s NFT marketplace and play-to-earn dapp, R4R3, and Dragon Spawn. It will soon be available broadly via UPAP-enabled wallet partners TheWallet and MegaMask.
Developers will be able to provide users with UPAP functionality in their wallets. Once a digital asset is held by a UPAP wallet holder and has entered its ecosystem, it becomes interoperable and enables users to trade assets without paying the transaction fees of the native chain.
The UPAP wallet integrates with any blockchain and supports Bitcoin, Ethereum, Solana, Cardano, Wax and Algorand, among others. A user only has to import a mnemonic code from a wallet to render a universal wallet address, unlocking all protocols representing any blockchain.
By knowing a recipient’s universal wallet address, users can send and receive any Web3 asset, making UPAP a first-of-its-kind protocol that allows sending of digital assets from any chain to one universal wallet without any barriers.