he combined expertise of each member organization has enabled the creation of the Universal Protocol Platform, a technology platform that allows for the minting, custody, and storage of digital ‘proxy’ assets that allow for better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency. Dan Schatt, Chairman, Universal Protocol outlines what this means for businesses and consumers.
Digital Journal: What are the main applications involving blockchain?
Dan Schatt: The Universal Protocol Alliance is one of the first major initiatives from a group of leading blockchain companies to make crypto truly usable for most of the world. To do this we are collaborating around a new technology platform, the Universal Protocol Platform, that mints an digital proxy token 1:1 in exchange for your fiat, crypto or eventually any digital asset.
Proxy Tokens are digital representations of their underlying assets and can exist on other blockchains. Using these Proxy Tokens, the UP Platform creates a common universal language that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other.
Using this technology we are able to create powerful financial instruments and products that appeal to everyone. Additionally, we have introduced a series of new consumer safeguards that only exist today with mainstream financial services. Private Keys can now be recoverable, and wallets can be inheritable by someone else. We have also introduced a fully detachable wallet, which allows for self-custody and decentralized transactions, while also allowing for the user to give control of their wallet to a centralized exchange.
DJ: What are the key advantages for business?
Schatt: The Universal Protocol Platform provides a single standard for accessing the benefits of blockchain and digital asset technology, allowing businesses and financial institutions to offer their customers much better financial services.
DJ: Is cryptocurrency always required?
Schatt: Not necessarily. To use our platform, you can exchange a plethora of fiat currencies, and metals, into cryptocurrencies. Th Universal Proxy Token, technically a digital asset, is used to perform very low cost trades and conduct transactions.
DJ: What is aim of the Universal Protocol Alliance?
Schatt: Our mission is to make crypto useable and usher in the next 100 Million crypto users with this technology.
DJ: What has been achieved to date?
Schatt: To date, we have built a complete technology platform, the Universal Protocol Platform, attracted a strong coalition of some of the leading companies in blockchain, and completed issuance of the first stablecoin on our platform: the Universal Dollar. UPUSD is a USD pegged stable coin that allows people to earn an annual return simply by holding the token…. Think of what that means to people who live in countries with high inflation or unreliable banking services.
DJ: How does the joining of CertiK change things?
Schatt: CertiK is a global leader in blockchain security technology, and their addition to our alliance proves the value of what we are trying to accomplish. As a cutting edge technology company that is constantly innovating the security space, their involvement demonstrates our commitment to smart contract code integrity.
Our mission is to provide transparency and value substantiation in the blockchain space, and give confidence to our users that anyone using our tokens that they are unique and securable. CertiK’s membership in our alliance will add legitimacy to our host of tokens by leveraging their smart contracts technology, and proving the auditability of our platform and our products.
DJ: When will blockchain go mainstream?
Schatt: Our entire mission is to make blockchain go mainstream, to bring in the next 100M users of this technology. Each of the members of the Universal Protocol Alliance has the same goal of bringing blockchain into the mainstream as fast as possible. We believe that with our introduction of a transparent and seamless transaction of digital assets through our proxy tokens, along with the consumer safeguards we have introduced, will drive this.
DJ: What needs to be done to educate consumers about blockchain and cryptocurrency?
Schatt: Education and awareness is key. If you make available a technology that is easy to use, people will figure out how to use it. In addition to this, it always helps increase the adoption of any technology when the media join the effort in disseminating information about how things work.