Wire Network has announced the release of a new protocol that offers an interoperability solution with universal readable wallet addresses.
The Layer-1 blockchain platform Wire Network has announced the release of its Universal Polymorphic Address Protocol for blockchain interoperability (UPAP).
The main form of contact in the Web3 ecosystem—which is still very young in relation to the bigger crypto market—is through digital commodities and NFTs. A smooth Web3 experience, however, may be severely hampered by the rising number of Web3 systems’ lack of interoperability. With its global wallet address technology, Wire Network seeks to change that.
Information can be freely shared throughout various blockchain networks thanks to blockchain interoperability. Hundreds of new blockchain protocols and standards have arisen with the development of the blockchain sector. As a result, relationships between several blockchains get complicated. Interoperability can assist close this gap in this situation.
The web3 ecosystem’s interoperability issue is the focus of the new UPAP protocol. There have been a number of interoperability solutions in the past, but most of them were specific to a certain ecosystem or a certain problem, such as liquidation and capital transfers.
Different strategies, including cross-chains, sidechains, proxy tokens, swaps, etc., can be used to accomplish interoperability. In the past, many blockchain platforms have placed a strong emphasis on interoperability. For instance, Polkadot enables the integration of various blockchains into a broader, standardized ecosystem, while Cosmos uses the inter-blockchain communication (IBC) protocol to achieve this goal.
To transmit and receive nonfungible tokens (NFTs), carry out cryptocurrency swaps, and create liquidity pairs across any blockchain, UPAP, on the other hand, claims to provide an interoperability solution with universally accessible wallet addresses.
The interoperability solution eliminates the majority of the challenges associated with current solutions and doesn’t call for bridges or oracles.
Anyone with access to a blockchain that employs the Elliptic Curve Digital Signature Technology (ECDSA) cryptographic algorithm can integrate the UPAP wallet into it. To send any asset across any blockchain, users must import the mnemonic code from their preferred wallet into UPAP in order to generate a global address.
