Wire Network, Layer-1’s blockchain platform, announced the launch its blockchain interoperability protocol called Universal Polymorphic Address Protocol. (UPAP).
The Web3 ecosystem is still relatively young compared to the larger crypto market. However, the primary interaction takes place over digital goods or NFTs. The growing number of Web3 platforms is proving to be an obstacle to seamless Web3 experiences. Wire Network hopes to change this with its universal wallet address protocol.
Blockchain interoperability allows you to share information across multiple blockchain networks without any restrictions. There are hundreds of new protocols and standards for blockchain that have been developed over the years. The interactions between different blockchains can become more complex. Interoperability is a way to bridge this gap.
The new UPAP protocol aims at solving the interoperability issue in the web3 ecosystem. Although there were many interoperability solutions available in the past they were restricted to specific ecosystems or issues such as liquidation or fund transfers.
Interoperability can also be achieved using sidechains and cross-chains. In the past, many blockchain platforms have been focused on interoperability. Polkadot allows multiple blockchains to plug in to a larger, standardized ecosystem, while Cosmos uses an inter-blockchain communication protocol to establish interoperability.
Related: Why cross-chain interoperability is important for DeFi
UPAP promises an interoperability solution that includes universally readable wallet addresses. It allows users to send and receive NFT tokens (NFTs), make cryptocurrency swaps and add liquidity pairs across all blockchains.
Interoperability eliminates most of the complexity associated with existing solutions, and does not require bridges or other oracles.
Anybody can use the UPAP wallet to integrate into a blockchain using Elliptic Curve Digital Signature Algorithms (ECDSA). Users will need the mnemonic code to be imported from their wallet. UPAP will create a universal address that can be used to send any asset across any blockchain.