What is Universal Bitcoin (UPBTC)?

Universal Bitcoin (UPBTC) is a tokenized, therefore convertible, version of Bitcoin (BTC). Considered part of the proxy asset camp, this Ethereum-powered, ERC-20-wrapped BTC was launched in 2019 by the Universal Protocol Alliance. What’s that? It’s a consortium of blockchain companies focused on tokenizing non-Ethereum blockchain projects. Why? They’re seeking to create a universal transparent reserve standard allowing for more functionality, compatibility and, as a result, more widespread take-up of digital assets. 

UP Alliance members, including Blockchain at Berkeley, CertiK, OmiseGO and Uphold, help power an ecosystem comprising more than 10 million users and are aiming at an even loftier target – attracting 100 million users. Designed with institutional-level security – a smart bookkeeping system that logs deposits and withdrawals on a smart contract – UPBTC facilitates, via seamless interoperability with the Universal Protocol Token (UPT), fast, low-cost conversion to Bitcoin and other digital assets. The architecture allows for vast connectivity among ecosystems, elegantly solving the individual smart contract scalability conundrum.