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Wire Network, a Layer-1 blockchain platform, has introduced its blockchain interoperability standard, the Universal Polymorphic Address Protocol (UPAP).
In the Web3 ecosystem, which is young relative to the bigger crypto market, digital commodities and nonfungible tokens are the primary means of contact (NFTs). However, many Web3 systems lack compatibility, which might be a significant barrier to a unified Web3 experience. Using its global wallet address mechanism, Wire Network wants to change this.
Interoperability across blockchain networks refers to the available capacity to communicate information across several blockchain networks. As the blockchain business has evolved, hundreds of additional protocols and blockchain standards have arisen. Thus, relationships between blockchains become complicated. Interoperability helps bridge this gap at this point.
The new UPAP protocol intends to solve the Web3 ecosystem’s compatibility issue. While there have been several interoperability solutions in the past, most of them were restricted to a particular ecosystem or issue, such as capital transfers and liquidation.
Interoperability may be done using several techniques, including cross-chains, side-chains, proxy tokens, swaps, etc. In the past, numerous blockchain platforms have prioritized interoperability; for instance, Polkadot (DOT) permits different blockchains to connect to a larger, standardized ecosystem, whereas Cosmos (ATOM) uses an inter-blockchain communication (IBC) protocol to establish blockchain interoperability.
On the other side, UPAP provides an interoperability solution with universally accessible wallet addresses for sending and receiving nonfungible tokens (NFTs), performing cryptocurrency swaps, and adding liquidity pairings across any blockchain.
The interoperability solution eliminates most of the previous solutions’ complications and requires neither bridges nor oracles.
The UPAP wallet may be integrated into any blockchain employing the Elliptic Curve Digital Signature Technique (ECDSA) cryptographic algorithm. Users will be required to input the mnemonic code from their wallet of choice, after which UPAP will generate a global address that can be used to transmit any asset across any blockchain.