The interoperability of the different blockchains is the “Arlesienne” of web 3. Often announced by protocols with a lot of marketing, nothing really exists at the moment. Each network has its own wallet and address. With rare exceptions, it is almost impossible to switch from one to the other without tedious manipulation. Today, Wire Network lets itself be discovered and seeks to unite everyone under the single banner of its UPAP protocol.
Interoperability at the heart of web 3.0
If you regularly try out the new cryptoshpere, you’ve probably noticed. The number of platforms, wallets and manipulations can be daunting. And if you’re also a fan of decentralized finance (DeFi) or NFTs, that takes the cake! You need a wallet for each blockchain and, if by any chance there are possibilities to switch from one to the other, you will have to invest yourself by following sometimes complex tutorials.
However, some wallets try to offer several networks, but none of them can embrace all the existing systems. Unfortunately, this explains why the novice falls back on a centralized platform to buy and store his favorite cryptos. Polkadot or Cosmos are trying in their own way to reach interoperability, but it is still in its infancy. So what does Wire Network’s new infrastructure blockchain offer?
Wire Network seeks to simplify interoperability by allowing users to have a universal address that can be used on different blockchains.
Wire Network: towards an original solution
This new network proposes an original interoperability protocol called “Universal Polymorphic Address Protocol (UPAP)”. This system provides users with access to “a universal wallet address to send and receive NFTs, trade cryptocurrencies and add cash pairs on any blockchain.”
Moreover, in an interview, Ken DiCross, the CEO of Wire Network, had stated:
“The UPAP protocol aims to be decentralized, requires no bridges, no oracles and offers a low-cost service that is more secure against cyber attacks. In addition, we anticipate adoption from every channel, wallet and user.”
Finally, from a technical standpoint, the teams state that:
“Anyone will be able to integrate the UPAP wallet into a blockchain that uses the ECDSA (Elliptic Curve Digital Signature Algorithm) cryptographic algorithm. All users need to do is import the mnemonic of the wallet of their choice and UPAP will create a universal address. Users will then be able to use it to send and receive any asset on any blockchain.”
So, technical revolution or yet another announcement effect from a startup looking for buzz? At the moment, it is difficult to know if the promise will be there. Let’s let time do its work and let the users experience it! But while waiting for a hypothetical new super network, some people prefer to accumulate bitcoin nicely.
