Crypto on Java, or Java on crypto? thats the question
Eich joined Universal Protocol Platform (UP) in order to create the above-mentioned protocol, which would help to solve crypto currency usability issues by adoption of cryptos. The development team said:
« The platform will publish the value of its assets in custody in real-time on a public blockchain. The reserve will also be subject to quarterly third-party audits that will be shared with the community to demonstrate the financial soundness of the Proxy Token ecosystem. »
The platform is working with « proxy » tokens which constitute a digital representation of digital assets, for example, Bitcoin, Litecoin and others. It works by hosting a universal token allowing for token-based projects and blockchains freely interact with each other. The protocol might also allow proxy securities and private equity, meaning that customers will be able to exchange, swap or transfer value into an environment where many technological complexities of the current system are flattened.
The project could be the helpful in making cryptocurrencies more practical, convenient and cryptocurrency in the business field. We’ll definitely keep an eye on it!