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Universal Protocol Token (UPT) to be Listed November 20th

SINGAPORE–(BUSINESS WIRE)–Bitcoin.com Exchange will provide an initial exchange listing to support the first interoperable mega-utility token, the Universal Protocol Token (UPT). UPT is backed by the Universal Protocol Alliance, a group of leading blockchain organizations including Cred, Bittrex Global, Uphold, Blockchain at Berkeley, CertiK and OmiseGO. Bitcoin.com Exchange supports the Universal Protocol Alliance and its mission to provide blockchain interoperability, mainstream consumer safeguards, and practical applications for blockchain that reduce the time, effort and cost for businesses and consumers as well as local governments.

“At Bitcoin.com Exchange we believe in tokens that tie communities and ecosystems together,” said David Shin, head of Bitcoin.com Exchange. “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange.”

In addition to listing UPT, Bitcoin.com Exchange will also be listing Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to an ERC-20 version of Bitcoin, the Universal Bitcoin (UPBTC). Bitcoin.com Exchange will also support interoperability between the Ethereum protocol and the Simple Ledger protocol, and work with UP to develop Universal Yen (UPYEN).

Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is committed to producing viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. Many need innovative solutions to move digital assets seamlessly across disparate wallets, exchanges, and networks. In addition to the substantial contributions made by UP Alliance members, each member organization will integrate and incorporate UPT directly into their businesses, which will be announced soon by the UP Alliance.

“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other,” said JP Thieriot, co-founder of the UP Alliance and Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”

Digital assets like Bitcoin Cash and Ethereum currently operate on disparate blockchains and cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a unique solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.

Universal Protocol recently demonstrated a payment solution for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with Bitcoin Cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities. Universal Protocol has declared its support for California Assembly bill AB 953, which would permit the California state government to accept tax remittances in stablecoins like the Universal Dollar. This resolves a significant tax-collection issue for governments, and paves the way for comprehensive adoption across the state – and the world – of digital assets.

“We are thrilled to build technology that solves real problems for customers, merchants, and elected officials to help usher in the next 100 million users of blockchain,” said Dan Schatt, co-founder of the Universal Protocol Alliance and Cred. “Not only does blockchain technology result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.”

*The Universal Protocol Tokens listed on Bitcoin.com are available for trading by non-U.S. persons only and are considered restricted securities under the U.S. Securities Act of 1933 subject to restrictions on transfer to U.S. persons or within the United States.

About Universal Protocol Alliance

A coalition of cryptocurrency companies and blockchain pioneers, the Universal Protocol Alliance seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own. The Alliance Members consist of Bittrex, Cred, Uphold, OmiseGO, Blockchain at Berkeley, and CertiK. www.universalprotocol.io

About Bitcoin.com

Bitcoin.com Exchange’s mission is to empower everyone to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs complemented by high security, Bitcoin.com Exchange offers an attractive platform for trading any cryptocurrency. Within two months since launch, the exchange has already on-boarded more than 18,000 users and continues to steadily grow. In the near future, SLP token support will be added, enabling SLP developers to easily scale their token projects. https://exchange.bitcoin.com/

Contacts

Media contact for Bitcoin.com Exchange:

Naomi Oba

[email protected]

Business Wire , 2019-11-12 09:12:15 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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