Universal Protocol | $UPT | Connecting Digital Assets

by birtanpublished on August 17, 2020

hey guys welcome back to the channel so it's been a bit since I've done a nice CEO review and I decided that's gonna be the topic of today's video first I'd like to start by thanking the universal protocol team for sponsoring this video

Some occasional sponsor stuff helps to keep the lights on so thank you guys for reaching out to me now before I get started I'd like to make sure that everyone knows that I cos are highly speculative and this video is not my

Financial advice for you to participate in the ico or to invest this videos purpose is for me to cover something that I find interesting and that I wanted to share with you guys also heads up I have a feeling this is

Going to be a long video so hang in there as a reminder I do have a discord server and a patron if you'd like to come chat if you're looking for a great crypto newsletter check out the blockchain brief it's a publication that

I write for as well as a ton of other content creators it's a monthly subscription and it's pretty sweet all the links for that and everything for this video will be down below something something I'm not a financial adviser or

Something do your own research what is universal protocol well the team set out to address the largest issues that we see in the ecosystem today which is the ability to instantly and seamlessly transfer value across different

Decentralized networks Universal wants to provide a common language which allows otherwise incompatible protocols to speak to one another this should reduce cost time and risk of losing digital assets during conversion the

Platform wants to facilitate effortless conversion and decentralization of tokenized assets like commodities equities crypto and debt who would the team and who are the advisors Dan chat is the chairman of universal protocol

He's also the co-founder and the president of cred which is a decentralized lending platform and protocol that's built on the etherion blockchain he's a former general manager of financial innovations at PayPal and

The author of virtual banking a guide to innovation and partnering dan received his MBA and m.i.a from Columbia University next is Juan Pablo he's focused on strategy and operations Juan has founded and co-founded a number of

Companies in the real estate agriculture and technology sectors including but not limited to uphold some of you may be familiar with this site it's a payment processor but it's also used as the cash out method for people using the brave

Browser Juan received a BA from Yale University and then we have Thiago Ribeiro who is the lead engineer he's also the co chief technology officer at uphold but prior to becoming part of upholds

Founding team into the 14 Thiago was the lead engineer at signo a digital company that he co-founded in 2008 he's got a master's degree in computer science from University and Portugal the next important thing to

Touch on is the U P Alliance or the universal protocol Alliance this is a coalition of existing cryptocurrency companies in this space the goal of this Alliance is to accelerate the adoption of blockchain tech by making digital

Assets more accessible secure and convenient the Alliance wants to facilitate greater connectivity with the legacy financial systems and no single or central authority controls the Alliance the Trust is a not-for-profit

Organization the founding members of this Alliance are no joke first blockchain at Berkeley which is a team of individuals who are either scientists business leaders or R&D professionals whose main focus is blockchain tech

Second is brave which is one of my all-time favorite projects brave is a web browser which gets its users a safer and faster and better way to use the Internet this project was founded by Brendan Eich why is he important well

He's just a creator of a few small projects like javascript and the co-founder of Mozilla Firefox next is cred which is a decentralized lending platform that's built on ethereum I mentioned that before

Also FBG capital which is a large group of institutional investors interested specifically in digital assets another one is uphold which again I mentioned before this is a gateway platform for crypto meaning basically it allows users

To convert fiat to digital assets and back it's already servicing over 184 countries and then lastly as bit tricks which is quite a large exchange all right now let's take a look at the ICEA the token sale will have a public and

Private offering the team will be conducting a two-week public token sale the price per token will be one cent per UPT tokens will be distributed and activated shortly after the purchase with immediate usability on the

Universal protocol platform ignore the ico date here it's obviously not accurate as expected with this generation of icos public participants need to go through the standard kyc or know your customer procedures meaning

They will need to validate who they are and where they are you'll be able to purchase ub t using eath now as far as the private sale goes it's aimed at key stakeholders and strategic partners in order to incentivize participation in

The ecosystem tokens will be sold during a period that will be subject to various lock-up schedules the lock-up periods will be five years for the treasury three years of the stakeholders and then three years for the Alliance partners

Under the technology and the more important stuff you PT is an e rc 20 token which means that like a lot of other projects it will be run on the etherion blockchain however in an interview with crypto zombie the founder

Revealed that a few theorems scalability gets in the way they built the platform to be blockchain agnostic meaning that they could switch over to say yo s if that becomes the new Titan of platforms they're not specifically

Bound to e theorem reference video here we think that right now etherion is sort of the most evolved smart contract platform but if everything moved to EOS if that took off we could the way we build this out we could put everything

On on es so we're not locked in to etherium we're just betting that right now that is the best smart contract in business 10 billion UPT tokens will be minted by the Genesis contract and the distribution will be as follows 3.5

Billion will be allocated to the token sale 2.2 billion will go on to the Alliance partners 2.5 billion to the stake holders 1.5 billion to the Treasury and 300 million to the ecosystem partners the universal

Protocol uses smart contracts to issue Universal proxies and a fixed one-to-one ratio with matching assets in the platform's reserve in other words for every universal Bitcoin issued on the primary market a real Bitcoin is

Acquired and held in reserve to substantiate its value as a result any Universal proxy can be redeemed for any underlying asset that it represents at any time using UPT to tokenize Bitcoin would allow for it to be utilized on an

Ethereal platform it would make it compatible with smart contracts which is a very cool concept basically what this all means is that Universal plans to make any blockchain compatible with the etherion blockchain and what comes with

All of that meaning gaps exchanges and smart contracts now I'm sure at this point you're all thinking great another unreliable stable coin however I'd like to disagree with you here a very important point to go over is Universal

Really prioritizes transparency the platform will publish the reserved holdings and related transaction histories for every proxy token on the public blockchain of the underlying cryptocurrencies in addition the reserve

Will be audited on a biannual basis and all integrated exchanges will be given access to the audit reports meaning wait for it all the audits will be available to the public take that tether the project states is

Going to follow a hybrid decentralization model this means that there is going to be some involvement of a puff I'm gonna centralize but this doesn't mean that it's inherently bad for

Example there's an estimated three point seven nine million Bitcoin which are in limbo today because the private Keys have either been lost gone missing or laptops have got thrown away or whatever when something is

Tokenized on Universal the item or coin or whatever it is is held in custody like a security for safekeeping the platform will also allow the option to store copies of your private keys in custody as well which will allow users

To easily recover them or have them pass down to other family members in the event you pass away or something drastic happens this will probably be a point of contention for some I get it but I truly believe that in order to get more people

Into this space if there's going to have to be some projects that have these kinds of safeguards now I'm not saying everyone will use them or even that everyone has to do but it's nice to have the option the token will also allow for

Voting rights and governance on the platform which is super important another cool feature is their wallet it's going to be detachable meaning you can directly connect to an exchange such as up hold and temporarily allow control

That's assets to the exchange during a trading session the funds are under the control of the exchange to be able to facilitate transactions and ensure that the buy and sell orders can be matched properly the U P wallet will allow users

To easily withdraw their crypto back to the wallet after they're done trading ideally this will also make the process easier so less people have to leave stuff on exchanges when can we expect some fun stuff out of the project

Well the roadmap states the q1 of 2019 would be the launch of the Bitcoin proxy token integration with cred and decentralized exchanges however considering their ICO hasn't gone on yet I'm not sure that's the case I am

However super interested to see what exchanges start to pick it up though currently I'm also unsure of when the ICO actually is it would be an important tidbit of knowledge to get but I couldn't figure it out so I apologized

So yeah what would I consider the pros of the project the fact that they're creating proxy assets is a big plus this allows for the platform to better secure the cryptocurrency that they're holding cuz it's not going anywhere it's not

Being lended out and the proxy token actually takes its place usability is definitely pro allowing all these different block chains to interact with one another is going to open up a lot more liquidity and hopefully decrease

New people's fear in the space the ability to recover private keys again it may be a con for some but for the average person I see as being as pro not to mention that the users can pass down their keys to family members if

Something happens to them that's super useful the detachable while it's pretty neat the white paper states that it's gonna be adapt so I'm wondering if that's like it's gonna be an extension on your web browser either

Way you're gonna have complete control of your funds and you're not going to store them on an exchange very good strength the yupi alliance really seals the deal on the project for me as far as legitimacy goes that's a huge Pro they

Have some very heavy hitters behind them onto people's most favorite part pecans if we use satoshis vision as a benchmark for what crypto is supposed to be universal protocol can't be considered an electronic cash without a third party

Involvement there is some centralization to the project but I would argue for a good reason but even still it's not fully hands off another con would be competition I think there's loads of projects out there that are working on

Interoperability is their main goal other projects focusing on cross-chain swaps and so on I feel that this context is going to be a bit of a race to the finish for these projects and liquidity could be an issue this one's very

Speculative because it's more so depending on how many exchanges get it gets listed on and which ones in particular but if the token doesn't end up being very popular it'd make it very difficult to moron use my last con would

Be awareness and I think this is a pretty big one considering who's a part of their alliance and their advisors you would think that the project would have more buzz about it but it really doesn't their twitter super-quiet same with the

Reddit page they should use some of their time and effort I'm building a project awareness and community support last but not least my final thoughts I'm very impressed by the alliance that they put together obviously I think I've

Mentioned that quite a few times and impressed by the people who signed up to be a part of it I also like the concept of actual collateralized assets in a safe and secure manner not to mention the project's going to prioritize

Transparency which is huge if we compare it to projects like tether I do worry about first mover advantage in the space I mean I don't think they necessarily have any direct competitors but they definitely have competitors if that's

Indirect or whatever I'm interested to see if they can really pull off and follow throughout other promises well that sums it up for me today as always I'd like to thank everyone at home who continues to watch my stuff I love the

Support you guys rule and I'll see you all soon did you like this review of the universal protocol because if so I've got a bunch of other review videos as well as a ton of other content my playlist over there go check it out

Leave me some comments about how you feel and as always thanks for watching the channel

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