Last week it was announced that we joined the blockchain interoperability project, Universal Protocol Alliance (UPA). Here is an update for our community explaining our role within the UPA and the movement of tokens that happened last week.
The Universal Protocol Alliance is an alliance of several leading blockchain organizations, which, starting last week, includes OmiseGO. It is dedicated to delivering innovative use cases that benefit consumers, businesses and governments seeking to move digital assets seamlessly across exchanges, wallets and networks.
As was stated in the press release the UPA plans to tokenize a number of existing crypto assets, such as BTC, as well as a collection of fiat currencies, creating reserve backed stable versions of USD, EUR, GBP etc. Each of these are native ERC-20 tokens, but using them directly on the Ethereum mainnet is not optimal from a cost and throughput perspective, hence the UPA's interest in having us join the alliance. OmiseGO will provide our layer 2 solution to deliver fast, fair, and secure payments for the transactions that UPA facilitates for their partners and customers.
With this integration and our network capabilities, any business within the UPA will immediately benefit from the performance improvements and cost savings of the OmiseGO Network. The recent movement of 1.2m OMG last week was payment for our alliance membership.
We are excited to have this transaction volume on our network and support the UPA goal of bringing the next 100 millions users into crypto.