Layer-1 blockchain platform Wire Network reportedly disclosed details related to the release of its blockchain interoperability protocol, dubbed “the Universal Polymorphic Address Protocol (UPAP)”.

Specifically, In the Web3 ecosystem, of a more nascent nature in comparison with the bigger crypto sphere, the main interaction takes place over digital goods and NFTs. 

Nevertheless, an increasing figure of Web3 platforms suffers from interoperability insufficiency, which potentially poses a significant challenge to a seamless Web3 experience. 

Wire Network reportedly works towards its ambition to bring about change to that scenario, with its universal wallet address protocol.

Blockchain interoperability means the power to share data throughout a vast array of blockchain networks in an unrestricted manner. With the evolution of the blockchain sphere, hundreds of new protocols and blockchain standards have come to life. 

Consequently, the complexity regarding interactions across different blockchains also increased, with interoperability being the factor that helps bridge that gap.

The new UPAP protocol works towards the target of tackling the interoperability issue visible across the Web3 ecosystem. While numerous interoperability tools have been introduced previously, the majority of them were restricted to a specific ecosystem or a particular problem, nominally liquidation, and fund transfers. 

UPAP aims to provide an interoperability tool with universal readable wallet addresses, to transfer and receive NFTs, carry out crypto swaps, and include liquidity pairs throughout any blockchain.

The interoperability tool eliminates the majority of the complexities associated with current solutions and needs no bridges or oracles.

“In order to reach mass adoption, Web3 needs standards like Hypertext Transfer Protocol (HTTP). UPAP will enable users to have a seamless web3 experience regardless of the underlying network.” Ken DiCross, Head of Wire Network, additionally remarked.