Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called the Universal Polymorphic Address Protocol (UPAP).
In the Web3 ecosystem, which is nascent compared to the larger crypto market, the primary interaction occurs over digital goods and nonfungible tokens (NFTs). However, a growing number of Web3 platforms lack interoperability, which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to change that with its universal wallet address protocol.
Blockchain interoperability is the ability to share information across different blockchain networks without restrictions. With the evolution of the blockchain industry, hundreds of new protocols and blockchain standards have emerged. Thus, the interactions among different blockchains become complex. This is where interoperability helps in bridging that gap.
The new UPAP protocol aims to address the interoperability problem in the Web3 ecosystem. While there have been several interoperability solutions in the past, most of them were limited to a