The post Universal Blockchain Asset: A token you can send to any blockchain appeared on BitcoinEthereumNews.com.

Imagine a digital asset you can send from one blockchain to another and how much easier it could be to transfer value worldwide. We’re not talking about bridging or wrapping techniques, which are well-known and clunky, but a single asset that can be sent between users on their preferred chain, no matter what it is. nChain’s Dr. Owen Vaughan invented a protocol to do just that, sharing details about the “Universal Blockchain Assets” (UBA) with CoinGeek Backstage on the sidelines of the London Blockchain Conference 2024. To learn more about the technical details of how UBA works, watch the full video below. width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”> UBAs could prove to be bigger news than the invention of Ordinals or ERC-20 tokens, both of which created frenzies of new activity in the blockchain asset world. The UBA protocol creates a new medium of transfer called a “packet,” Vaughan said, deliberately avoiding the word “transaction.” It works on the premise that all blockchains have a few features in common, namely immutable databases and double-spend protections. A packet, in effect, is a code that authorizes the transfer of ownership. It logs details of its previous owners with “inputs and outputs in its inputs,” appearing on the destination blockchain not as a “bridged” or representative token but as a real asset with native unspent outputs. ‘Wrapped’ or ‘bridged’ tokens, and why they’re a poor solution Vaughan says he drew from personal experience in creating the UBA protocol. Recently married, he and his wife visited her native country of Argentina, where he experienced first-hand some everyday impacts of that country’s financial struggles. In March, inflation in Argentina was 11%. It was 300% over the last 12 months. The situation has led to currency controls, making it incredibly difficult to send money there from other countries;…

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Filed under: News - @ July 8, 2024 7:22 am