UTU has chosen Meter to port the UTU Coin to BSC and Launch Trust Infrastructure on the Meter Blockchain
UTU will work with Meter to launch their Trust and Creditworthiness API on the UTU protocol and explore cross-chain capabilities.
We are very excited to announce that UTU will be using the Meter Passport to move the UTU Coin to Binance Smart Chain (BSC) and launch their trust infrastructure on the Meter network!
What is Meter?
Meter takes Ethereum to the next level by enabling scalable and interoperable dapps with the safety and security of full decentralization.
The Meter system uses Proof of Work to create metastable MTR tokens for paying transaction fees and gas. It also uses HotStuff-based Proof of Stake consensus with the governance coin MTRG to validate transactions.
This hybrid design makes Meter fast — processing thousands of transactions per second — and connected to stable values in the physical world.
Meter can function as a highly decentralized, high-performance Layer 2 chain for Ethereum, Polkadot, BSC, and many other chains. Dapps built on Ethereum and other chains can run on Meter with almost no modifications.
How will UTU and Meter work together?
Meter Passport: Cross-chain initiatives
UTU is using the Meter Passport, a cross-chain bridge, to port UTU Coin to BSC, bridge UTU Coin to the Meter network. Be on the lookout for a future listing of UTU Coin on MeterSwap, our native DEX.
In the future, the Meter Passport will add additional cross-chain initiatives by connecting bridges to other protocols like Polkadot, Avalanche, Cosmos, and more.
Launch UTU Trust Infrastructure on Meter
UTU will launch multiple UTU Trust Infrastructure products on the Meter network.
First, they will deploy UTU’s Creditworthiness API creating the framework to integrate creditworthiness oracles into any DeFi lending apps built on Meter. UTU’s AI-based oracles use on- and off-chain data to allow these DeFi platforms to more accurately determine users’ creditworthiness, which will facilitate more undercollateralized loans and other lending products.
UTU’s Trust API will be able to analyze the trustworthiness, performance, and quality of Meter validators. This will identify the most trustworthy and dependable validators to help stakers of MTRG select which nodes are best to delegate to.
Partnerships are built on trust.
“UTU trust infrastructure takes an unique approach in combining both on- and off-chain data to create the risk and credit profile of a user. It is invaluable when we start seeing the convergence of traditional finance with crypto. We are excited to partner with UTU and provide any needed infrastructure to facilitate the adoption of their Trust and Creditworthiness APIs.”
-Xiaohan Zhu, Co-Founder and CEO of Meter
“Meter is building an impressive DeFi ecosystem, and we are excited to build on their network to take advantage of their speed, scalability, and cross-chain capabilities. Their BSC bridge was super easy to use and we look forward to leveraging other interoperability features. And we can’t wait to launch our Trust and Creditworthiness APIs to help increase the adoption of undercollateralized loans.”
-Jason Eisen, Co-Founder and CEO of UTU
Meter.io envisions a borderless financial and information ecosystem empowering people to reimagine the world. We take Ethereum to the next level by enabling scalable and interoperable dapps with the safety and security of full decentralization.
Learn more about us on our website, Twitter, Telegram, LinkedIn, and Reddit.
UTU’s mission is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our vision — to bridge the gap between how we trust in real life and how we are asked to trust online to make the internet a safer, more trusted place to gather, share, work, and trade. We are proudly based in Nairobi, Kenya.
Learn more about UTU on their website, Twitter, Telegram, LinkedIn, Reddit, and Facebook.