Pawtocol (UPI) is a revolutionary new pet-themed crypto project. The platform combines a new cryptocurrency called Universal Pet Income, a peer-to-peer marketplace, and NFT technology to provide new earning opportunities to users. The goal of the project is to streamline collecting and accessing pet data via blockchain technology.
When you think of pet-themed cryptocurrencies, the first projects that come to mind are probably meme-coins like Dogecoin. These tokens leverage the cuteness of pets to make crypto more welcoming. While they are fun projects, Pawtocol is on an entirely different level. This is the first pet-themed cryptocurrency designed to help your pets directly.
How Does Pawtocol (UPI) Work
Pawtocol accomplishes its task by empowering pet caretakers via the use of next-generation blockchain features and services. The network combines a distributed ledger with IoT sensors. IoT (Internet-of-Things) is the network of billions of smart devices. To qualify as a smart device an item must have sensors and the ability to communicate data to and from the blockchain.
The use of IoT sensors provides the network with real-time insight into your pet’s health, mood, and more. These systems have proven to be excellent at removing inefficiencies in the market. Pawtocol combines these sensors with centralized pet health records and more, to create a safety net unlike anything else available today.
What Problems Does Pawtocol (UPI) Attempt to Fix?
The pet industry hit $232 billion in revenue in 2021. This year, the trend is expected to increase. As such, the value of personal pet data continues to increase. Owners, manufacturers, and pet health specialists can all benefit from access to a universal network of data. Pawtocol makes it easy to accomplish this task in a cost-efficient and secure manner.
It has been notoriously difficult for pet owners to collect data on their pets and monetize it. However, this data does hold true value to the right people. Pawtocol takes all of these people and puts them into one network dedicated to improving the quality of life of your pets.
Lack of Privacy
The idea of sharing personal data about your pet can seem a bit scary to most people nowadays. The growing number of data leaks has led to a scenario in which it can be very dangerous to give your information to third parties. This info can be stolen at a later date and put you in a compromising position. To avoid these risks, Pawtocol, enables users to earn UPI by anonymously sharing that data.
Benefits of Pawtocol (UPI)
There are a ton of benefits that Pawtocol users enjoy. For one, the entire system was designed to help your furry loved ones live longer and healthier lives. The system enables you and other health professionals to gain health insights on both a personal and large scale. This data can then be used to provide a customized experience for your pet. For example, the system could review your pet and recommend toys, foods, and medicines where necessary.
Passive Income
One of the main reasons that people join Pawtocol is to secure passive returns. The network enables anyone to generate profits by sharing data with the market. This personal data is in your control throughout the process. You decide what information you want to share.
NFT Support
Notably, the Pawtocol protocol leverages NFT technology to provide some really cool features to the market. For one, you can create an NFT of your pet and bring them along with you into the metaverse. Users can also mint other NFTs and sell or trade them on the marketplace. These tokens can also be traded on other DEXs (decentralized exchanges) for popular cryptocurrencies
Community Growth
Another reason why it’s a smart idea to join Pawtocol is that you become a member of one of the most advanced pet token projects in the market. The platform combines a global community of pet owners, service providers, and manufacturers in a way that was previously impossible.
NFT Marketplace for Pets
Those seeking to trade their NFTs with others can accomplish this task using the marketplace. This decentralized, non-custodial protocol enables you to swap assets safely. The marketplace is non-custodial, so your tokens remain safely in your possession until the moment the trade executes. This strategy is safer than centralized options that require you to upload your tokens to a network wallet to participate.
The NFT marketplace was built for pet-focused NFTs. You can find all types of items from artwork to actual pets. The use of NFT technology improves the overall ROI opportunities for all parties. It also helps to provide more transparency to an industry that has long needed more data.
UPI
UPI (Universal Pet Income) launched as an Ethereum token originally. Today its also available on the Binance Smart Chain. The token operates as the main utility token for the network. You need to hold UPI to create pet NFTs or purchase items from the marketplace. You also pay for fees and receive rewards in UPI, making it very versatile.
Bottom Line
The concept behind Pawtocol is another example of how blockchain technology can improve the lives of not just people, but everybody. Now your pets can secure some profits while they enjoy more healthy options. Platforms like Pawtocol demonstrates the flexibility and overall innovative nature of this technology. As such, you can expect to see more pet owners joining the crypto revolution in the coming weeks.
