Protocol (UPI) cryptocurrency was selling at US$ 0.1419 per token at 4 AM EST, up 53.4 percent in the last 24 hours. Meanwhile, the UPI cryptocurrency’s one-day volume increased by almost 1300% to $16.2 million.
At the time of writing, the cryptocurrency industry’s market worth was up 2.2% to $2.1 trillion, while the world’s oldest currency, Bitcoin, was up 14.2% to $44,061.73 per coin.
The general crypto market appears to be gaining traction in recent days, and it was trading in the green on February 8.
That being stated, let’s learn more about Pawtocol cryptocurrency and why it’s gaining attraction:
What exactly is Protocol?
According to the whitepaper, Pawtocol LLC intends to use blockchain technology to transform the pet care sector. It intends to create a blockchain-based platform centered on a pet-based economy.
Pawtocol wants to create a global community of pet service providers, pet parents, and pet goods manufacturers by utilizing blockchain technology. Pawtocol wants to improve the lives of pets and help them live longer lives by utilizing data and technology. This protocol assists pet caregivers by utilizing artificial intelligence and internet of things (IoT) devices.
Pawtocol’s Mission and Vission
Pawtocol is developing a multi-functional platform that will easily integrate into the ordinary pet parent’s daily life, making critical pet care decisions easier, lowering the lifetime cost of pet ownership, and ultimately improving the lives of pets worldwide.
The objective of the Pawtocol is to usher in a new era of decentralization and transparency in the pet sector.
Participants in the network will be rewarded for collecting and feeding data to Pawtocol’s AI, which will then generate AI-enhanced nutrition and care recommendations for crowd-verified food goods, toys, and service providers. Pawtocol will naturally reward high-quality businesses by allowing their products and services to appear in targeted in-app recommendations, allowing them to reach a large number of new potential customers.
The market for electronic pet wearable devices is growing, and there is a demand for a unified ecosystem that allows pet owners to connect their gadgets and stay up to current on their pet’s well-being through a single interface. The Pawtocol API will allow various pet tech wearables and IoT devices to connect, share data, and interact with one another.
The platform business model has become a critical building component for waves of technical innovation across numerous industries. The most advanced digital products and services available today are built on platform business models, which most business owners have begun to investigate and expect to include in their growth strategy.
Pawtocol’s Value Proposition
Pawtocol adds value to platform members in a variety of ways, employing a wide range of instruments.
THE IDEAL COUPLE
Pawtocol connects responsible pet parents with trustworthy service and product providers with unbiased in-app product and service suggestions, lowering the vendor’s cost of goods sold while improving the consumer’s value and confidence.
A TRUSTWORTHY PARTNER
The preventative care AI and interconnected pet tech gadgets collaborate to optimize a pet’s food and daily exercise, lowering the need for unexpected vet visits and the overall expense of pet parenting.
IN SUPPORT OF THE UNDERDOGS
Crowd verification expands the reach of smaller, high-quality enterprises that cannot compete with corporate marketing resources, causing disruption in the pet marketing industry. This means that a smaller company can link consumption to verifiable health results, increasing income and brand exposure.
VALUE FOR MONEY
The UPI (Universal Pet Income) Token creates a tradable currency to support the pet care ecosystem. UPI will be utilized in the pet business to exchange for pet-related items, services, and discounts. <br> The token is gained through participation and can be used for transactions within the program. These mechanisms allow for a more seamless onboarding process, shielding the end-user from blockchain complexities.
Pawtocol provides a comprehensive platform that stresses openness, traceability, and crowdsourcing verification to generate unbiased health-related advice for pet parents/owners. The goal of developing this platform is to establish a system that will smoothly integrate into the life of the normal pet parent and simplify informed decision-making.
The platform is augmented with IoT-enabled gadgets, advanced AI, and a digital currency, which acts as the foundation for a micro-economy brimming with trusted pet products and services.
Pawtocol’s data collecting and normalization will result in a standard language for the pet sector, serving as the foundation for several focused APIs and pet health-related studies. The data generated on the platform will benefit all industry participants as well as pet parents/owners.
One of the primary principles of Pawtocol is putting power in the hands of the consumer. That is exactly what the patented crowdsourced verification mechanism performs.
Pet food and items will be verified safe through repeated reviews collected from various IoT and diagnostic instruments connected to the Pawtocol platform. Once a food product, toy, or grooming product has been vetted by a sufficient number of users and confirmed to be safe, the product (rather than the business) will obtain crowd verification and be deemed crowd verified.
Local veterinarians and service providers will follow a more traditional path to establishing a reputation. As the findings (pet wellness outcomes) of crowd-sourced data collecting grow, vets will have unbiased data to back up their performance records.
This is not a membership checkmark, but rather a label that signifies statistically demonstrated quality.
Data Exchange
Pawtocol will build a one-of-a-kind data marketplace to facilitate the interchange of pet data.
Data is a precious commodity in today’s world. Pet owners are collecting more detailed data than ever before because of the advent of pet wearable gadgets. This data has minimal significance when collected in isolation. However, when precise data is aggregated and analyzed, its worth increases dramatically.
Pawtocol will provide an open-source platform for researchers, marketers, manufacturers, and veterinarians to request, acquire, organize, and analyze precise pet data generated across the platform. Pet parents/owners on the platform will control who has access to their data and will always keep ownership of it.
This means that parents/owners will be able to monetize their own data, providing balance to the pet industry’s data economy.
Marketplace for Products and Services
Pawtocol will develop a hybrid e-commerce marketplace through which pet parents, suppliers, and service providers can freely buy and sell pet products and services. All items and services sold will be subject to continuous quality assurance by platform users.
UPI Tokens will be the fundamental currency used to facilitate trade between all stakeholders in both the goods and data marketplaces. UPI tokens will make the onboarding process easier and allow participants to transact instantaneously, safely, easily, and securely.
Pawtocol’s Components and supporting technologies
- Pawtocol will leverage blockchain technology to enable its users to own and monetize their pet’s data while ensuring the privacy and best interests of all platform members.
- Pawtocol’s digital money will encourage users to upload their pet’s data while having no negative influence on the platform’s margins or liabilities.
- Pawtocol’s AI will generate data-driven pet care suggestions based on a personalized assessment of personal data, existing databases, and community-provided correlations. Unlike a monolithic centralized AI in which the user’s data is part of a vast dataset, each user has their own personal AI that serves them while keeping their personal information private.
- Many third-party gadgets will input data into Pawtocol’s AI, and data owners will be compensated with UPI tokens just like any other data source. Hundreds of pet-specific IoT gadgets are now available, ranging from GPS collars that track heart rate to weight-sensing feeding bowls. These devices will entice non-technical users to join the Pawtocol platform, making it simple for them to monetize their data.
- ZKP will allow Pawtocol users to retain ownership of their increasing store of data points as well as ultimate control over the information they choose to willingly publish. DES distributes user data across a network of nodes while assuring that only the file’s owner has access to and can see their data.
Privacy and Security
Centralized databases have proven to be far too vulnerable to hacking, abuse, and tampering. As a result, consumers have become more concerned about the security of their personal information. Pawtocol decentralizes and distributes user data by employing various levels of cryptography to ensure that user data can only be accessed by the users themselves.
Traditional free platforms, such as Facebook and Google, rely nearly completely on the commercialization of user data. This methodology violates user privacy, frequently results in forced advertising, and fails to pay users for their role in the creation of useful datasets.
Pawtocol is an anti-tradition. It guarantees privacy, allows for fine-grained control over information flows, and allows for the monetization of data sharing. Pawtocol allows users to control when and with whom their data is shared, as well as realize the benefits of doing so. Advertisers, researchers, and other third parties can exchange tokens for restricted access to user data points.
The Pawtocol team has identified eight important milestones required to complete an MVP of the working platform. We don’t want to set any exact deadlines just yet, but in the event of successful funding, we’re certain we’ll be able to complete the phases outlined below within or about 24 months from the date of funding. The following steps will be taken in parallel at various stages; a more thorough roadmap will be published in future versions of the whitepaper.
- Expand the team, finish the smart contracts, create the off-chain servers, and ship Pawtocol Pet Tag
- Launch the Pawtocol Pet Tag digital profile app user interface and airdrop claim mechanism. Release an improved NFC or/and battery-free Bluetooth Pawtocol Pet Tag.
- Launch a free/low-cost vet visit interface and management system.
- Launch a supplier-side app for product tracking, and invite significant suppliers to participate.
- Developed our own Pawtocol-branded wearable interface for connecting new data collection devices.
- Make the health and wellness recommendation engine available.
- Make the world’s first member-owned pet data marketplace a reality.
In conclusion
The increase in UPI crypto prices could be attributed to Huobi Global’s statement that it will list this cryptocurrency on its platform. Notably, Huobi is one of the world’s largest cryptocurrency exchanges.
UPI tokens have a total quantity of one billion and a circulating circulation of 257.9 million UPI tokens.
Live UPI Price Data
Pawtocol’s current price is $ 0.0786232 USD, with a 24-hour trading volume of $ 7,671,134.14 USD. Our UPI to USD pricing is updated in real-time. Pawtocol has dropped by -0.03 percent in the previous 24 hours. Pawtocol has a market capitalization of $20,278,841.85 USD. It has a circulating supply of $257,924,377.08 UPI coins and a maximum supply of $1,000,000.00 UPI coins.
