What is UBIX Network (UBX) | What is UBIX Network token | What is UBX token
UBIX.Network
UBIX.Network is an open ecosystem designed to integrate decentralized applications into a cohesive whole. To solve the integration problem, the following solutions were used:
1. The original decentralized protocol UBIX ( (DAG), consisting of blockchains of various types) has been developed and is used to exchange sensitive data (master data) between applications.
2. The Ubikiri super application interface built on microservices is used to exchange data between applications through the internal API.
3. A legal solution that allows users to legally determine the legal relationship arising between users and node holders. The legal framework is based on the original UBIX license designed for decentralized applications.
For the development of applications, the UBIX launchpad platform is used, which is integrated into the UBIKIRI interface. A special approach called fair-ICO (fICO) is used to finance internal projects. The first internal fICO project was the internal UBIX.Exchange.
For the exchange of values within the platform, the native UBX cryptocurrency has been released. To regulate the money supply, monetary approaches are used with the use of public reserve and emission funds. In addition to UBX, tokens issued by various projects are used. For economic integration with external ecosystems (primarily with Ethereum), Crypto depository receipts are widely used both for UBX and for tokens issued on the platform.
A wiki system operated by the UBIX community is used to describe the entire project.
Project names and rebranding.
Since the project was originally planned as a blockchain for legaltech, the name “Chain-in-Law” was chosen, as a play on words with the designation of a legally arising relationship with the block chain. For this reason, the ticker LAW was chosen for the main currency of the platform. However, later, when rethinking the protocol’s capabilities and developing the ability for users to create their own blockchains, including public ones with anonymous nodes, the name was changed to “Integrated Distributed Ledgers”. Later, when choosing a name for the super application / interface, the name “Ubikiri”, formed from the name of the Japanese ritual of swearing on the little fingers, won. When solving the problem of bringing all products and developments to a single brand, it was decided to use the abbreviation for Ubikiri. This is how the name UBIX appeared. The abbreviation UBX was chosen for the ticker of the protocol cryptocurrency.
Technology
To implement the possibility of creating integrated blockchains, the following approach was used:
1. Users can create their own blockchains (in terms of the Platform - Consiliums).
2. Each transaction has a special label that defines which Consilium can process it.
3. When the conditions defined by the Consilium Rules appear, Consilium is activated and the transactions accumulated in the mempool related to this Consilium are processed.
4. The block created by Consilium goes to the general distributed ledger, where the blocks are connected to each other in a Merkle tree, forming a directed acyclic graph (DAG).
Tokenomics
UBX Tokenomics
Basic principles:
1. Consensus Algorithm - PoS.
2. No minting, masternodes are rewarded with transaction fees.
3. 10% of all commissions are credited to the development fund.
Emission.
At the moment, a mechanism for managing the issue of money is being developed. Basic principles used:
1. Monetary principles of regulation are used based on the Fisher equation: an increase in the money supply must correspond to the growth of the internal product of the ecosystem.
2. Using the reserve fund to stabilize exchange rates.
3. Implementation of multilevel self-government to balance decentralization and efficiency of the management system.
Current Circulating supply
The Coinmarketcap approach is used to determine the Circulation supply. According to this approach, the circulation supply is calculated using the following formula: Circulating supply = Emission limit - Liquidity reserve - Partners fund - Development fund - Swap reserves - Staked on masternodes - Masternode stabilization fund - Current accumulation fund
In accordance with this formula, an API endpoint has been developed that shows the value of the Circulation supply in real time
How and Where to Buy UBX?
UBX has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy UBX
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since UBX is an altcoin we need to transfer our coins to an exchange that UBX can be traded. Below is a list of exchanges that offers to trade UBX in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase … from the exchange.
Exchange: KuCoin, Hotbit and ExMarkets
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once UBX gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
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Find more information UBX
☞ Website ☞ Explorer ☞ Explorer 2 ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Coinmarketcap
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