cryptocurrencies

UBIX.Network (UBX) - A Complete Beginners Guide

Daksh Murkute | | |

UBIX.Network is an umbrella term used for a group of applications, like Ubikir, It is a hybrid open ecosystem built on DAG rather than blockchain. 

 

It is hybrid in nature means it consists of different kinds of blockchains whether it is public or private and trying to make it one single network.

 

UBIX has built its network on DAGs in NodeJS and its team has 17 members with a history of over 4 years in UBIX.

 

In this blog, we will discuss its network, various applications, and its protocols.

Contents

What is UBIX?

History of UBIX

Features of UBIX

Applications based on UBIX

Recent development and roadmap

Market Cap

Conclusion

 

Money is constantly evolving from gold to paper money, to electronic payments, and now it comes to cryptocurrency.

 

Each phase follows the same pattern, at first, we found an exchange medium, and we build a new exchange medium on top of it with sacrificing some amount of safety and stability for better use of that money.

 

That is going on for a long time. In this series, the next evolutionary step in cryptocurrencies like Bitcoin and Ethereum, replaced bank with a computer algorithm that runs on a transparent open network. It is global, fast, and resistant to banking fraud and provides various features in its blockchain.

 

UBIX is also one of them, in this blog we’ll discuss UBIX and its token UBX.

 

What is UBIX?

 

what is ubix network

      

 

UBIX is a new blockchain-based technology that allows developers to create new blockchain (private or public) in its platform fully integrated into a single network without any mediator.

 

UBIX team is using various solutions to solve the integration problem.
 

  1. They have made a protocol UBIX, UBIX will connect all the blockchain of various types and make it one, it also sends and receives sensitive data between them.
     

  2. To exchange data between applications they used the Ubikiri super application interface.
     

  3. UBIX's launchpad platform is used for the development of various applications, it also connects with Ubikiri.
     

  4. Everything in this will be legal and to ensure that they have introduced legal solution applications, that hold the legal formalities between users and node holders.

 

The main goal of UBIX is to building a common universal interface that integrates different applications into a single super application.

 

For exchanging values within the platform, they’ve used a native cryptocurrency named UBX.

 

It works on the consensus algorithm called Proof-Of-Stake. In this algorithm the more coins you have the more power you have. You can mine or validate transactions according to the number of coins you have.

 

History of UBIX.

 

history of ubix

 

 In 2017, the team launched a project named SilentNotary. It is used to create a quick, cheap, and reliable legally binding document, in SilentNotary you can convert any event into legal evidence.

 

After that in 2018, they’ve performed a study in which the fundamental problem of blockchain was revealed to them. Initially, the UBIX project was proposed as a solution to that problem.

 

And finally, in 2019, the first block of the UBIX protocol was created, in which they’ve introduced consensus algorithms for making transactions with UBX coins.

 

This team is lead by Max Breum. He is the founder and CEO of UBIX. He manages the project and manages the team.

 

Aleksey is the CFO and co-founder of UBIX. Previously he worked in many banks. He and Breum studied together at the Moscow Institute of Physics and technology. And the third important member of this team is Alexandre Andreev he is the CTO of UBIX. He has 10+ years of experience in development.

 

Features of UBIX

 

features of UBIX

 

UBIX is an open ecosystem designed to integrate DApps into a super single application. UBIX has several interesting features which make it unique in its own sense.

 

  1. DAG- DAG (Directed acyclic graph) is a graph in which everything flows in the same direction, and no node can come back to itself. UBIX followed DAG and built a hybrid network.
     

  2. Hybrid- UBIX is hybrid means it has different kinds of blockchains in a single network. It has public blockchains as well as private blockchains which makes it more accessible to the users.

  3. Ecosystem- UBIX ecosystems consist of decentralized applications, a launchpad, a UBIX exchange, and a super application (Ubikiri).
     

Applications based on UBIX

 

    1. UBIX exchange- it is a digital currency exchange, in which customers allows to trade cryptocurrencies for other assets.
       

    2. Ubikiri- it is the heart of UBIX. It consists of decentralized applications, it has its wallet, an exchange, and a social business network.
       

    3. DeFiGate- Defi stands for decentralized finance, this provides vantage to the user's account.
       

    4. SignItNow- it will be a blockchain-based application for signing documents.
       

    5. MakeMeMoney- this is a platform for someone who wants to participate in POS projects, in this platform users can stake their UBX coins and get rewards.

 

Recent development and roadmap

 

 

Recent development and roadmap of IBIX

 

  1. UBIX.network websites- They're going to redesign their websites and add a new section of technology, Assets, and media.
     

  2. Ubikiri- this is a type of explorer, for them, this is the heart of UBIX.

    (UBIKIRI name was derived from the name of the Japanese ritual of swearing on the little fingers),
     

  3. it is an interface that is used to exchange data and information between applications. They have launched it recently and they’re going to redesign this whole explorer, including designing of wallet, adding gas limit, improving user experience.
     

  4. UBIX.exchange- they are going to add some new and exciting features into this exchange, and they’ve planned to bring this exchange into the mainstream and for that, they are going to list this on CoinMarketCap and Coingecko.
     

  5. SilentNotary- this is an old initiative of the UBIX network team, UBSN token listing is in pipeline of this project and they’ve planned several integrations for this project. They also change the token model of SilentNotary and converting it to a passive income model.
     

  6. UBIX.Network protocol- removing inactive and defective nodes from the network and bringing some changes to it.
     

Market Cap

 

market map of ubix network

 

UBIX has a history of transferring millions of dollars on its network, it has over 18 thousand non-zero wallet holders, 6 blockchains, over 13 billion UBX coins in stakes.

 

According to CoinMarketCap, the price of UBIX.Network price is around $0.0003 at the time of writing. It is currently rising at a steady rate. The ranking according to CMC is #679, and the market cap is $14M. It has a circulating supply of 45B UBX coins and a maximum supply of 1Trillion UBX coins.

You can buy UBX on all major crypto exchanges, you can get UBX in the exchange of BTC, ETH, USDC, etc.

 

Conclusion

 

UBIX was originally planned for legal services, so they want to name it Chain-in-Law, and they have also planned its crypto ticker name LAW, but things didn't work out between them. So later after a long discussion, they have developed a new protocol that has the ability for users to create their own blockchains. so they change its name to Ubikiri. 
 

They have made various products along with Ubikiri, after sometime they have decided to bring all the products under a single umbrella, and that's how UBIX came into existence.

 

The idea was to develop a super app that allows various internal applications to integrate with each other, and user can use various services in a seamless manner, and at some extent they have got what they wanted. Their intentions are right and they have a fully functioning network deploy in a decentralized manner. 

 

Comment Section


Join our SUBSCRIBERS ARMY NOW TO get the latest trends

updates, techniques, methods about Crypto Trading & Investing

Change Your Financial
Fate State Life Fate State Life