Ubix Network Review: Is Ubix.Network a Scam?

3 Mins read

Welcome to Bulliscoming Ubix Network Review. UBIX.Network is a DAG/blockchain hybrid designed to integrate blockchains of various types of consensus into a single p2p network. Users can create their own blockchains of various types (including private ones), using them to service their business processes.

At the same time, all created blockchains are in a single address space, in a common network, and can be integrated with each other without using any gateways. The protocol supports smart contracts (Java Script) and various types of tokens. In addition to integration at the network level, the team is developing an interface that is a super-app built on a microservice architecture that allows various internal applications to be integrated with each other, providing users with seamless use of various services.

What is 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:

  • 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.
  • The Ubikiri super application interface built on microservices is used to exchange data between applications through the internal API.
  • 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.

Ubix Network Review

ubix network review

Ubix innovative protocol allows developers to create their own blockchains, fully integrated into a single network without any intermediaries (gateways, beacon chains, etc.);

This allows them to integrate applications with each other at the basic level of the network. But beyond that, they are building a common universal interface that integrates applications into a single super-application, which allows end-users to seamlessly use all available services.

Ubix also claims to pay special attention to the economic model of their ecosystem, based on the concept of economically self-sufficient applications that generate regular income for their community.

In 2017, the SilentNotary project was launched – a system for providing evidence with hashes recording into various blockchains using a wide range of interfaces.

In 2018, when conducting a legal study, the fundamental problem of using public blockchains was revealed – the interruption of the chain of legal relations when using anonymous nodes that process transactions. This leads to the need to develop special technical and legal expertise at each trial to prove the stability of the used blockchain in a given period of time. At the same time, the fact of intervention and rewriting of the blockchain (51% attack) leads to the compromise of all previous records.

Initially, the project appeared as a solution to the problem of fixing evidence on the public blockchain. At the start of the project, it was planned to upgrade the DAG of the Bytebal project (now called Obyte) with a redevelopment of the mechanism for selecting ‘witnesses’. Subsequently, the idea of ​​being able to choose your own groups of ‘witnesses’ led to the concept of the UBIX protocol and the development of a completely original protocol without any forks.

To conduct the tests, a test network was initially created (now used as a : testnet)

On June 16, 2019 at 00:29:21, the genesis block of the UBIX protocol was created, in which a consensus algorithm was defined for processing cryptocurrency transactions with UBX coins. Genesis block hash:8b6d259ee3ee1acd524654d9b27286188c982e3764f1ef3f6db98c6382e6d777.

Since the project was originally planned as a blockchain for legal tech, 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.

Final Verdict

Every day UBIX transfers millions in dollars on its network. They currently have 15785 non-zero wallets. 6 blockchains. 37 TXs in the past day. Besides that our master nodes receive 54200344 in fees the past month, there was 6461157000 in UBX staked and our master node holders received 16.77% in staking rewards.

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About author
Johnmiracle Ejikeme is a 7 Figure digital network marketer, crypto enthusiast, and a trader. A humble fellow that fancy investing and technology.
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