What Is UBIX.Network (UBX)?

What Is UBIX.Network (UBX)? Complete Guide Review About UBIX.Network.

What Is UBIX.Network (UBX)?

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 UBIX.Network 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 UBIX.Network and for tokens issued on the platform.

UBIX.Network Storage Key Points

Coin BasicInformation
Coin NameUBIX.Network
Short NameUBX
Circulating Supply45.56B UBX
Total Supply1,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Official Project WebsiteClick Here To Visit Project Website

legal relations

UBIX.Network when conducting a legal study, the fundamental problem of using public block chains was revealed – the interruption of the chain of legal relations when using anonymous nodes that process transactions. This leads to the need to develop a 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 block chain (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.

Project names and rebranding.

UBIX.Network 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.

The rights and obligations of the subjects

As UBIX.Network previously postulated, the main function of the system is the creation, modification and termination of legal relations between users of the system with simultaneous fixation in the form of permanent entries in the distributed registry. Creating legal relations is possible as a result of the Entity’s active actions when using the Platform.

They consider the relationship as a process of occurrence of the rights and obligations of the subjects of the relationship regarding the object of the relationship in accordance with the norms of law governing these relations. As an abstract concept, a process has an entrance space, a state change, and an exit space.

General description

The exchange of User information with network units – nodes, occurs through transactions. The transaction contains a witness Group field that defines the Rules to which the User (the sender of the transaction) joins and in accordance with which its transaction must be processed. When a transaction enters the network, it begins to spread across the network, passing from node to node. A number of transactions form a poolroom – a temporary depository of transactions.

UBIX.Network Upon the occurrence of the conditions specified in the Rules, the group of Validators that have joined the Rules (nodes implementing the algorithmic part of the Rules, also called the Cons ilium), selects the transactions that they must process and form a block. After the transaction has been confirmed (included in the block), it is removed from the memory. Next, the block falls into the general network storage, built on the principle of a directed a cyclic graph.