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Introducing Our New Partner: UBIX.Network

Updated: Jun 27

If you’ve been keeping track of our new benefits page, you may have noticed the addition of a new offer from UBIX.Network.


Keep reading to learn about what the UBIX.Network is all about and what it brings to the crypto industry.


What is UBIX.Network?


UBIX.Network is a DAG&blockchain hybrid (a DAG – Directed Acyclic Graph), integrating blockchains of various types of consensus algorithms into one single p2p network. It is hybrid in the sense that the network can host private as well as public blockchains, and those networks can be PoS or PoW.


Because of its flexibility, UBIX.Network is suitable for everyone: private persons, small companies up to multinationals and governments.


All the blockchains created on the network are in a single address space, all on the same network. Also every blockchain integrates without using any gateways– meaning real, full decentralization. In addition, the platform supports smart contracts (which is not typical for the architecture of directed acyclic graphs) and various types of tokens.


UBIKIRI


UBIX (Ubikiri.com) is the interface that is used to access UBIX.Network. Since it provides access to not just one service but a wide variety of different apps-within-apps, Ubikiri can be considered to be a “super app.” Other super apps include WeChat and Grab.


These are incredibly popular in China and southeast Asia. This architectural solution allows for a seamless, user-friendly experience.


The currency of the UBIX.Network ($UBX) and economics


To process transactions with cryptocurrencies, a PoS blockchain was launched inside the UBIX network and a cryptocurrency ($UBX on KuCoin) was released on the platform.

For the development of internal projects of the UBIX.Network, a hybrid of ICO and classic venture financing, called “fair ICO”, is used.


Instead of one fund raising effort, funds are raised in small portions over several rounds with a demonstration of the result after each round. The tokens of these fair ICO’s become available for trading on the internal UBIX.Exchange (available on Ubikiri).


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.


Technical details of the UBIX.Network


The protocol runs on Node.js, and Javascript for smart contracts. UBIX.Network uses UTXO transactions with special marks that define the blockchain that can process this transaction.

The blocks created by the blockchains entering the UBIX network are connected to each other, forming a directed acyclic graph (DAG).


The blocks connect in such a way that transactions form a partially ordered set with respect to the Merkle tree connecting the blocks in the DAG. When the load increases, side branches appear; when the load on the network decreases, the graph turns into a chain of blocks.


In theory, this architecture does not have the scaling problems inherent in blockchains.


What makes UBIX.Network unique?


1. The completely original architecture allows users to create their own blockchains that form a single network. Thus, private enterprise blockchains can integrate with each other and, if necessary, use public blockchains without any special gateways.


2. UBIX.Network’s super app-style interface (Wechat-like architecture), integrates various crypto services into one application. This solution solves the problem of accessibility and simplicity of services for ordinary users.


3. Funding the growth of the ecosystem through fICOs using approaches typical of venture capital financing. This solution aims to prevent fraud inherent in classic ICOs.


4. The economy of the platform, built on monetary regulation, will allow, in the future, with the growth of the ecosystem, reserve funds to stabilize the native cryptocurrency.


5. A legal solution that defines the legal relationship between users and node holders allows embedding UBIX technology into corporate business processes.


What has been developed so far?


1. UBIX.Network protocol mainnet has been operating since June 2019, with block heights exceeding 163000 in October 2020. Several blockchains, both public and private, operate on the network.


2. The Ubikiri super application applies to profiles, wallets, social networks, network explorers and internal applications.


3. The UBIX Exchange (CEX), together with its crowdfunding platform for fICOs, integrates with Ubukiri.


4. Our first hosted project: SilentNotary.com.


About CoinTracking


CoinTracking is the leading portfolio tracker and crypto tax software with more than 880,000 users worldwide. With CoinTracking you can:

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  5. Track your Gains automatically, according to 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB).

  6. Fully-fledged Tax Reports in your country.


Sign-up to CoinTracking today!


If you need personalized help reviewing your transactions or preparing your US tax returns, check out our CoinTracking Full Service. CT Full Service is provided by a team of crypto tax professionals led by Sharon Yip, an expert CPA. Follow our weekly AMAs on Twitter where Sharon Yip answers your crypto tax questions.


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Read more about crypto taxes and get the most comprehensive guide on crypto resources:

  1. 2021’s NFT guide (with taxes).

  2. Is Bitcoin taxable? The ultimate guide for 2021 taxes.

  3. Is transferring Crypto between wallets a taxable event?

  4. Receiving a free airdrop? Watch out for taxes.

  5. The best 65 Crypto Twitter accounts to follow.

  6. Do you pay taxes on crypto trades?

  7. How to report crypto in your taxes?

  8. The tax guide to crypto loans.

  9. Earn Interest on Crypto: The Taxes Guide.

  10. Do you pay taxes when spending crypto on products?

  11. Crypto debit cards: The best 5 providers in 2021.

  12. Do you pay taxes on Bitcoin debit cards purchases?

  13. Find Crypto tax accountants near me.

  14. Bitcoin analysis: Here’s the best 7 tools to find it.

  15. How to calculate taxes with Bitcoin dollar-cost averaging?

  16. How Crypto tax laws save money for Bitcoin hodlers

  17. Exchange imports: The 2021 guide by CoinTracking

Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.