Above you can see a Blockchain map, where you can move UBXT to and how to get there. This map also shows the centralized and decentralized exchanges that support UBXT and the pair listings they provide. You can also see where Bridges are required and then different networks we are using.
This guide will walk you through Blockchains in general, how they work and why there are so many options and how crypto in general got to this point and the narrative we are working under. Hopefully this will provide you with some context and help you understand the advantages and shortcomings of each Blockchain UBXT is supported on and shed light on the options you currently have as a UBXT investor.
What is a Blockchain?
A blockchain is simply an advanced computer network that is made up of millions of unique addresses or nodes which freely participate together to process and maintain a record of what happens on the network. Every so often a new block containing all the changes that happened on the network is saved,, added to the previous block and a new block begins, hence the term Blockchain. Blockchain technology allows for many unique advancements due to it's inherently strong security, ability to have immutable records and unique individual address on the network that can't be duplicated.
All of this means that Blockchains are excellent for building open, decentralized financial systems that anyone can take part in as supporters of the network e.g.miners who process the blocks, developers who build and provide software, currencies, financial services and other systems for people to use.
Centralized Finance - CeFi
Traditionally financial systems are centralized meaning that the networks are owned by Banks and other big institutions. This allows for some advantages in terms of speed and scale but causes there to be a trust requirement with the network provider who has the power to change and modify the network as they wish. When you place funds on a centralized financial network the funds are no longer held in your custody and you are giving your trust to the network provider hoping that they will always act responsibly and provide you with your funds when you want them.
Decentralized Finance DeFi
Decentralized financial systems work differently. Instead of a centralized service provider the network is run by nodes who provide computing power for the network and help process transactions and keep everything running smoothly. These are open public networks where anyone can run nodes and use the network without requiring complex ID checks or being prohibited by their location.
How multiple Blockchains came to be...
In the beginning there was Bitcoin and this was the first Blockchain pioneered by its anonymous inventor Satoshi Nakamoto. Satoshi solved the complex problems and invented the first Blockchain and thus Bitcoin was born, he then proceeded to renounced ownership and vanished. Soon Bitcoin began to grow a life of its own and with the open source code Satoshi had provided along with an explanation of the technology in the Bitcoin white paper other developers were able to replicate and build on the new technology.
Along came Ethereum as the second major Blockchain which offered developers a much better environment to develop on and as a result Ethereum pioneered smart contract technology. Ethereum has come a long way, it can be considered the original and most popular decentralized Blockchain network for building smart contract applications on.
Due to the public demand for decentralized finance the Ethereum network has experienced a massive an continually growing user-base. As a result Ethereum has had some trouble scaling to meet the demand and this has lead to high gas costs and created a barrier to entry for many.
Then came Binance Smart Chain(BSC). BSC is a duplication of the Ethereum Blockchain that has been pioneered by Binance. Binance are the biggest and most trusted exchange in crypto currency. Binance helped solved the gas problem for many Ethereum users by duplicating the open source Ethereum Blockchain code and providing the same functionality but in a semi-centralized way. As a result Binance were able to provide a blockchain that is highly compatible with the Ethereum code base but much cheaper to use and send transaction on for it's users.
Solana is a relatively new decentralized blockchain that boasts excellent scalability and as a result can offer very low transaction fees and fast transaction times. Due to Solana being a relatively new Blockchain with a different code base from Ethereum its Defi utility has yet to be fully unleashed. However it is growing rapidly as developers learn to work with this new Blockchain.
Blockchain Token Formats & Bridges
Its important to understand what token format your chosen Blockchain is using. For example Ethereum is using the ERC-20 format for tokens. That means tokens on Ethereum are ERC-20 tokens and aren't compatible with other Blockchains.
Originally UBXT is an ERC-20 token first created on Ethereum. We decided to expand UBXT and make it cross chain compatible with Binance smart chain(BSC) allowing our users flexibility so they don't have to pay high gas fees on Ethereum to take part in our platform and staking pools. BSC is using BEP-20 format this means in order to move UBXT from ERC-20 format to BEP-20 format i.e. from one blockchain to another, we need a Bridge. These Bridges will do the conversion for us and move our tokens across Blockchains properly.
Binance Smart Chain
UBXT navigation across Blockchains
By default UBXT is an ERC-20 Ethereum Blockchain token. By default when withdrawing UBXT from a centralized exchange such as FTX or KuCoin, it will be an ERC-20 UBXT token and so you will need to make sure you are withdrawing to an ERC-20 compatible wallet address, otherwise it may be lost!
Example of moving UBXT to different Blockchains.
"I have UBXT on FTX and I want to move it to Binance Smart Chain(BSC) so I can stake in the UpBots BSC staking Pool and get some great rewards! How do I do this?" - UpBots Community Question
First you will need to set up Metamask as this is the DeFi browser wallet we are currently supporting. You can learn about Metamask and how to set it up here.
Once you have followed the Metamask guide and have your wallet set up for both networks simply withdraw from FTX to your Metamask wallet address and it will show when you select the Ethereum network side of your Metamask wallet.
When using the Ethereum side of your wallet to send UBXT, or Bridge UBXT or to stake UBXT in the ERC-20 pools you will need some ETH to cover transaction fees. If you are just going to Bridge your UBXT to BSC then you will only need enough ETH to do one transaction, usually around 25$ or so at current gas prices.
At this point you should now see the UBXT on the Ethereum network side of your Metamask wallet. All that's required to move the UBXT from the Ethereum side of your wallet to the BSC side of your wallet is the UpBots Bridge. There is a full guide on how to use the UBXT Bridge here.
Once you have Bridged your UBXT over to BSC you can then interact with smart contracts on the BSC Blockchain including our BSC staking pools.
With your UBXT now safely on the BSC side of your Metamask you can now select BSC network and connect your Metamask to the UpBots App and use the BSC staking pools. Just make sure to have some BNB to pay for gas on BSC.
For a guide on how to interact with Staking pools please check here. The process of interaction is the same for all our staking pools, just make sure to correctly select the network you wish to use in the App staking page and in Metamask.
Following this guide, at this point you should have successfully transferred your UBXT from ERC-20 format on a centralized exchange to BEP-20 format and have a good idea of how to interact with staking pools on UpBots.
If you wanted to move UBXT from BSC BEP-20 back to Ethereum ERC-20 the process is just the same but in reverse.
Buying UBXT directly on BSC.
If you don't have UBXT yet but wish to buy and stake on Binance Smart chain then you can easily transfer BUSD from Binance.com to the BSC side of your Metamask wallet using the BEP-20 withdraw option.
Then simply follow our PancakeSwap Guide here to buy BEP-20 UBXT directly on BSC using the PancakeSwap BUSD/UBXT pair.
Although it can seem complicated at first, it really just comes down to scaling. Blockchains are difficult to scale efficiently and has demand goes up for decentralized finance it can slow down the networks and cause high transaction(gas) costs.
UpBots chose to expand UBXT from it's initial starting place as an Ethereum ERC-20 based token to be more compatible with other Blockchains to help reduce gas costs and provide far more flexibility and better value for UBXT investors.