⛓️UBXN Blockchain Networks
This section is designed to help you understand more about Blockchains and more specifically the Blockchains UBXN is supported on.
Above you can see a Blockchain map, where you can move UBXN to and how to get there. This map also shows the centralized and decentralized exchanges that support UBXN 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 UBXN is supported on and shed light on the options you currently have as a UBXN 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.
On the Bitcoin blockchain there is a maximum of 21 Million BTC that can exist and each fraction of a Bitcoin is unique with it's own address and assigned owner. When someone sends a Bitcoin to their Friend, the blockchain is responsible for processing and recording the transaction. Minors process transactions and earn transaction fees for securing and maintaining the network. Anyone can be a minor.
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.
Decentralized Blockchains are trust-less open sources networks which use smart contracts in place of 3rd parties. Smart contracts are programmed services that run on the blockchain, perform certain functions and have open source code. As a result they can replace 3rd parties and require only that the code is audited and proven safe to be considered trustworthy. Examples of smart contracts are services like decentralized exchanges, UniSwap or PancakeSwap for example.
Other services like the UpBots staking pools are also built using smart contracts and this is how its possible to provide trust-less non-custodial financial services.
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.
The main Ethereum developers are implementing a scaling solution which they have recently completed the fist stage of. Soon we all hope the Ethereum blockchain will scale better greatly reducing gas costs.
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.
BSC cannot be said to be truly decentralized and does require some trust in Binance. For most this is a small price to pay for greatly reduced gas fees and a much lower barrier to entry at the cost of slightly less decentralization. Things like staking and compounding rewards are much more functional when gas is reduced and it is far cheaper to send transactions and currently BSC caters for this quite well.
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 UBXN is an ERC-20 token first created on Ethereum. We decided to expand UBXN 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 UBXN 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.
Blockchain | Format |
Ethereum | ERC-20 |
Binance Smart Chain | BEP-20 |
Solana | SPL |
UBXN navigation across Blockchains
By default UBXN is an ERC-20 Ethereum Blockchain token. By default when withdrawing UBXN from a centralized exchange such as KuCoin, it will be an ERC-20 UBXN token and so you will need to make sure you are withdrawing to an ERC-20 compatible wallet address, otherwise it may be lost!
It's always a good idea to send small token amounts when you are not sure about what you are doing and if it arrives as expected then you will know you did it right and can send larger amounts safely!
Example of moving UBXN to different Blockchains.
"I have UBXN on a centralized exchange 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
Step 1
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.
If you are using another wallet like Trust wallet you can usually import this wallet into Metamask quite safely. Just search for a guide on how to import your existing wallet address into Metamask. We may add one here soon!
Step 2
Once you have followed the Metamask guide and have your wallet set up for both networks simply withdraw from the exchange 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 UBXN, or Bridge UBXN or to stake UBXN in the ERC-20 pools you will need some ETH to cover transaction fees. If you are just going to Bridge your UBXN to BSC then you will only need enough ETH to do one transaction, usually around 25$ or so at current gas prices.
If you send ERC-20 UBXN to your Metamask wallet address it will show when you select the Ethereum network. If you send BEP-20 UBXN to the same address it will show when you select the BSC network.
Step 3
At this point you should now see the UBXN on the Ethereum network side of your Metamask wallet. All that's required to move the UBXN 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 UBXN Bridge here.
Once you have Bridged your UBXN over to BSC you can then interact with smart contracts on the BSC Blockchain including our BSC staking pools.
Step 4
With your UBXN 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.
You can easily move BNB for Gas to your BSC Metamask address by withdrawing BNB from Binance.com and selecting the BEP-20 option, this will automatically Bridge BNB to BSC for you. The reason we don't use Binance to withdraw UBXN to BSC is because Binance don't yet support UBXN Bridging to BSC.
Following this guide, at this point you should have successfully transferred your UBXN 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 UBXN from BSC BEP-20 back to Ethereum ERC-20 the process is just the same but in reverse.
Buying UBXN directly on BSC.
If you don't have UBXN 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 UBXN directly on BSC using the PancakeSwap BUSD/UBXN pair.
Summary
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 UBXN 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 UBXN investors.
You can always join our public Discord and Telegram channels and ask for help if you have any questions on these topics or need further help.
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