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Introduction
This post introduces the world’s first “Passport” smart contract, which allows users of Ubiq to swap tokens and receive native UBQ tokens for the recorded value of all exchanged tokens.
The idea
In 2017, Ubiq team started a decentralized venture that involves the use of several blockchain and cryptography techniques. The most recent development has involved the integration of a series of techniques like protocols to ensure the integrity, security and transparency of the wallet during transactions.
The application is the world’s first decentralized and algorithmic, financial passport — the fintech property offered by Ubiq.
The project’s paradigm centers on the main idea of having a decentralized passport program, and other can be utilized to include an application that will be determined by the needs of the users.
In the case of Ubiq, the company has adopted a decentralized application that is accessible to a wide range of users with the goal of delivering monetary derivatives on the network that does not depend on trusted third parties but, on itself, based on algorithms.
Further, the project has created a decentralized and algorithmic solution that uses the blockchain technology to ensure it offers all the following features:
The ability to record transactions and hold them forever
The ability to automate the process of rewards and/or penalties in relation to transactions
The ability to create new financial instruments
An easily readable history of all transactions done
In addition, using a decentralized platform, users will enjoy high security and privacy, control over their tokens and digital assets, and a wide range of features all at an affordable price.
Some of the features of Ubiq:
10% of UBQ tokens will be distributed as a reward program.
All of UBQ tokens, every time that a transfer is made, will be transferred to the UBQ account of the account that made the transfer.
All of the transfers will be secured by using encryption to achieve authentication.
All of the transfers will be secured by consensus, which will be difficult for anybody to take place.
All transactions can be easily recorded using internal and external folders.
All of the transactions can be tied to the identity of the users.
And much more…
Main purpose
Passport Wallet is focused on the ability to give the user the unique opportunity to exchange UBQ tokens for other tokens in the blockchain and to receive payment in UBQ token for such transactions.
The cost of the service, as well as
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