Latest posts of: olkah

UBICOIN

SON OF YOUR FATHER BITCOIN

What is UBICOIN ?
Ubicoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer ubicoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
The ubicoin blockchain is a public ledger that records ubicoin transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. A network of communicating nodes running bitcoin software maintains the blockchain. Transactions of the form payer X sends Y Ubicoins to payee Z are broadcast to this network using readily available software applications.

Decentralization
Ubicoin is decentralized.

Ubicoin does not have a central authority.
There is no central server; the Ubicoin network is peer-to-peer.
There is no central storage; the Ubicoin ledger is distributed.
The ledger is public; anybody can store it on their computer.
There is no single administrator, the ledger is maintained by a network of equally privileged miners. Anybody can become a miner.
The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.
The issuance of Ubicoins is decentralized. They are issued as a reward for the creation of a new block.
Anybody can create a new Ubicoin address (a Ubicoin counterpart of a bank account) without needing any approval.
Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate.