What is UBICoin?

UBICoin  is a Universal Basic Income.  UBICoin generates value without mining, using time as its proof of stake.  Every wallet earns UBICoin at the same rate.  You can exchange UBICoin through a simple QR Code interface.  UBICoin...

• Is FREE

• Is not a cryptocurrency in the traditional sense - it does not use blockchain or a shared ledger

• Does not "run in the background" on you phone, so it won't drain your battery

• Creates "proof of stake" using time instead of CPU cycles

• Creates UBICoin at the same rate for every wallet

• Generates a unique one-time-pad (OTP) encryption key for every transaction, insuring that every transaction is not repeatable, solving the double-spend problem

• Can be transferred easily using a simple QR Code

• Does not use the Internet at any time - no Internet connection required

• Uses patent-pending Ubiquitous Consensus™ Technology to completely eliminate the need for a shared ledger

• Uses patent-pending True Nonce™ Technology to guarantee that all transactions, backup operations and restore operations are non-repeatable

• Uses patent-pending One-Way-Pay™ Technology to allow safe and secure UBICoin transactions offline

Paying with UBICoin

Paying with UBICoin is a simple process:

1. The person being paid clicks GET PAID and shows the BLUE QRCode

2. The person paying clicks PAY and scans the BLUE QRCode

3. The person paying enters the amount to pay, clicks PAY and shows the GREEN QRCode

4. The person being paid scans the GREEN QRCode and is now paid

If you are paying with UBICoin at a store, you or the cashier will click PAY STORE instead of GET PAID on the store's smartphone. The rest of the process is the same.

Accepting UBICoin in Your Store

UBICoin can easily be accepting in your store, and supports a "Store Mode" that is locked and unlocked through Biometric Authentication. When your UBICoin wallet is in store mode, people can only pay you UBICoin. UBICoin can only be transferred into your wallet, not out.  While in Store Mode, the only function available is "Pay Store", which initiates the regular payment process.

How Can I Help?

The best way to increase the strength and value of UBICoin is to SHARE it.  Tell all your friends, co-workers, business partners, and family. Post about it on social media! 

Use that SHARE button 

Just like any currency, UBICoin derives its value from the people who use it.  In the simplest terms, UBICoin has value to you because you can exchange it for the things that you want.

If you want to buy things with UBICoin at a local store, for example, ask them if they take UBICoin. Sure, you'll get some strange looks at first, but don't be discouraged. All it takes is one circle of transactions to create your own micro-economy; and UBICoin is intentionally designed to support micro-economies. Get out there and ask "And who is YOUR supplier?" Just follow the supply chain, and it will eventually come full-circle. Once you have identified that circle of transactions, and everyone has agreed to accept UBICoin, your micro-economy can start accepting UBICoin.

Hoarding Prevention

UBICoin is specifically designed to prevent hoarding or hiding wealth. You could try (for example) to create a large number of wallets to keep the balance of each wallet low (and, thereby, keep the burn rate low). UBICoin, however, can only be transferred through a manual process. 

A QRCode must be generated and scanned for every transfer, either face-to-face or through a video conference. Even the One-Way-Pays have an expiration date, so you can't simply print-out your UBICoin and store it indefinitely. UBICoin is specifically designed so that, as each plateau of burn rate is reached, an increase of three orders of magnitude in labor would be required to distribute that wealth. So, for example, keeping 1 billion UBICoins down to the 1 million burn rate would require 1000 people making transfers every hour.  In other words, it's just not economically feasible to try to hoard wealth.

Double-Spend Prevention

Anything digital can be easily copied - including digital currencies. When someone makes a copy of a digital currency, effectively allowing that person to spend it multiple times, that is called the “double-spend” problem. 

UBICoin solves this problem through the use of a OTP (a “one time pad”).

“In cryptography, the one-time pad (OTP) is an encryption technique that cannot be cracked, but requires the use of a single-use pre-shared key that is larger than or equal to the size of the message being sent. In this technique, a plaintext is paired with a random secret key (also referred to as a one-time pad). Then, each bit or character of the plaintext is encrypted by combining it with the corresponding bit or character from the pad using modular addition.” - Wikipedia

Transferring UBICoin requires the creation of an OTP. When the payee shows their BLUE QRCode, that is part of the OTP - and it is good for only 1 transaction. When the payer shows their GREEN QRCode, that is the transaction data encrypted using the OTP. The OTP is destroyed on the payer side as part of creating the transaction QRCode. Now, the only person that has the OTP, and the only person who can receive the payment, is the payee. Once the payment is received, the payee’s OTP is destroyed as part of the receiving process.

As of June, 2023, no successful attack has ever been demonstrated against the strong encryption that UBICoin uses. Additionally, even if an attacker successfully cracked the strong encryption, they would not be able to guess the OTP.  This is how UBICoin prevents the double-spend problem.