UBIC
The first cryptocurrency using proof-of-passport
How it works
UBIC is a CryptoUBI, which means that most of its coins are distributed directly to users in the form of a universal dividend. This is sometimes referred to as a freedom dividend or universal basic income (UBI).
In order to ensure fair distribution, and to avoid double claims, every participant in the Universal Dividend program must verify himself using his passport.
Verification is done by reading the unique digital signature the government appointed to the NFC chip in your passport. Your personal data such as your name or facial image are not read out during this process and your identity remains hidden from the other UBIC participants.
FAQ
Which passports are compatible?
To be compatible, your passport should not have expired or be shortly before expiration (less than 3 months). It has to also be a passport issued by one of the following countries:
- Switzerland
- Germany
- Austria (passports after October 2014)
- United Kingdom
- Ireland (passports after May 2016)
- USA
- Australia
- China
- Sweden
- France
- Canada
- Japan (passports after May 2016)
- Thailand
- New Zealand
- United Arab Emirates
- Finland
- Luxemburg
- Singapore
- Hungary
- Czech Republic
- Malaysia
- Ukraine
- Iceland (passports after February 2013)
- Hong Kong (passports after July 2019)
- Spain (passports after July 2016)
- Adding the support for other passports is currently in progress
How often will I receive my cryptoUBI dividend?
With UBIC, the universal dividend is paid out in every block. This means that you will receive a tiny amount of UBIC every few minutes.
Is the supply of coins capped?
No! Because the coin emission is linear, a constant amount of coins in every block are minted and divided among the cryptoUBI recipients.
Note that UBIC burns all of the transaction fees, which reduces the number of coins in circulation and the risk of inflation.
Does UBIC use dynamic transaction fees?
Yes! Transaction fees are dynamic so that the cost of a transaction is equal to about 6 hours of Universal Dividend payout.
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