About: UBI token in South Africa.

Updated 2018.

Contents Table:

1. What is Ubinodes Token?
2. Using Luno with your South African bank.
3. Using the Waves Exchange Desktop Wallet to get Ubinodes Tokens.
  • What is Waves DEX?
  • How to use your New Waves Wallet and how to Trade Ubinodes token?
  • Waves explorer.
  • Tumbles Waves Mixer.
4. Buying Ubinodes Token peer to peer (OTC).
5. Useful Tips.
  • Using a ledger.
  • Using IDnow.
  • Using a Password manager for Waves passwords and phases.
  • Exchanges to avoid.
6. Sources.

1. What is Ubinodes Token?

Ubinodes Token is the token used for transactions in our organization. This token is used as a medium of exchange, a store of value and can be used for payments of goods and services on the Ubinodes platform. This token lets anyone buy and sell consultancy services from all around the world without the restrictions that accompany fiat exchange in financial institutions and government policies.

Our Beneficial Projects are based on donations conducted in Ubinodes token. With Beneficial Projects, you can participate, donate and propose a project you are interested in. The Beneficial Project could be testing an app, payment cards or everything else that puts emphasis on decentralization and encryption.

With Ubinodes, paying consultants for goods and services becomes easier and faster, wherever the consultant is located. Parties can make and receive payments to each other almost instantly without the interference of a third party or a centralized body. A client in Germany can easily pay for the services of a consultant in Russia with the in-house token Ubinodes.

The token is not affected by the fluctuations of other coins in the cryptomarket as it’s supported and backed by the client and consultant base of Ubinodes. You can use fiat money to buy Ubinodes or if you already have Bitcoin or other major cryptocurrencies, you can use your BTC to exchange for Ubinodes.

In the crypto world, you can get paid in appcoins. We can apply this model to any kind of decentralized system. Scarce resources could be consultancy services, storage space, trades, data, ads and so on. With the wider acceptance of blockchain technology and its innovative financial solutions, cryptocurrencies are closer than ever to being recognized as money.

After all, it has all the features of what is accepted as money such as: scarcity, durability, portability, divisibility, authenticity verification, easy storage, difficulty in counterfeiting and lastly usability. Adoption can be facilitated by mentoring new users to help adopt blockchain based systems.

A question that consistently comes up is how to monetize a decentralized platform. The traditional centralized platforms make money by including transaction fees, advertising revenues, referral commissions, access rights to user data and subscriptions. For a decentralized organization like Ubinodes, the answer is to allocate scarce resources on the network by using a scarce token; an application coin. Users need this appcoin to use the network, in a pay-to-play approach.

2. Using Luno with your South African bank.

Using Luno is pretty easy to use and can help you seamlessly transfer money from and to your bank account when buying and selling cryptocurrency.

Open a Luno account here: https://www.luno.com/en/signup

Verify my identity.
After signup, you have to verify your identity to buy or sell cryptocurrency. The process is similar to opening a bank account. The Luno website and mobile applications assist with this process.

When you sign in for the first time, you’ll see the HOME page with the welcome card indicating your progress in the middle of the display.

Click on VERIFY NOW to begin the setup process OR click on SETTINGS in the side menu on the left.

Confirm your mobile number
Enter your mobile number (don’t forget the country code) and click SEND CONFIRMATION SMS.

You will receive a text message containing a code to confirm your mobile number. If you do not receive the SMS text message, click CALL ME INSTEAD and you will receive an automated voice call with the code.

Enter your personal details.
Enter your name exactly as it appears on your identification document. In some countries, Luno may ask you to enter your identification number and allow you to start buying Bitcoin immediately.

If you are not automatically verified after providing Luno with your phone number and personal details in the steps above, you can verify your identity by submitting your ID cards or any means of identification documents. This feature is only available in certain countries.

To submit your documents:
From the side menu on the left, click SETTINGS and next go to verification and click on UPGRADE.

Submit a high-quality photo or scan of your national identity book, identity card or passport. The document should clearly show your personal identity number, names, date of birth and a clear photo.

Later, Luno may ask you to verify your address. To verify your address, please submit a high-quality photo or scan proof of residence document where your name, address of residency and date of issue are clearly visible.

The document must not be older than 3 months from the day of its issue.

Accepted documents:

  • Utility bill
  • Bank statement with a physical address.
  • Municipal rates and taxes invoice.
  • Lease or rental agreement.
  • Mortgage statement.
  • Telephone or cellular account.
  • Recent insurance policy document.

Before making a deposit, you must first verify your identity. Next, ensure that your unique reference number (or in some countries, your unique deposit amount) is 100% correct before you make a deposit. Include your BX reference number for bank transfers.

Please note that Luno does not accept deposits from third-parties, payments must be made in your own name which has been verified with Luno.

It may take up to two days for your deposit to reflect in your local currency wallet before you can buy cryptocurrency. You can view how long it takes for your country here. Bank deposits are not processed on weekends or public holidays.

How to deposit money into your Luno wallet:
Log into Luno and, in the menu, click WALLETS

For your local currency wallet, click on DEPOSIT

Follow the instructions on the screen.

Different payment methods are available in each country. Follow the steps displayed and Luno will show you the bank details which will result in the fastest allocation of your money.

Please read and follow the instructions carefully. This will help prevent unnecessary delays.

Make an online bank transfer from your bank account to the Luno bank account. Once Luno have received your money, you will get an email notification saying you can buy Bitcoin.

IMPORTANT: To ensure your deposit is allocated quickly, please make sure to use the correct REFERENCE NUMBER or, in some countries, the UNIQUE DEPOSIT AMOUNT.

In some countries, Luno may ask you to use a UNIQUE REFERENCE to help Luno track your deposit. Enter this reference at your bank when making the deposit to ensure it reflects on our bank statement.

In some countries, Luno may ask you to send a UNIQUE DEPOSIT AMOUNT to help Luno identify your deposit. This amount will be slightly more than the deposit amount you entered.

How do I buy or sell cryptocurrency?
Instant buy or sell

Steps:

Select BUY from the top navigation on the home screen

Choose which cryptocurrency you want to buy

Choose which currency you want to spend

Enter the amount (in this example, we are buying Bitcoin worth 100 EUR)

Review the transaction (which shows the exchange rate and the amount of Bitcoin you’ll receive)

Click BUY or NEXT depending on your device, review the details and confirm

After your buy order has completed, you can go to TRANSACTIONS from the MENU for details information.

How do I withdraw money to my bank account?

Go to your WALLETS page by clicking it from the menu.

Select your local currency wallet and click on WITHDRAW.

From the withdrawal page, ensure that the correct bank account is selected and enter the amount you wish to withdraw.

Enter the one-time pin from your Google Authenticator app (if enabled) and click on WITHDRAW.

Note: Withdrawals to customer bank accounts are done every business day (not including weekends and public holidays). Some banks will clear the payments in a few hours with others, it can take up to two business days. Sadly this is out of Luna’s control.

For more information about withdrawal cutoff and processing times, please see the withdrawal.

3. Using the Waves exchange desktop wallet to get Ubinodes tokens.

Now that you are all set up and able to convert your Fiat into Crypto the next step will be using a safe and trusted exchanged to be able to exchange your more commonly used Bitcoin or Etherum into Ubinodes or vice versa.

  • What is Waves DEX?

It’s a decentralized exchange, built into the Waves blockchain. The DEX allows users to trade their tokens — including WAVES, BTC and any other assets issued on the Waves platform — completely trustless and without having to move their funds to a centralized exchange. to find out more visit: Waves

Start by downloading your Waves desktop app and creating your own wallet here: https://wavesplatform.com/
NB! remember to store your passwords, account address & recovery phrases safety as you will not be able to recover your assets if you misplace or forget this information.

  • How to use your new Waves Wallet and how to Trade Ubinodes token.

Once your wallet is set up you can deposit funds directly into your Waves account using your bank card or using the cryptocurrency you may already have ie Bitcoin or Etherum. After funding your account you will then easily be able to trade Ubinodes Token as you please.

  • Waves explorer.

The Waves Explorer allows all users to not only see the number of blocks that have been mined at any one time but to also see their own confirmed and unconfirmed transactions in those blocks. A useful tool for tracking or tracing your transactions when there are any delays or issues in locating funds you may have sent or are waiting to receive. You can explore this more here: https://wavesexplorer.com/

  • Tumblex Waves Mixer.

Tumblex is a mixer built for the Waves Platform and what this essentially does is it anonymizes transactions by swapping the users’ Waves tokens with tokens from its own pool. As users are paid out in mixed WAVES from the pool, the received tokens have no connection to the users’ original addresses. For more on this please visit :Tumblex.

4. Buying Ubinodes Token peer to peer (OTC)

This is a means of buying our Ubinodes Tokens directly (peer-to-peer) through your local Nodes(Consultants). How this works is you will need to provide us with your secure email and Waves wallet address. We’ll contact you to confirm your email and Waves wallet address, then on your 1st transaction we’ll send 1 Ubinodes token to confirm the address, then the rest of the Ubinodes tokens.

5. Useful Tips.

When it comes to cryptocurrency, we always suggest using the most secure methods around to managing and keeping your tokens and currencies safe. Look at it as though you are your own banker and as such, you would not want anyone knowing or having access to your private keys, recovery phrases, and encrypted passwords nor would you want to misplace or forget them all.

Keep your encrypted passwords, account recovery phases and private keys stored away physically and securely as you will not be able to get access to your account or recover your account and assets if these are lost.

So for example, always choose to use desktop-based wallets over using web-based wallets that can leave you at the mercy of online dangers like hacking. Better yet, is storing your digital assets completely off of your PC and on a Trezor hardware wallet.

5.1 Using a Trezor.

A hardware wallet protects your crypto assets by storing your private keys completely offline, the most popular multi-currency hardware wallet on the market are the Trezor One and Trezor model T. Both wallets support more than 1000 cryptocurrencies and are device based, meaning they use storage mechanisms to store private keys, thereby making it difficult for hackers to access the key from online and immune to computer viruses that steal from software wallets. Check out: https://trezor.io/ for more on their hardware wallets.

5.2 Using a Password manager for Waves passwords and phases.

Another way to keep your assets safe would be to use a password manager. A very comprehensive password manager is Zoho Vault which is a browser extension that you can store your private keys safely on your device but also allows for many other useful Business and private tool that enables users to securely store, share, and manage their passwords from anywhere giving you an all in one application to use.

Some of the many benefits to using Zoho Vault are it puts the privacy and protection of its users first and foremost, which is why its security protocols perform to the highest level. Any information processed and entered into the Chambers are inaccessible to unauthorized parties and remain private. The passwords are protected with AE-256 encryption. Simply put, no one can enter Zoho Vault’s vaunted Chamber without knowing the Passphrase set by the user. To add another layer of protection, the data on Passphrase is never stored anywhere on Zoho.

With Zoho Vault, there is no need to manually put in login credentials to connect to websites and applications. Users can also set their own clear-cut ownership for all their passwords as well as permissions and roles to each user, the latter allowing admins to fine-tune team members’ access controls. And if someone is no longer part of the team, it is easy to remove their access too.

To check this password manager out and read more about it go here: https://www.zoho.com/vault/

5.3 Using IDnow.

For a safe and alternative fiat gateway that allows you to deposit funds directly into the waves platform, you may consider using IDnow. This service is available to a select few countries and rules of use differs from country to country. In South Africa, the service is available but only through using your passport as a method of identification instead of your South African ID. To see other countries that are accepted and their rules follow: List of eligible countries and ID’s.

For cryptocurrency KYC and identification purposes IDnow offers the following two products

1. IDnow Crypto-Iden.

A state-of-the-art online verification of your customers’ identity. With seamless integration into your onboarding process, it verifies identities within seconds. Customers take a picture of their ID document and a selfie and upload it to your platform. They can start trading cryptocurrencies right away. IDnow Crypto-Ident is optimized for ICOs and crypto platforms.

2.IDnow Crypto-Ident (Video).

This provides the highest security standard for online verification of your customers’ identity.

With seamless integration into your onboarding process, it verifies identities via video, combining machine learning based technology and the skills of our ident specialists who are guiding them through the entire process within a few minutes.

Customers will be identified by showing their ID document in front of their webcam or smartphone and by following the instructions of the ident specialist. While the technology is verifying data, picture and security features, the ident specialist additionally checks the intention of your customers in order to prevent social engineering frauds. This is the main fraud in the ICO and crypto market.

For more information on IDnow visit: https://www.idnow.io/industry/ico-crypto/

5.4 Exchanges to avoid.

As a last word of caution and in the name of data protection, try to do as much homework as you can on any and all exchanges/methods of transacting on the blockchain that you may choose. In the end, it is always in your own interest to protect yourself and your assets as best as you can online at all times especially when using blockchain technology. Exchanges such as Coinbase outrightly abuse the rights of their customers in many ways, they have purchased a company called Blockspring that collects data and then creates methods by which its customers can use that data in the development of application programme interfaces (API’s) and much more.

In addition, Coinbase has been monitoring transactions through the help of their other acquisition of a Blockchain-Tracking Startup called Neutrino and have been sharing their customer database with the IRS to name a few reasons not to trust your personal information in their hands.

So avoid using Coinbase at all costs as there are many other options available to you out there and where you can use the more direct methods of transacting and cut out too many different parties having access to your personal information. A number of Exchanges out there have also been sharing information and customer data in numerous ways but most importantly have been hacked and millions of customers assets have gone missing. So we advise that you apply these basic security principles as Crypto hackers are getting more sophisticated as time goes by.

Here are a few tips to keep you safe:

  • Don’t use a cryptocurrency exchange for long-term storage.
  • If you do, use two-factor authentication, preferably one that is not limited to devices connected to the internet.
  • For your hardware wallet, choose a PIN code that you can remember, but is secure and not easy to guess.
  • Keep your 24-word recovery sheet well secured and never enter it on any device that is connected to the internet.
  • Only trust what you can see on your hardware wallet screen. Verify your reception address and payment information on the device.
  • Always treat with caution information shown on your computer or smartphone screen. Assume software can get compromised anytime.

6. Sources.

Using Luno with your South African bank.
https://www.luno.com/help/en/articles/1000168396-verify-my-identity
https://www.luno.com/help/en/articles/1000168397-how-do-i-deposit-money
https://www.luno.com/help/en/articles/1000168398-how-do-i-buy-or-sell-cryptocurrency
https://www.luno.com/help/en/articles/1000168403-how-do-i-withdraw-money-to-my-bank-account

Using the Waves Exchange desktop Wallet to get Ubinodes Tokens
https://wavesexplorer.com/

Useful Tips
Zoho Vault: https://reviews.financesonline.com/p/zoho-vault/#overview-benefits
https://www.zoho.com/vault/
IDnow: https://support.wavesplatform.com/en/knowledge-bases/2/articles/1304-list-of-eligible-countries-and-ids
https://www.idnow.io/industry/ico-crypto/

Exchanges to avoid
https://breakermag.com/coinbases-newest-team-members-helped-authoritarians-worldwide-monitor-journalists-and-dissidents/
https://www.dailydot.com/layer8/coinbase-bitcion-dark-net-researcher/
https://currencyjournals.com/coinbase/californian-data-collection-startup-bought-by-coinbase-cryptocoin-spy/
https://www.coindesk.com/coinbase-tells-13000-users-its-sending-their-data-to-the-irs
https://www.coindesk.com/2018-a-record-breaking-year-for-crypto-exchange-hacks

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