Updated 06 April 2021.
Copyright: European Union Public License, version 1.2 (EUPL-1.2).
Ubinodes Token is the token used for transactions in our organization. It 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.
Contents of this article:
- What is Ubinodes Crypto Token ?
- Depositing fiat via Visa and Mastercard.
- Depositing via cryptocurrency.
- Ubinodes token on Waves DEX.
- How to place a buy order.
- How to place a sell order.
- Monitor your orders.
Prerequisite: Have a Waves wallet with some Euros, Dollars, Liras, Bitcoins, Waves, Bitcoin Cash, Ethereum, Zcash, Litecoins, Dash or Moneros in your portfolio.
1. What is Ubinodes Crypto 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. Depositing fiat via card.
This step-by-step guide is based on the desktop app.
• Log in to your account, go to “Wallet” and click on “Receive”.
- A pop-up appears, click on “Card”.
You can use USD and EUR by clicking on the drop-down menu for depositing with 3D secure virtual or physical Visa and Mastercard. There are limits for depositing for the first time. The minimum amount is 30 and the maximum is 200, it’s the same for both USD and EUR.
• Enter an amount of USD/EUR and you’ll see approximately how much Waves you’re going to receive. Then, click on “Continue”. You’ll be redirected to the Indacoin payment form on the browser.
- Enter a valid phone number on which you’ll receive a call from Indacoin with the 4-digit code, which should be entered on your order page. The phone number should be associated with your credit card information. After that click on “Next”.
- Enter your full name and click on “Next”.
- Then enter your card number, expiration date and CVV/CVD number and just click on “Pay”.
There is a verification process the first time when you’re using Indacoin but in the future, there will be no verification if you’re using the same card. The video verification is where you record a video showing your face and upload a scan or photo of your ID/passport/driver’s license and the card (except if it’s a virtual card). Depending on your verification, this step may be mandatory since Indacoin needs to be sure that you are the card holder.
3. Depositing via cryptocurrency.
Waves Decentralized Exchange (DEX) supports depositing via : Bitcoin, Bitcoin Cash, Ethereum, Zcash, Litecoin, Dash, Monero.
- Log in to your account, go to “Wallet” and click on “Receive”.
- A pop-up appears. Choose the cryptocurrency you’ll deposit funds in.
The minimum amount for deposit is 0.001 in Bitcoin, Ethereum, Litecoin, Zcash and Bitcoin Cash. For Dash and Monero the minimum amount of deposit is 0.1. If you will send less than the minimum amount, you’ll lose that money. Do not deposit ETH from smart contracts or ERC20 tokens. Only Ethereum is allowed. Check if your wallet or exchange uses smart-contracts to withdraw ETH. Waves doesn’t accept such transactions and can’t refund them. You will lose that money. For Monero payments an ID is not required (see note 2).
• Copy and enter the address into your chosen cryptocurrency client or wallet. You can also scan the QR code.
Once the transaction is confirmed, the gateway will process the transfer of your chosen cryptocurrency to a token in your Waves account. The gateway doesn’t apply any fees for this operation (see note 1).
4. Ubinodes token on Waves DEX.
- Log in to your account and go to the Waves DEX.
- On the DEX you have three main assets: Waves, Bitcoin and Ethereum. You can also choose other assets. Stay on “All”.
- Type “Ubinodes” into the search field. It will bring up the Ubinodes token in the list of assets.
- Select your trading pair, that’s the currency in which you want to buy or sell Ubinodes with.
Charts: You can check that you’re trading on the right pair by looking at the top left of the chart where it displays the pair. Here it’s Ubinodes/Waves. Highlighted in blue in the chart is the price of the most recent order.
Get an overview of the market and then you can decide at what price you want to place your buy or sell order (see note 1).
5. How to place a buy order.
• On the bottom right corner click on “Buy”. You’re now going to place a buy order against your trading pair. Select the amount of Ubinodes you want to buy, the price in Waves per Ubinodes you’re ready to pay for (see note 3). It will calculate the total value of your transaction. Click on “Buy Ubinodes” and it will instantly submit your order to the DEX (see note 6). You can see it under “My Open Orders” (see note 5) and “Order Book” (see note 4 and 7).
6. How to place a sell order.
• On the bottom right corner click on “Sell”. You’re now about to place a sell order against your trading pair. Then you select the amount of Ubinodes you want to sell, the price in Waves per Ubinodes you want (see note 3). It will calculate the total value of your transaction. Click on “Sell Ubinodes” and it will instantly submit your order to the DEX (see note 6). You can see it under “My Open Orders” (see note 5) and “Order Book” (see note 4 and 7).
7. Monitor your orders.
Your orders are now displayed under “My Open Orders”.
Under “Order Book” and “Trade History” the orders are visible and tradable by anyone.
The DEX is anonymous, meaning you won’t get any email notification when your orders are executed. Just check “My Trade History” to see if your transactions are completed.
Also, under “My Balance” you should see which cryptocurrencies, you are holding in your wallet at the time, with total amount and amount reserved in orders.
This step-by-step guide showed buying the Ubinodes token is quite easy on the Waves Decentralized Exchange. The process of how to deposit via card and cryptocurrency was shown. The exact steps required in order to buy or sell Ubinodes were explained. Lastly, monitoring of the transactions was detailed.
(1) Processing can take up to 120 minutes.
(2) If the sender side requires Payment ID, please contact the Coinomat support team.
(3) By default, the “Limit price” is pre-set with the closest market orders.
(4) The maximum order time is 30 days. The order time can be changed in the “Expiration” field. When the expiration of the selected period has passed, the order will be canceled.
(5) You can cancel an opened order by clicking on the “X Cancel” by the open order.
(6) The commission for creating one buy or sell order on the DEX platform is 0.003 Waves. That amount will be frozen for the order fee. If the order is not executed, the amount will be unfrozen.
(7) You can see all buy and sell orders currently active. This order book is public which means it will display exactly the same for anyone on the DEX.
Questions and answers / verification. Retrieved from: https://indacoin.com/en_GB/help
Beta wallet: How to trade tokens on the DEX. Retrieved from: https://support.wavesplatform.com/en/knowledge-bases/2/articles/16361-beta-wallet-how-to-trade-tokens-on-the-dex
Beta wallet: How to send and receive Asset. Retrieved from: https://support.wavesplatform.com/en/knowledge-bases/2/articles/16038-beta-wallet-how-to-send-and-receive-asset
Beta wallet: How to receive Waves using credit or debit card. Retrieved from: https://support.wavesplatform.com/en/knowledge-bases/2/articles/18848-beta-wallet-how-to-receive-waves-using-credit-or-debit-card