Withdrawing UBX tokens from Ubikiri is not as straightforward as withdrawing from other exchanges.
This is because UBIX Network is a blockchain hybrid with its own different blockchain. It is an open Directed Acyclic Graph protocol that allows the integration of dApps into a single cohesive network.
The protocol allows users to freely power business processes by creating different types of blockchains functioning under a common network with a single address space.
In addition to this, UBIX Network offers support for Java Script smart contracts with a simple and easy-to-use app built on microservice architecture.
With the app, users can seamlessly integrate and connect different components and internal apps with each other.
The main components of the network comprise UBIX, a decentralized DAG Protocol that consists of multiple connected blockchains.
There is also Ubikiri, the super-intuitive app that allows data exchange between UBIX applications. Also, there are legal frameworks set in place to define legal relationships between node holders and users.
UBX is the network’s native utility token. The token is useful for various activities and exchanges within UBIX. For instance, participating in various application launches on the UBIX fair-ICO launchpad.
To prevent supply-demand imbalance, mechanisms like the use of reserves and periodic fund emissions are set in place to maintain the ecosystem’s economy.
Before you can withdraw any token, including UBX, from the Ubikiri wallet, you must send the token for a wrap. Wrapping turns native UBX into an ERC-20 token via an ERC-20 Crypto Depository Receipt.
After wrapping, you can then send the token to a supported exchange or external ERC-20 wallet.
Steps to withdraw UBX from Ubikiri:
Here’s how to withdraw UBX from Ubikiri:
- Log in to your Ubikiri wallet
- Generate wrapping address
- Send token for wrap
- Confirm wrapped UBX
- Copy deposit address and withdraw ERC-20 UBX tokens
1. Log in to your Ubikiri wallet
Navigate to your Ubikiri wallet by going to the UBIX network at ubix.network on your web browser.
On the homepage, click on Main Resources on the top navigation bar. Under Main Resources, click on UBIKIRI SUPER-APP to log in to your wallet.
On Ubikiri, click on LOGIN and access your wallet with your login credentials.
2. Generate wrapping address
To withdraw UBX from Ubikiri, you need to move the token from its native blockchain to an ERC-20 token that you can receive with an external Ethereum wallet.
There are two main types of wallets in Ubikiri, the native UBX wallet and an Ethereum wallet for ERC-20 tokens.
To withdraw UBX tokens from the Ubikiri wallet, you must wrap the tokens within your ETH wallet. All you have to do is generate a wrapping address and send your available UBX tokens to it.
On your ETH-based wallet, tap ‘SWAP TO THIS WALLET’. In the first field, choose native since you’re swapping from Native UBX to Ethereum UBX.
In the second field, choose UBX(ETH).
A window containing a wrapping address where you can deposit your native UBX tokens will pop up.
Copy the address in preparation to send tokens to it.
3. Send UBX tokens for wrap
After copying the wrapping address, go back to your Ubikiri wallet.
In your native UBX wallet, click on SEND. On the SEND page, input the amount of UBX you want to send for wrapping. Ensure you leave some UBX tokens for gas fees.
Finally, paste the wrapping address and tap ‘CONTINUE’.
Verify the transaction by providing your Private Keys. You can also upload your Keystore File containing your private keys.
If you’re using Keystore File, enter your password to verify the transaction.
Once the transaction has been processed, wait for the UBX token to reflect in your wallet.
4. Confirm wrapped UBX
After the wrapping is complete, you will see your wrapped UBX tokens under the ETH wallet. Just tap TOKENS and look for UBX.
If you can’t see UBX under the ETH wallet, you can add new tokens by tapping ADD TOKENS on your ETH wallet.
With this option, you can manually add ERC-20 UBX with its contract address, symbol, and decimals of precision.
To check UBX token information, go to Coinmarketcap at Coinmarketcap.com and search for UBX.
Select UBX from the result and scroll down to its CONTRACTS. In CONTRACTS, copy the contract address.
Once you paste the contract address in the ADD TOKEN section of your Ubikiri ETH wallet, other info, including symbols and decimals of precision, will load up.
5. Copy deposit address and withdraw ERC-20 UBX tokens
Once your ERC-20 UBX is available, you can go and copy your deposit address from an external wallet.
If you’re using an Ethereum wallet, click on ETH and tap RECEIVE.
For the Metamask wallet, click on the ‘WALLET ADDRESS’ on the upper part of your dashboard.
You can also withdraw UBX to CEXes where UBX is listed. Just search for UBX in the exchange’s wallet.
Click on the Deposit option and copy the deposit address.
Go back to the Ubikiri wallet. In the ETH wallet, tap SEND in front of UBX token. Input the amount of token you want to withdraw and paste your deposit address inside the RECEIVER ADDRESS field.
Finally, tap ‘continue’ and complete verifications with your Private Keys or Keystore File. Meanwhile, ensure you have enough ETH tokens in your Ubikiri ETH wallet to cover gas fees.