FAQ

GENERAL QUESTION

Hub coin is a cryptocurrency based on the Ethereum blockchain technology in the and can be used to buy any commodity in such ecosystem. It will be immediately compatible with ethereum purse or contracts which use the same standard in the Ethereum ecosystem.
Being part of the uhub.io community, you can solve almost all the problems in your life related to shopping, lease services, travel, currency exchange, etc.

Uhub Pay uses blockchain technology and smart contracts to solve problems traditionally found with e-transactions. The transactions are faster, more secure, and cost less compared to traditional e-commerce.
Faster transactions: Transactions are made directly between the seller and buyer and do not get passed through an intermediary such as a bank or other financial entity. Therefore, transaction times are instant as there is no middleman that the payment has to pass through.
Security: You can be assured that your personal credit information will not be stored during or after payment.
Low cost: Because transactions are passed through a middleman who would take a percentage of the fees, this enables us to reduce transaction costs.

Blockchain, of which the original name is block chain is a hierarchical database that stores information in encryptedinformation blocks and expands over time. Each information block contains information about generation time which is linked to the previous block, including time code and transaction data. Blockchain is designed to prevent data changes: once the data is accepted by the network, there is no way to change it.

Blockchain is secured by its design using a hierarchical computing system with high byzantine fault tolerance. Therefore, decentralized consensus can be achieved through Blockchain. And Blockchain is suitable for recording events and medical records, processing transactions, notarization, identification and proof of origin. This may alleviate major consequences of data changes in the context of global trade.

The first blockchain was invented and designed by Satoshi Nakamoto in 2008, and realized one year later as a core part of Bitcoin in which blockchain technology acted as a ledger for all transactions. Using a peer network and hierarchical data system, Bitcoin blockchain is managed automatically. The invention of blockchain for Bitcoin made it the first digital currency to solve double-spending problems (a fraud in which the same amount of money is spent twice). This technology of Bitcoin has inspired a range of other applications.

The blockchain technology is similar to a database; the only difference is that it interacts with the database. To learn blockchain, it is important to understand the following five definitions: blockchain, decentralized consensus, trusted computing, smart contracts, and proof of work.  This computing model is the ground for creating decentralized applications.

Put simply, smart contracts are a digitized version of a traditional contract. They are a computerised transaction protocol that runs on the Blockchain database and can be programmed to execute on their own when certain conditions that have been written in their source code are met. Smart contracts are trusted by the users as once they are programmed, the terms of the contract cannot be changed.

Smart contracts are encrypted using the 'Solidity' language and offers more advantages over traditional contract:

Firstly, there is no dependence on the third party for the performance of the contract. Eliminating the need for an intermediary significantly reduces the total amount of money spent on the contract.

Eliminating the need for third-party vendors also means that the whole process of contract validation and performance becomes faster as parties involved in the contract directly deal with each other.

Secondly, due to the inability to change the terms of the contract, users are less likely to be cheated. This is because smart contracts cannot be intervened, and payment won’t be released until the specified conditions are met.

Thirdly, smart contracts will continue even during such issues as power cuts, chain failures, etc. There is no risk of misplaced or lost contracts, because they are stored on a distributed ledger that is open and accessible to anyone. This means that each networked device has a copy of the contract and the data remains on the network all the time.

Microsoft Coco framework is used to promote the adoption of blockchain technology by enterprises. The current Blockchain protocol requires complex development techniques to meet the needs for operations and security of the enterprises. Coco framework reduces this complexity and, once integrated with blockchain networks, meets the essential needs of commercial applications such as high transaction speed, administration distribution and security. By providing these basic capabilities to open up more complex scenarios in practice for industries such as financial services, supply chain and logistics, healthcare and retail, it shows the potential of blockchain in digital conversion.

Mark Russinovich, Chief Technology Officer of Azure at Microsoft, stated: "Blockchain is a revolutionary technology with the ability to significantly reduce friction in business. "Microsoft is committed to bring benefits to enterprises. We have listened to the needs of our customers and the Blockchain community, and are offering basic functionality with the Coco framework. Through an innovative combination of advanced algorithms and trusted execution environments (TEEs), such as Intel Software Guard Extensions (SGX) or Windows Virtual Secure Mode (VSM), we believe that there will be the next steps to make blockchain ready for business."

When the blockchain network is integrated, enterprises will enjoy the main benefits of Coco framework including:

The transaction speed is over 1,600 transactions per secondData security is easily managed without sacrificing performanceThis is the first comprehensive distribution management model in the industry which blocks networks, establishes network constitution and allows members to vote on all terms and conditions of alliance management and road block software systems.

This is really technical. This should definitely be in your white paper if it is applicable to your technology, but i don't think it needs to be in the FAQ section, and it's definitely not a "general" question.

Advantages of Uhub

Depending on our token ICO sales campaign, the first investors, pre-investors, etc. will enjoy different bonus packages.  We have a long-term development strategy to build universal accessible and convenient productsthat will bring many benefits to the community and thus grow the value of Uhub. The first investors will be profitable quickly based on our development.

With the Hub Shop, Hub Seller, Admin Seller application system,  we hope to help the development of e-commerce on blockchain technology as quickly as possible in the safest, most convenient manner. In particular, it will help to create jobs for millions of freelancers who can trade using our platfrom; consumers can access items with the best price.

Uhub is built on the Ethereum blockchain technology to conduct transactions in the Hub system, accordingly it is absolutely safe for the system’s users. The e-commerce system is based on trust from the user reviews, also requires a secure guarantee for transaction completion. Hackers can not appropriate your money

 

The cost of conducting a transaction in the Uhub system is only for Ethereum diggers, which is a tiny amount of money, almost zero. So, it can be said that the cost is very economical for buyers and sellers. The Uhub system will not charge you any costs incurred in the transaction.

As mentioned before, traditional e-commerce systems have many difficulties with payment, including costs incurred in payment, and payment security which is easy to be compromised. Meanwhile, the blockchain system will solve all the problems mentioned above and increase security, offer maximum cost saving for the system, and speed up the transaction to almost immediate operation.

We would like to inform all the investors related to the project as soon as possible to provide them with reliable sources of information. You will be updated with all the necessary information from the project development team as well as the development policies of the project to ensure your investment capital will be absolutely safe.

In rare cases, your email confirmation will be in the spam folder in your inbox, otherwise it may be because of a transient system error. In this case, please get in touch with us on the following contact method:  contact@uhub.io

Our system will filter the area you want to buy outside of the country, and the sellers that are most suitable for you to conduct your transaction. Shipping methods and product price will be discussed between you and the seller.

To ensure a secure transaction between the buyer and the seller, we will charge a monthly subscription fee (for example, for a Hub stall we will charge $5 a month) when the seller registers on Hub Marketplace. This fee will be used to develop the Uhub community and operate the staff system in countries for handling claims.

We will not charge any fees on transactions on Hub (Uhub is completely free). The fee is only incurred during transferring money in the Ethereum wallet system and will be paid to the ETH digger.

We have an information authentication system in which the seller pays secure money to make the sale. In addition, you can identify the seller using the seller and buyer evaluation system to select the best seller for transaction.

It depends on the geographical location, the contract between you and the seller.

Usually it depends on geographic location to process the transaction. Once the two sides confirm the transaction has completed and evaluate each other, the transaction amount will be released to the seller. If the transaction has expired, but the two parties have not completed the transaction, we will freeze the amount for 3 days. If the buyer does not initiate the case, the money will be released to the seller and the buyer will have 1 customer point deducted from their reputation score

When you make a request to exchange any kind of cryptocurrency through HUB coin, all those who wish to exchange that currency will contact you to conduct a smart contract and Crypto exchange (buyer and seller jointly make deposits)

When you need to spend cash outside the Uhub system, you need to perform 1 Ping on the system with people in the system accepting exchange of Hub Coin into foreign currency or local currency you want (in accordance with the law of each country) without finding money withdrawal sites like ATM.

Each transaction will be recorded by blockchain in terms of transaction time, receiving address, sending address, warranty conditions, delivery time, etc. The trust between buyer and seller of the same city, country or other country is assured. All information is encrypted based on which the buyer or seller may bring a claim, etc.

When you transfer money through ETH wallet, we announce the opening of the HUB sale, and you receive the number of token immediately after the transfer, based on the fully automatic smart contract of Ethereum. Connecter connector

In the development of the project, we will integrate API of exchanges such as Kraken, Poloniex, Bittrex, etc. so that users can exchange currency right in our application automatically and immediately sell and buy items.

UHUB platform

When the countdown is over, the campaign will be announced. You will need to follow the instructions to send ETH to the address provided and you will receive a HUB allocation corresponding to the announced price.

Go to www.myetherwallet.com , set a password and click to Create New Wallet. IMPORTANT: Think of a password that you will not forget - it will not be able to be recovered! Write it down and keep at a secure place.

In the next step, you will need to keep the encrypted key secret. This is like the key for a safe, but in electronic form. Its presence and password are one of the ways to get access to your wallet and funds inherent in blockchain. Click "Download Keystore File" and save it to your device. Keep this file in the best safe place on the offline environment, and make a backup;

Click "I understand. Continue";

At this stage, you will be given your private key in the unencrypted form. This means that any hacker can access your wallet using such key. Therefore, you should print this key out and keep it in a safe place (for instance a bank box). Then click "Save Your Address";

The last step is to find out your wallet address. In this regard, you can:

Select the "Keystore File (UTC / JSON)" option, specify the path to the encrypted file (from step 2), and enter the password created in step 1.

Choose Private Key. Here you will have to enter your unencrypted personal address and password will not be required. This is a dangerous and unprotected way of use that we do not recommend! This key must be stored in a secure offline store and used only as a last resort.

After you have created your wallet, buy Ethereum (ETH) on the market and exchange; you just define its number and make a purchase (on each site in your own way). Ethereum will be delivered there.

You can find the best suppliers on the market to buy ETH, for example at www.exmo.me or www.coinbase.com (with their own mobile wallet for buying / selling Bitcoins and ether). There are a lot of exchanges, but if you have never worked with them before, carefully read reviews on them in order to avoid fraudulent or high risk websites.

The percentage of Hub coins are that are available for purchase in the ICO campaign is 39% of total. They will stop being available for purchase when the coins are sold out in the expected time before the Hub pay appears on the exchange.

I don't fully understand this sentence?

Citizens of China, the United States, Singapore, and Korea are unable to participate in the Uhub ICO. We will not accept IP addresses joining the ICO from these countries

As soon as you transfer ETH to our designated ICO address, you will receive a corresponding HUB number based on the smart contract we have created on Ethereum wallet.

Uhub registration and Uhub ICO is planned in Singapore. We follow the ICO law in the world and our mission is to conduct the ICO on our platform in a legal way.

The minimum amount means the amount required to complete the ICO capital call; the maximum amount means the maximum amount oh Hub coins allocated for purchase in this ICO.

ICO funds will be used to develop the UHUB ecosystem in all aspects such as infrastructure, human resources, technical management issues so that the project can be on the right track.

Once we have completed the ICO fundraising, we will allocate funds to the development of infrastructure, human resources for project development  as it is announced in the White Paper using the built-in road map. During the development, there may be breakthrough improvements for a better project. Funds may be used for market development and community expansion to all countries around the world.

Your money needs to be going to more than just these 3 things.

We aim to develop a solid and long-lasting community by building a product that providesan electronic marketplace and operates globally. Because it is an electronic market product, it will grow very fast because of the community itself.

We will use more than 30% of the assets issued to develop market in countries with developed and recognized blockchain technology and move forward.

Because it is an e-market which develops on the strong community, it can be linked to shipping partners across countries, etc. to make it more flexible and secure.

Exchange system to be used

In my Hub marketplace application system, you can exchange the Hub for items in the shop among dealers in the Hub marketplace system. You can also exchange them for other crypto in the Hub exchange system or on the exchange where it is paired with currency.

When our ICO campaign opens, you can buy Hub or when Hub is on the exchange, you can exchange Hub for other crypto.

On the Hub system, you can exchange it for other crypto or contract and exchange with the user community on Uhub.

Uhub will have its own wallet which will allow you to store your Hub coins, as well as exchange them for alternative coins. However, you can also use any other wallet that stores alt coins built on the ethereum network.

You can also be a seller on the uhub.io community that provided you have performed information authentication and secured collateral.

You just need to own HUB to buy items on the app and in the hub community

You can choose to search for items close to you, in the same city, other cities or in a certain country to suit your requirements.

The system will filter the item you want to buy and the area you where you want to buy (in the city, in the same country or outside the border).

You will also be able to view the seller’s achievement score and reputation reviewed by previous buyers.