The Ubit Blockchain

Network Overview and Key Metrics

Ubit is the decentralized EVM-compatible public blockchain that powers the Ubit platform and ecosystem. It is fully compatible with Ethereum meaning that any smart contract that can be deployed on the latter can also run on top of Ubit.

The Ubit blockchain uses a variant of delegated Proof of Stake (dPoS) for achieving consensus. The consensus is secured by a significant number of independent validators, only one of which is run by the Ubit core team.

Validators are also responsible for the most important type of governance on Ubit, namely, adopting the network protocol changes via Ubit Improvement Proposals (FIPs).

The native token of the network is called UBIT. New UBIT tokens are issued with every added block and are also use to pay for gas, just like ETH on Ethereum.

The Ubit blockchain is designed to ensure fast block confirmation times and a low cost of transactions. The average block interval on Ubit is around 5 seconds, and it currently costs much less than $0.01 to get a transaction confirmed.

In its present capacity, the Ubit blockchain is capable of processing around 120 native token transfers and 60 UBIT20 token transfers per second. The faster processing of native token transfers is due to the fact that they do not involve computations run on the network's virtual machine.