Ubicoin describes itself as a decentralized digital currency. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The Ubicoin blockchain is a public ledger that records Ubicoin transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. A network of communicating nodes running bitcoin software maintains the blockchain. Transactions of the form payer X sends Y Ubicoins to payee Z are broadcast to this network using readily available software applications.

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