UBD Network is a United Blockchain Dollar Network smart contract system featuring support for trust contract ("TrustCon"). It can act as a UBD Network operating system ("UBDN OS") user environment as it supports an end-to-end decentralization (E2ED) framework.
Please carefully read this Policy to understand the definitions of UBD Network, United Blockchain Network, UBD, UBD Network OS, E2ED and TrustCon, including UBD Network’s personal data processing guidelines.
This Policy can be published in different languages for localization purposes, but in case of any discrepancies between the English version and the version in a language other than English, the English version shall always prevail.Use of UBD Network
As a user of the Services you have a limited, personal, non-commercial, non-exclusive, non-transferable, and a potentially revocable license to use UBD Network. UBD Network users are required to follow some basic rules, including, but not limited to, never using UBD Network for illegal purposes. UBD Network is a smart contract which has no jurisdiction but since the territory in which you as a user reside or are a citizen of a country may set rules for the use of digital products, you further agree to comply with any and all applicable laws and regulations when using UBD Network. This includes any local, provincial, state, federal, national, or international laws that may apply to you.
You agree that you shall not use the Services to pay for, support, or otherwise engage in any illegal activities, including but not limited to, illegal gambling, fraud, money laundering, or terrorist activities.
You further agree not to encourage or induce any third party to engage in any of the aforementioned activities as prohibited under this section.
United Blockchain Dollar Network is a departure from usual blockchain designs. It is your responsibility to learn and understand how United Blockchain Dollar Network operates in order to protect your digital assets and safely navigate through the various and diverse features of the UBD Network.
Unlike other blockchains, United Blockchain Dollar Network associates all wallet addresses with a computer code. For purposes of this Policy, this code will be referred to as a "Smart Contract" or "Trust Contract" depends on use. Please remember that every transaction is an execution of a Smart or Trust Contract code by the blockchain. In this sense, United Blockchain Dollar Network is more of a distributed computer than a record keeper.
United Blockchain Dollar Network utilizes several native cryptocurrencies or UBD Network currencies. Collectively they are the Currency Collection. The base cryptocurrency of the United Blockchain Dollar Network is the "United Blockchain Dollar" token, exchange ticker symbol "UBD", that is necessary to operate since it is used to charge fees for transactions and to create or renew Trust Contracts and it’s maintenance. United Blockchain Dollar is also a stable coin which is backed by the amount of funds that is kept in the UBD Network Attractor. As a result, the issuance of the United Blockchain Dollar occurs during the contribution to the United Blockchain Dollar Attractor.
Another token is called "United Blockchain Dollar Network" or simply «UBDN». This token is vital for operation of the whole system since it is used for the functioning of decentralized system. The whole system of UBD Network operates while decentralized nodes or so-called Keepers support the work of the United Blockchain Network. If Keepers stop working it may terminate the operation of the whole system and as a result User’s assets could be temporary frozen.
One of UBD Network Web features is an internal Decentralized Exchange (DEx) to exchange digital assets for «UBD» and «UBDN» tokens.
All UBD Network interactions send and receive Messages. For example, to send someone digital assets you need to create a message, sign it with your cryptographic key(s), and then send it to a Smart Contract that holds those digital assets. This Smart Contract executes the instructions dictated in the Message and transfers coins to another smart contract. Everything in UBD Network is based on interactions between Smart Contracts and Trust Contracts .
It is critical to understand that UBD Network is not a Wallet. UBD Network is a client software that facilitates your interaction with the United Blockchain Dollar Network by helping you do the following:
- safely create and manage Secret Keys (described below) on your device;
- deploy your Smart Contracts, including your Wallet Smart Contract;
- interact with UBD Network Smart Contracts by creating, signing and sending Messages;
- deploy your Trust Contracts and create Vaults;
- review and analyze events in United Blockchain Network;
- provide other services.
By using UBD Network you acknowledge and agree that UBD Network does not store or transmit digital assets. UBD Network only transmits Messages. Any transfer involving any digital asset occurs on United Blockchain Network.
Once you created a Trust Contract via UBD Network it can be modified through the renewal of the Contract. You must be certain that the Smart Contract or Trust Contract associated with any transaction has enough digital assets to cover all necessary fees associated with the transaction prior to executing it. You acknowledge and agree that UBD Network and any of its affiliates shall not be held liable for any failed transactions.Secret Keys & Seed Phrase
Secret or private keys are crucial to your operations with regard to the United Blockchain Dollar Network. They are used to sign Messages that interact with Smart and Trust Contracts in United Blockchain Network. These keys protect all of your UBD Network digital assets.
To use UBD Network Web you must either import or create a private key. Creation of your private key is executed through the United Blockchain Network and located only on your device and likewise stored only on that device.
UBD Network Web can not hold, store, or recover your key(s). UBD Network Web has no way to recover your key(s) if you lose it/them.
You bear full responsibility for storing your private keys and any mnemonic (backup) phrase associated with those keys in a safe place where you can recover them; otherwise, you risk losing control over any and all digital assets that are associated with those private keys, forever.
UBD Network has no means to help you recover your password or secret key since UBD Network does not have them!
All users, especially those with high value wallet balances, are highly encouraged to:
- Use the "Backup Password" function. Here’s how:
1. Navigate to the "Safety Protection" page of your Profile in UBD Network WEB.
2. Find the "Addresses and Keys" section where you can reveal your private key.
Keys are a complex sequence of symbols. Do not try to write these down "as-is". You risk making a mistake and losing all of your digital assets.
- Use the "Backup Password" feature, Seed phrase. This feature provides you with a 12/24-word sequence (also called a mnemonic phrase). These 12/24 words are a mnemonic representation of your private key.
- Write this mnemonic phrase, Seed phrase, down and store it in a secure location. You can always check if you wrote the phrase down correctly by using the "Saved, go check" button.
To further improve the security of UBD Network Web and of your digital assets, we suggest you:
- Use Security Card and/or Multisignature wallet with UBD Network Web to approve (sign) transactions. This security card adds another layer of protection to your private keys.
- Notify us of any irregular activity that you may encounter during your UBD Network Web experience.
UBD Network Web does not identify you, neither your device, or your phone number, or any SIM card associated with your mobile device. UBD Network Web does identify you anonymously on UBD Network Web's backend to enable storage of your content only so you may be able to recover it from another device; however, this backup is encrypted with the same encryption used on United Blockchain Network. You acknowledge and agree that information associated with your UBD Network’s identity can be lost and UBD Network Web may not be able to restore it since UBD Network Web does not have your private keys, and UBD Network will not be able to decrypt any data associated with your security keys.
If you use third party services such as those obtained through buying or selling digital assets in exchange for fiat currency, any such third-party service provider may request your personal information. In such cases you are responsible for reviewing their terms and conditions before accepting them. UBD Network Web shall assume no liability for your use of any third-party services.
Third party services may not be genuinely decentralized; therefore, using any third-party services may expose you to identity disclosure that is out of the control of UBD Network. Bear in mind that using these services may require:
- linking your real identity with your digital assets and Smart Contracts,
- enabling these third-party services to track your use of digital assets and Smart Contracts moving forward,
- enabling these third-party services to transmit your personal information to other parties, including, but not limited to, regulatory and law enforcement agencies,
- et cetera.
You hereby agree and consent to not hold UBD Network liable for any risks or losses associated with your use of any such third-party services.End-to-End Decentralization
With the support of an E2ED interface, UBD Network Web operates as a UBD Network OS user environment. UBD Network OS is built on a E2ED concept that upgrades human-to-blockchain interaction to one of direct dialogue between the user and the smart contract.
By using UBD Network Web you agree that UBD Network Web is only an interface to the United Blockchain Network, that, as mentioned above, consists of Smart and Trust Contracts. UBD Network Web neither controls nor determines content, function, or execution of those Smart Contracts. You acknowledge and agree that you shall assume all responsibility for interaction with Smart Contracts.Smart & Trust Contracts
Smart Contacts as well as Trust Contracts are computer programs that are executed on the blockchain and verified by its consensus protocol to perform a so called verifiable computation.
As explained above, UBD Network Web is a Smart Contract client. In that sense, any true UBD Network software is a smart contract client. UBD Network Web can manage any UBD Network Smart Contract and interact with it, provided that it has a special declaration file, or the so-called UBD Network ABI (UBDN Application Binary Interface). The UBD Network ABI version that UBD Network Web supports is covered in official documentation available at ubdn.com .
It is crucial to mention that User who creates Trust Contract creates his own Trust Terms that can’t be altered, changed or canceled by anyone else. UBDN does not have any access to User’s Trust and its Terms. The only one who can change, cancel or alter Trust and Trust Terms is the User who created Trust Contract.Accuracy of User Information
You represent and warrant that any information you provide in UBD Network Web is accurate and complete. You accept and acknowledge that UBD Network Web shall not be held liable for errors or omissions you may make with regard to any digital assets transaction(s) initiated via UBD Network Web. We strongly encourage you to review your transaction details carefully before attempting to transfer digital assets since transaction can’t be cancelled and in case of wrong transaction details (address) your funds will be lost forever.Taxes
You agree to assume full responsibility to determine which taxes may apply to your digital assets, as well as to duly report such and remit the same in accordance with your local, state, federal and / or international tax laws and respective tax authorities. You agree that UBD Network Web is not a qualified or licensed tax or accounting representative and shall not be held responsible in any way whatsoever for determining, collecting, reporting, withholding, remitting, or in any way otherwise assuming any responsibility for any taxes or tax information that may arise as a result of your participation in and use of UBD Network.No interference with activities of other UBD Network users
You agree that you will never use or attempt to use the security keys of other users without such users' consent. You shall not use UBD Network in any manner that could interfere, disrupt or impair the usage experience of other users or in any way prevent them from fully enjoying UBD Network Web.Commitment to keep UBDN unimpaired
You shall not distribute any virus or other malware through UBD Network Web. You also agree not to take any action that may impose an unreasonable or disproportionately large load on UBD Network Web or on any of our third-party infrastructures.Liability for Circumventing Security Measures
You agree not to bypass, circumvent, or attempt to bypass or circumvent any measures that may be in place to prevent or restrict access to UBD Network Web, including, without limitation, other accounts, computer systems, or networks connected to UBD Network Web. Any use of UBD Network Web other than as specifically authorized in this Policy, without prior written permission, is strictly prohibited and will terminate your license to use UBD Network Web.Risks
You accept and fully understand that you are the only one who bears full responsibility for storing your private keys and any mnemonic (backup) phrase associated with those keys in a safe place where you can recover them; otherwise, you risk losing control over any and all digital assets that are associated with those private keys, forever.
You acknowledge and agree that information associated with your UBD Network’s identity can be lost and UBD Network Web may not be able to restore it. Since UBD Network Web does not have your private keys. UBD Network will not be able to decrypt any data associated with your security keys.
You acknowledge and agree that you shall assume all responsibility for interaction with Smart Contracts and Trust Contracts, Trust Terms and its change, cancelation or alteration since Trusts can be controlled only by the one who creates it.
You accept that you are the only one who is responsible for your transaction details to transfer digital assets and accept the fact that transaction can’t be cancelled and in case of wrong transaction details (address) your funds will be lost forever.
You understand that you are the only one who is responsible before your local, state, federal and/or international tax laws and tax authorities for your assets and incomes including your digital funds.
You accept and fully understand that if Validators or so-called Keepers, stop working it may suspend operation of the whole system so assets could be temporary frozen.
You acknowledge and agree that UBD Network is not responsible for the risk of a third party, for example if Bitcoin, or any other coin that provides UBD Network liquidity or UBD Network Reserve, cease to exist, it may terminate UBD Network operation and your assets will be temporary blocked or lost forver.
You acknowledge and agree that UBD Network is not responsible for the risk of a high volatility of Bitcoin or any other coin that provides UBD Network liquidity since it may terminate UBD Network operation and your assets can be blocked for unknown period of time.
You acknowledge and agree that UBD Network is free of its responsibilities in case of any force majeure events such as natural events, political and special events, economic and financial events , infrastructure and any other superior or irresistible forces, that may terminate UBD Network operation and as a result block your assets temporary or forever.No tracking, no Cookies, no tracing, no personal data
UBD Network Web does transfer any personal or impersonal data to anyone neither to local, state, federal and/or international authorities because UBDN does not track you or your usage, period! We are fully compliant with all globally recognized policies without the need to be warned about their legal protocols because we simply do not collect any of your data. We do not track your IP. We do not use any analytics software. We do not even have a simple tracker. No cookies. No personal data processing. Nothing. This is our calling and our mission.Warning!