Baseledger
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How to use the Mainnet
General There is already a set of products and services powered by the UBT token within Unibright’s product offerings.
Within Baseledger, UBT acts as an utility token model where:
  • The token acts as a payment mechanism for using software
  • The token acts as a staking mechanism for workers maintaining consensus
  • The token acts as a “share-in-the-block reward” mechanism for workers that are doing the work
  • A proxy-staking mechanism is in place, where members of the ecosystem can contribute to a worker’s stake (and partially participate in the rewards) without doing the work themselves
  • Organizations (users) do not need to handle the token themselves and can pay in fiat money
Using the network
Entities using the Baseledger Mainnet, can do so by setting up a node, aquiring worktokens by converting UBT or using a fiat gateway and are then able to use the network for exmaple to store proofs on it.
1) Set up Replicating Node
2) Send UBT to Smart Contract
Worktokens within Baseledger can be aquired by converting UBT tokens using the respective SmartContract on Ethereum. By calling the 'deposit' function of contract 0xdADe4688C10C05716929F91d3005c23D4e233869, UBT can be deposited along with the user's Baseledger address. Baseledger's bridge module will then pull the current UBT price and depsoit worktokens within Baseledger accordingly.
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