Ubicoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer ubicoin network without the need for intermediaries.
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.