UPLEXA is now a Privacy option for BSC and ETH Ecosystems [DeFi]
uPlexa brings privacy to both Ethereum and Binance Smart Chains with uPlexaBridge. This enables users the ability to create untraceable gaps in DeFi transaction activity.
The uPlexa Bridge is live on the Binance Smart chain!
Trade it on PancakeSwap:
Trade on Uniswap:
TL;DR — uPlexa is a stand alone, cryptonote based privacy coin that has created a bridge into ETH and BSC ecosystems. This will allow for a quick solution to the problem of chain analysis* and wallet tracking on those transparent blackchains. A process called “gapping” will put dead stops in the ability to follow the users balance and any further activity. This is done simply by moving into uPlexa and back into a fresh ETH or BSC wallet.
If you are aware of uPlexa and what led it to DeFi, please skip to the section titled Liquidity and Fungibility
The Centralized Exchange bubble.
Anyone familiar with uPlexa knows the struggles it has had with centralized exchanges. In short, uPlexa is an ethics driven, grassroots project, attempting true decentralization without ICO/VC intervention. Right out of the gate, under capitalization put the project at massive disadvantage and especially with exchange acquisition. The founders knew this would be a handicap but under estimated the extent. It was the ICO age and every “reputable” exchange saw opportunity to profit by charging outrageous amounts to list on their platforms. No negotiation. This pushed the more ethical “organic growth” type projects to bottom shelf exchanges.
This was a David and Goliath story for some (ask Digibyte) but most under funded or community-driven projects disappeared. uPlexa’s fight for liquid markets was a straight up hill battle. Between haggling with greedy exchanges and their lying reps, core contributors would regularly get multiple spam messages from two-bit Peatio/RubyKube copy/paste exchanges asking multiple bitcoins to list (a process that takes very little time). All during a time whilst the entire space was witnessing mass market manipulations, fake volume, exchange hacks, exchange disappearances, scam ICO projects listed and forced KYC without notice to name but a few. A bad look that would help lead to a multi-year bear market. In turn, leading to the further use of decentralized exchanges. At this point most key players knew there was a revolution starting and only a handful of the best centralized exchanges would survive.
Enter the DEX
Uniswap, Sushiswap, 1inch, Pancakeswap, Bisq, Opensea, etc. They are now household names in the crypto world. Decentralized exchanges are not new technology but have exploded with volume in the last year. The current decentralized exchanges has given participants a simple, voluntary, user controlled experience and their popularity has led to wild innovations in the space with benefits. One main benefit is not trusting a third party to trade. A Decentralized Exchange (DEX) gives the user total control over funds. Real on-chain transactions. No exchange controlled wallet storage. Multiple user controlled Dapp options for lending, payments and yield farming to name a few.
QuantumLeaper said, “At first I was extremely skeptical (aren’t we all?). But after having used Uniswap quite a few times, I fell in love with the platform. Most of all, the endless innovation and ideas being expressed on these modern exchanges. Call me biased to my own project, but I was distracted by needing to wrap uPlexa in an ERC20 skin in order to freely trade on decentralized exchanges such as Uniswap. However, after some experience with the DeFi space, a place for uPlexa was identified. After taking some time to understand how this could be a net positive, core consensus was reached and the uPlexa Bridge started development.”
A uPlexa quick take
uPlexa (UPX) is a Monero (cryptonote) fork with a twist. Not only is uPlexa privacy by default but it differs from other cryptocurrencies by having developed an algorithm that treats low-power architecture such as mobile devices and micro-boards with priority. This gave uPlexa’s PoW algorithm the first “pretty fair” proof-of-work consensus for IoT devices. When adopted, UPX will be one of the most decentralized PoW algorithms in existence and that is just the foundation of the uPlexa project’s ecosystem. If you want to learn more about things like decentralized VPN, utility nodes and high speed onion routing, visit uplexa.com
Liquidity and Fungibility
As the title of this section suggests, there are two benefits to this likely union between Ethereum/Binance and uPlexa. ETH/BSC will receive a layer of privacy and uPlexa will receive liquidity and attention. It’s no secret that DeFi has an over abundance of liquidity and endless amounts of attention. Attention is great for projects in a marketing context but not necessarily in a personal financial context. What if you you do not want -anyone, anywhere, anytime- knowing your financial situation or transaction history? Unfortunately, that is not an option because blockchain analysis* on ETH and BSC is so simple, a monkey could do it. The desire for a bridge into the private uPlexa coin and ecosystem becomes clearer.
More on how a Bridge to ETH/BSC benefits uPlexa
Mentioned above was “liquidity and attention”. Here is a closer look. As of this writing, stand alone uPlexa has an amazing use case, growing ecosystem and passionate community. What it suffers from is attention in a space with thousands of other decent projects. UPX is tradable directly on the decentralized exchange known as BISQ and on some low-volume centralized exchanges, namely STEX and Graviex. However, as most in crypto know, DeFi is rooting itself in the future of fintech infrastructure and it would be irresponsible for uPlexa not to add utility where its clearly lacking. uPlexa brings a layer of privacy to DeFi traders, in turn, DeFi brings attention and liquidity to uPlexa. WIN WIN…. That said, why stop at just privacy? Why not compliment the privacy utility with one of the features that make DeFi so special? Yield Farming & liquidity mining.
Farming & Liquidity Mining with wUPX and bUPX
Not unlike other yield farming protocols, liquidity providers will be incentivized to provide liquidity to uPlexa in order to benefit from dividends via the upxReaper contract. Farmers will be provided with returns consisting of fees and an allocated amount of UPX that uPlexa core contributors have set aside for liquidity mining. If this union remains successful and the set aside amount is depleted, upon project consensus, future funding may come from uPlexa’s own block rewards. A portion of which is currently shared among both PoW miners and PoS stakers. Farming will begin shortly after contract deployment on main net.
How the uPlexa Bridge benefits the user
Wrapped uPlexa assets can be used for a variety of reasons. It may simply be traded and farmed, yes, but its true function is to increase the privacy of personal transaction activity. More precisely, when used correctly, one can put an untraceable gap in a DeFi trade history. This will prevent your trade history being followed from one wallet to the next. Blinding future transactions normally viewable to bots, thieves, or those with malicious intent. Remember, when you swap from UPX to wUPX/bUPX you are, once again, using a transparent ERC20/BEP20 token. Although, with correct procedures, that token will have a clean history. A basic example would be this. The DeFi user has a particular wallet balance or asset purchase in which the user would prefer kept secret. Simply run the ETH or BSC version of uPlexa through the bridge into a legacy UPX wallet. Once it arrives send the legacy UPX back through the bridge and into a fresh ETH or BSC wallet(s) with zero history. If done correct, a gap is created while further track and trace is stopped. It’s that easy.
Where and when to get the Assets
The uPlexa Bridge will require a quick swap from the ETH and BSC assets into the privacy coin uPlexa. This will not require the user to buy uPlexa on one of it’s supporting exchanges, only run a uplexa wallet for the other side of the swap. The swap process is done automatically by the bridge. But as trading commences there will likely be times when there is a difference in the price between the legacy UPX and its alternates. If the arbitrage opportunity lies with UPX then it can be purchased at Graviex and Stex exchanges. The team is aware of these limited options and has full intention of bringing more exchange options online as quick as possible. A process that is well in the works at this moment.
And to re-iterate, the uPlexa Bridge plans to service both the Ethereum and Binance Smart Chain. The Binance Smart Chain(aka BSC) asset will be labeled “Binance-Peg uPlexa” with the ticker “bUPX” and will launch on PancakeSwap. The Ethereum network asset will be called “Wrapped uPlexa” with the ticker “wUPX”. The asset will be deployed on Uniswap with other decentralized exchanges on the ETH network to come. Follow the uPlexa Telegram, Twitter and Discord for information on exact release times today(links below).
The Binance Smart Chain token will be released first alongside the uPlexaBridge. bUPX will immidiately be listed on PancakeSwap. Its yield farming application will be release very shortly after. Once the Binance version is online and issue free, the ETH version and its own complimentary yield farm will be released all at once on UniSwap.
Wrapped Asset Taxes
Unlike UPX, wUPX and bUPX are subject to 1% taxes during all transfers. This 1% tax is then rewarded to the upxReaper (farming) contract for the next period of rewards. Exclusions will be added on buying wUPX/bUPX from Uniswap and Pancakeswap pools, so the user is not taxes upon purchase of tokens but only on sale or providing liquidity to Uniswap or Pancakeswap.
Reward Periods
Period 1: 30 Days — 10M UPX Premine allocation (50/block — 200,000 blocks for wUPX, 5.78/block — 864,000 blocks for bUPX)
Periods after which:
Quarterly: The taxes (1%) of all transactions are sent to the upxReaper contract. These funds are then used for the quarterly liquidity mining periods. Thus, any taxes accrued during the previous period will be paid out during the next consecutive period.
Other rewards: Users are also more than free to donate wUPX/bUPX to the upxReaper contract, all of which would then be allocated to the next quarterly period. Core contributors have also discussed a block reward LP wallet. Blocks on the uPlexa Network itself are found via mining and staking via Utility Nodes. The initial proposal was a 80% PoW/20% PoU split. However, we’re leaning towards a 60% PoW, 30% PoU, and 10% LP reward split. Taking this into factor, LP providers would receive 10% of all fees from mined blocks on the uPlexa network, too. These fees, too, would then be allocated during the next quarterly period.
PancakeSwap Rewards start at BSC blockheight: 6,764,000 (~April 21st)
https://bscscan.com/address/0xb9f7e61c707c95b8555F2c602649EB937ee882Eb
Uniswap Rewards start at ETH blockheight: 12,920,000 (~July 28th)
https://etherscan.io/address/0x78C047ecFFEAC55345E3e04E7e6Edf1C4551Cc8F
The Technicals
If you do not understand smart contracts or development, this part of the article may leave you perplexed. However, if you do proceed to read on, feel free to ask questions in our Discord or Telegrams (links located at the bottom of the article).
What technologies go into this?
- uPlexaBridge — Here, you may swap between UPX, wUPX, and bUPX
- Smart contracts — The assets hosted on side chains in which the uPlexaBridge and your wallet(s) will interact with
Smart Contract Functionality
Both wUPX and bUPX assets will operate quite the same.
They consist of the following features:
- Minting (called by the uPlexaBridge when a user sends UPX to the bridge)
- Burning (called by the user via uPlexaBridge when a user sends a wrapped asset to the bridge for UPX)
- Standard token events such as approve, transfer, owner, pause, etc.
uPlexa Bridge Functionality
uPlexaBridge is where you will be interacting with the smart contracts via the uPlexaBridge interface. The features for uPlexaBridge include:
- Swapping between UPX, wUPX, bUPX
- Scanning and validating uPlexa, ETH, and BSC transactions
- Interacting with asset smart contracts
Swapping UPX to wUPX/bUPX
uPlexaBridge is where you will do your swaps between UPX and the cross-chain assets. When sending UPX to wUPX or bUPX, once verified that the UPX has been received, uPlexaBridge will then tell the asset to mint the same amount of tokens to your ETH or BSC address under it’s specific asset class.
Swapping wUPX/bUPX to UPX
When swapping to UPX from a wrapped asset, the wrapped assets are not transferred, but rather, burned (for consistency sake). This lessens gas fees, whilst also allowing the wrapped asset supply to stay parallel to the amount of actual UPX held in reserve. There should never be more wrapped assets than there are of UPX held from users who swapped to a wrapped asset. During the token burn through uPlexaBridge, an id is attached to your burn. This ID represents your UPX wallet on uPlexaBridge. After uPlexaBridge has confirmed the burn, uPlexaBridge will then send your UPX to your uPlexa address.
bUPX Token Contract:
0xc3D91FfDF44eafc32a9e4489A4EfE188489fC183
uPlexa and Transparency
We are a privacy currency, but there are particular things that should be transparent. There is an element of trust in this bridge. So we will provide, not only, the view keys to the reserve wallets, but also, live balances of the reserve wallet through uPlexaBridge. You may also see the current supply of wrapped assets on uPlexaBridge or through the smart contracts themselves. In order to achieve its utility and protect the privacy of uPlexa users, records of swap-to or swap-from addresses will not be available.
uPlexa, although small, is a legitimate cryptocurrency that has been in circulation for 2+years. It has strong fundamentals in privacy and utility with an amazing development roadmap. It is pushing the boundaries in other disruptive tech such as IoT minable software, scalability solutions and decentralized VPN technology to name a few. The founders, contributors and community have zero incentive to damage that and see DeFi as a net positive for uPlexa adoption by bridging the gap (pun intended) between the two blockchains. Find out more about this exciting project at uplexa.com
Disclaimer
The contributors to this project would like to express a “use at your own risk” side note. This is disruptive, experimental tech intended to protect personal liberties and financial privacy. THE CONTRIBUTORS DO NOT ENDORSE THE USAGE OF THIS TECHNOLOGY FOR ILLEGAL ACTIVITY OR MISUSE UNDER THE USERS RESPECTIVE JURISDICTIONAL LAW. THE CREATORS BEAR NO RESPONSIBILITY FOR, NOR, ARE LIABLE FOR DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION).
And as always, DYOR-Do Your Own Research!
Finally
Thanks for taking the time to read this article. If you have any questions or further curiosity, feel free to reach out to us. Here are allllll the links:
bUPX Token Contract:
bUPX Reaper Contract:
Trade on Pancake Swap:
wUPX Token Contract:
https://etherscan.io/address/0xc3d91ffdf44eafc32a9e4489a4efe188489fc183
wUPX Reaper Contract:
https://etherscan.io/address/0x78C047ecFFEAC55345E3e04E7e6Edf1C4551Cc8F
Audit:
Official website:
The uPlexa Bridge:
Telegram chat:
Discord Server:
Twitter Account:
** uPlexa bridge is meant to help prevent chain analysis from occurring to public wallets by the general public. uPlexa bridge is NOT a way to conduct illegal nor nefarious activities. uPlexa contributors will respond to law enforcement requests from authorized law enforcement officials with proof of authority.
