If you already have some idea about what the Urbit project is, you may be wondering if there is a specific cryptocurrency that captures the value of this ecosystem.
Is there an Urbit cryptocurrency?
No. Although the Urbit project is related to decentralization and P2P operations, there is not and never will be an Urbit crypto.
Urbit is like an operating system, not a cryptocurrency. You can use any cryptocurrency (such as Bitcoin or Ethereum) within Urbit, there is no specific native currency.
Be on the lookout for scams. If you see any type of ICO or token with the Urbit name, it is a scam.
Isn’t Uqbar’s crypto the cryptocurrency of Urbit?
Uqbar is a specific project built on top of Urbit, belonging to an independent organization. Its goal is to provide a smart contract execution environment using Urbit’s native programming language, allowing integration between Urbit and blockchain via Ethereum.
At the moment, Uqbar does not have a token, but the project has already signaled that it may launch a governance token in the future when the network is more mature. But keep in mind that it will be a Uqbar crypto, not Urbit crypto.
What is the most commonly used cryptocurrency within Urbit?
Since the first release of the Urbit project to users, a Bitcoin wallet has been implemented. Many standalone applications within Urbit have integrated this native wallet, making BTC usability easier for users.
However with the launch of the Uqbar project, it is possible that the most commonly used cryptocurrency within Urbit will be Ethereum (ETH). This will depend on the adoption of the applications. With the growth of decentralized finance (DeFi), Urbit can play an important role in decentralizing the end-use interface.
For example, when using a DEX today like Uniswap, although the trades get recorded in the Ethereum blockchain, the visual platform where the user interacts to make their trades and swaps is stored on a centralized server. With Urbit, it is possible to avoid this problem.
If there is a movement of DEXes to Urbit, naturally several tokens and stablecoins will be used within this environment. Since Ethereum is currently the most popular smart contract platform for DeFi, it is possible that slowly the Urbit environment will be heavily interconnected with ETH.
However, there will never be an exclusivity. Other platforms and blockchains can also grow within Urbit, it will all depend on developer interest and user adoption.
If you want to learn more about Urbit and stay up to date on the development and growth of its ecosystem, follow the Urbit Guide website. We are creating a lot of material that will be published soon!