Ubiq (UBQ) is a decentralized platform that allows its users to create contracts and applications. It is build upon Ethereum 2.0 which is one of the m
Ubiq (UBQ) is a decentralized platform that allows its users to create contracts and applications. It is build upon Ethereum 2.0 which is one of the most established platforms out there. With Ubiq, developers are able to create solutions to different tasks and get paid through the platform in the form of tokens.
The cryptocurrency traded on the Ubiq platform is known as the Ubiq token. It is abbreviated as UBQ. This was created when the Jumbucks (JBS) that had been around for three years was transferred to the Ethereum blockchain platform. More details can be found on the platform’s official website, https://ubiqsmart.com/.
Pyrus & Fusion – You Can Choose Out Of Two Ubiq Wallets
The tokens in this platform (UBQ) are stored in wallets. There are two wallet options. One is the Pyrus which is a browser-based wallet meant for the client. With this clients are able to send tokens, generate and send transactions offline. This is a great choice for privacy. The other kind of wallet is the Fusion wallet which can be operated on Windows, OS X or Linux. It allows members to bring all applications, accounts and assets in one place. The interface is secure and writing and deploying contracts on it is very easy.
The team behind Ubiq
This business was founded by great brains that have been in the cryptocurrency industry for quite a while. Julian Yap has worked with Bittrex, Decred and Blocktech in designing and networking. Luke Williams on the other hand is known for building resources and services like Iquidus Explorer. Kris Hansen is a renowned internet technology developer and Alex Sterk is a great researcher and host of blocktalk who educates the public about this cryptocurrency. With such a capable team you can be sure that this platform is great and it will continue to be.
Inflation rate control
A monetary policy has been put in place to control the inflation rate of Ubiq. For the first year, the inflation rate is set at 8UBQ per block and this will decrease by 1 UBQ per block every year over an eight year period. What does this mean? During this first year, 8 UBQ will be rewarded every block time of 88 seconds and within the 8th year, 1 UBQ will be rewarded every block time of 88 seconds.
With this inflation control, there will be a fixed inflation schedule. There will be no fee-only markets either.
The mining process
This blockchain uses proof-of-work system to generate blocks. The algorithm used for this is Dagger Hashimoto but its average block time is longer at 88seconds. This enables people with computers that have lower end video cards to operate the chain. To maintain consistent blocktimes, Ubiq includes Flux, a difficulty adjustment algorithm into their blockchain.
Uncle Rewards are introduced when miners come up with block solutions that are similar but with small differences. Only when the uncle block has a depth of 1 is the miner rewarded. The qualifying miner gets 50% the present block reward. To minimize unpredictable inflation from these rewards, miners who include an uncle block get rewarded UBQ per uncle block.
There are over 4800 people who have been using the Ubiq and that number is growing by the day. This is because the currency holds a future and many do believe in it.