What Is Ubiq Coin (UBQ)?

Introduction

Ubiq (UBQ) is an open-source, public, blockchain-based distribution computing platform with smart contract functionality.

The Ubiq network provides a robust blockchain to host an Ethereum virtual machine that integrates a decentralised virtual Turing machine that enables contract and coin creation.

There is a value coin called “Ubiq Coin”, which was created by transferring the value of a three-year established coin, Jumbucks (JBS), to a blockchain with ethereum functionality.

It offers EVM functionality in a blockchain that is technological, politically and conceptually separated from Ethereum or Ethereum Classic.

Ubiq Coin – The Cryptocurrency

The value coin of the Ubiq blockchain is the Ubiq Coin (UBQ) of the same name, which is traded on the cryptocurrency exchanges.

It is also used to pay transaction fees and compute services in the Ubiq network.

Like Bitcoin, but unlike Ethereum, Ubiq establishes a monetary policy to control the inflation rate of Ubiq coins.

The inflation rate for the first year is set at 8 UBQ per block (7.3 %), with 8 UBQ per block being rewarded with an average block time of 88 seconds.

Monetary policy reduces this inflation to 1 UBQ per block (0.7 %) over the next eight years, so that a fixed inflation schedule is in place to prevent only one mining market from developing.

Like Ethereum, Ubiq rewards the miners if duplicate block solutions are found with some subtle but significant differences.

The miner of an uncle block of depth one is rewarded with 50% of the current block reward, uncle blocks of depth >1 are not paid.

A miner that mines an uncle block is rewarded with an additional UBQ per included uncle block.

These changes minimize the unpredictable inflation generated by Uncle Rewards, while also serving as an incentive for miners to always look at the head of the blockchain.

The Ubiq blockchain creates blocks with a proof-of-work system and an average target block time of 88 seconds.

The proof-of-work algorithm used is Dagger Hashimoto, the same one used for Ethereum and Ethereum Classic.

However, the longer average block times reduce the growth size of the DAG used to represent the blockchain.

Video cards with 2 GB of RAM can operate on the blockchain for more than six years.

Also, Ubiq integrates a new difficulty matching algorithm, Flux, to maintain more consistent block times under variable hash rate conditions.

Ubiq’s market capitalization (UBQ) was more than $61 million or 6091 BTC on December 1st, 2017, and was the 98th largest digital currency by market capitalization.

The price of the Ubiq coin reached an all-time high of over $3.00 on August 30, 2017.

Ubiq Coin – The Company

Ubiq is currently headed by Julian Yap, a systems engineer who previously worked on projects such as Bittrex-Exchange, Blocktech and Decred.

Luke Williams, the developer of the Iquidus Explorer, a widely used blockchain search tool; Kris Hansen, an established blockchain developer and Alex Sterk, host of #blocktalk and teacher of blockchain technologies, is helping to develop the platform.

On September 2, 2014, the coinmarketscoin, a coin for crypt PoW, was launched.

From October 23, 2014, the company rebranded Jumbucks, a proof-of-stake coin with newly announced community development initiatives.

On 28 January 2017, the company announced the closure of the Jumbucks (JBS) market and the launch of Ubiq Blockchain.

QWARK, a coin on the Ubiq blockchain with a 1:1 coin swap with Sarcoin, was launched on February 25, 2017, and the company then began the FusionWallet.

The crowdfunding of APX, a distributive mining and ICO review platform, was launched on May 1, 2017, and on June 8, 2017, Pyrus, a re-branded MyEtherWallet web wallet, was launched.

Conclusion

Ubiq is a decentralized platform that enables the creation and implementation of intelligent contracts and decentralized applications.

The Ubiq Blockchain is based on an improved Ethereum code base and acts as a large, globally distributed ledger and supercomputer that enables developers to create decentralized and automated solutions for thousands of tasks performed by third-party brokers today.

You can’t buy it directly for fiat on any exchange. You can choose the best bitcoin exchange for your region and buy BTC there, then trade it for UBQ on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.

Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe cryptocurrency exchange.

If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Cex.io review and Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit), instantly and directly to BTC.

Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our review of Ledger Nano S or check out other best hardware wallets here.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.

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