Ubiq project purpose and description
What is Ubiq?
Ubiq is a decentralized, peer2peer, and open source cryptocurrency with a smart contract functionality. It is a hard fork of the Ethereum cryptocurrency core code but operates separately from the Ethereum ecosystem. In 2016, another fork was implemented in the Ethereum system resulting in the formation of Ethereum Classic and Ethereum after the DAO attack of 2016.
It is important to appreciate that though Ubiq history traces back to January 2017, it was not developed from scratch. Rather, it was a shift from an already existing token referred to as Jumbucks (JBS). JBS deprecated completely so that Ubiq took over all the balances. The approach was considered effective because Ubiq took over an existing and already charged community. Note that JBS had earlier on launched via an ICO (Initial Coin Offering). However, Ubiq was not launched with an ICO.
With no ICO to hold the tokens, Ubiq native tokens were released to the market immediately after the launch of the genesis block. Ubiq has an inflation rate of 8 UBQ per block that reduces with 1 every year for a period of ten years. This implies that in 2017, Ubiq network had a reward of 8 UBQ per block while 2018 block reward is 7UBQ per block. The rate will continue lowering with 1 until the eighth year when it will hit 1 UBQ per block.
What is the problem that Ubiq Solves?
The blockchain niche has grown at a very fast rate. Many experts prefer to call it supersonic speed. But this growth has to be driven by a mammoth force of unending development. Even in as much as this development is the driver, it is also a serious problem for the respective networks.
- The developments imply that most of the networks cannot be relied upon without expecting distractions. In many cases, the core codes, the contracts, and decentralized applications are bound to change at any time.
- The progressive development opens serious risks to the networks, users, and even native coins if some of the nodes fail to upgrade when updates are available.
- With developments and new upgrades being introduced at a high rate, users are no longer sure whether their systems will continue functioning well after updates. For example, what will happen when a new update is released, but transactions were already running on the network?
- As more people become analytical before joining the cryptocurrencies, opinions about recurrent updates have the effect of making them hold back. This approach is evident, especially with most new cryptocurrencies. Most people feel that the risk is too much and, therefore, opt for older more stable networks.
How does Ubiq Solve the problem?
To address the above problem, Ubiq prioritizes network stability and methodical-free upgrades that do not destabilize the system. Individuals and organizations that use Ubiq smart contracts are sure of enjoying seamless upgrades even when new updates are issued. To achieve this seamless flow, here is how the development team approaches it.
1. Meticulous pre-testing of all updates
One way of ensuring that a cryptocurrency network is functioning optimally is through regular updates. To ensure that Ubiq delivers this versatility without causing disruptions, the development team carries intensive studies on the most stable technologies across the globe. Then, the technologies are tested to ensure that their inclusion in the Ubiq will be seamless. The development team also debugs the new technologies before adding them to the network.
Despite this very enticing approach, it is important to point that the adoption of Ubiq has been relatively low. Many organizations and investors have been comparing Ubiq to Ethereum systems and settling for the latter to drive their businesses.
2. The application of Ethereum Virtual Machine
As a hard fork of Ethereum, Ubiq core code closely resembles that of Ethereum in many respects. To be precise, it was forked from the Ethereum version 1.5.8 by introducing changes, edits, and removing references to the Decentralized Autonomous Organization. However, it is the application of the Ethereum Virtual Machine (EVM) that has made Ubiq to easily address the problem of uncertainty caused by intensive development.
Ethereum Virtual Machine aims at providing extra security and helping execute untrusted codes. EVM helps in protecting the Ubiq system from Denial-of-Service attacks that have become way too common in the blockchain sector. Using EVM, Ubiq also ensures that programs run independently without accessing each other’s state. This is very important in promoting articulate communication with no interference. Therefore, even if one component of the Ubiq system is undergoing an upgrade, it will not affect the functioning of others.
3. Incentivizing miners using uncle blocks
At times it is possible for two miners to discover a block at a very close range. However, only one block can be added to the public ledger at a time. This implies that the first miner gets the privilege of adding the block. The second block that came very close is referred to as an Uncle Block. To put it differently, the Uncle Block is also valid but it gets orphaned.
In the Ubiq system, the first miner gets rewarded but the miner of the uncle block also received 50% of the block reward. This is important in encouraging more miners to join, stay, and continue securing the network. Remember that once a new block has been found, another uncle block cannot be created on the older one.
4. The Ubiq tokens are based on the Ethereum system
News of tokens getting stolen through hacking has become way too common. To beat this problem and live to its security dream, Ubiq’s native tokens are ERC20. This means that they are based on the Ethereum blockchain that provides an additional layer of security. If an attacker wants to access the tokens, he will have to break the additional layers of security. It is because of this that Ubiq has not been hacked since inception.
What makes Ubiq better than it’s competitors?
The trend in the blockchain network has been to build on the existing technologies so that newer platforms are better and more reliable. From Ethereum to EOS, the primary goal is advancing the blockchain technology to the next level. This is why Ubiq stands taller compared to other networks. Here are additional reasons for going Ubiq.
- Sending value on the Ubiq network is relatively cheap compared to other networks. Unlike other cryptocurrencies such as Bitcoin that have been in the market for years, Ubiq entered the market in January 2017 and its price is still relatively low. This implies that sending value on a peer2peer basis on the platform is also low compared to Bitcoin and even the Ethereum.
- The platform is designed with a clear target of adding new UBQ to cater for a natural attrition and ensure that the coins reach every corner of the globe. Many cryptocurrencies that have a fixed supply are largely targeted at growing the value of the native token as opposed to promoting greater penetration. However, the increase of the native tokens with 7UBQ per block will greatly help to control inflation.
- Ubiq has been one of the best performing cryptocurrencies in the market. Between early 2017 and mid-2016, the price of UBQ grew with more than 2500%. The market capitalization also grew from 1.3 million to about 22 million during the same period.
- With the Ubiq team focusing on providing a more predictable versioning, users are assured of a stable platform with no distractions. This is very important especially for people targeting to use the blockchain network for heavy investment or as the primary payment network. The stability also targets keeping the network and its users extra secure.
How can Ubiq be categorized?
Ubiq can be classified as an ambitious project that provides a clear goal to help users enjoy seamless application in their operations. While their approach to helping provide stability to the blockchain users is noble, a large part of the community sees it as a new method of giving more relevance to a coin that was already fading in the industry. For example, the price of Jumbucks (JBS) in the market was very low prior to the launching of Ubiq. Despite this, the cryptocurrency has a good traction and its success will depend on the ability to introduce workable features, keeping the network secure and growing its value.
What’s Ubiq’s vision on Security?
Ubiq wants to become the most secure network that developers and users can rely on without worrying about attacks or interferences. This vision was drawn from lengthy study and assessment of the functioning of other networks. Here is how the Ubiq team targets to achieve the objective.
- Use of Ethereum Virtual Machine: In the blockchain network, the denial-of-service network attacks have become a common problem. The attacks are often advanced by people who want to portray their opponents/ targets in bad light. It can also result in a serious compromise of service delivery. To prevent such attacks, Ubiq uses the Ethereum Virtual Machine that helps to separate services, contracts, and other features completely. With no unauthorized communication or unintended communication, Ubiq guarantees its clients of a highly secure network.
- Shift to the Proof of Stake consensus algorithm: Ubiq runs on the proof-of-work consensus model which is similar in many aspects to what takes place in the Ethereum network. However, they plan to shift to the proof-of-stake consensus model to make the system more secure. Under the proof of stake consensus model, users will be required to hold some stake in the network to be allowed to participate in mining and consensus building. It will also help to evenly distribute the native tokens and preventing 51% attack.
- Advanced network encryption: Encryption has become an important component in every blockchain network especially now that many governments have been threatening to pass harsh crypto-regulations. By adopting advanced encryption, Ubiq ensures that its users’ information is free from access by third parties. Therefore, you can invest in the network without worrying about third-party seizures or getting discovered.
- Use of smart contracts: The smart contracts have become the bottom line of most cryptocurrency networks in the market. Because the terms and conditions for smart contracts implementation are preset and applied automatically, any person/entity trying to gain some entry will be identified and blocked. When the smart contracts operate together with EVM in Ubiq, the network becomes a type of fortress that hackers find it extra difficult to break.
Examples of Ubiq n’s use cases/applications.
The cryptocurrency industry has been fighting for recognition and adoption. However, the adoption rate has been very slow. Now, things are even more complicated with the stiff competition from more than 1600 cryptocurrencies competing for the same space in the crypto niche. Here are some of the main use cases of Ubiq.
- Paying for transaction charges on the Ubiq network: When you send value on a peer2peer basis on the Ubiq network, the transaction charges have to be done using UBQ. However, it is important to appreciate that Ubiq tokens are Ethereum based tokens. Therefore, you will still also be required to pay GAS. This can also be cleared using UBQ.
- Use Ubiq network to implement new decentralized application: Like Ethereum, Ubiq is designed to help businesses create and run their own applications. Whether you want to plug a specific service on the Ubiq system or the entire business, the door is wide open.
- Paying for trading costs in the exchanges: If you want to invest in the Ubiq network, there are several ways of doing it. One, you can opt to mine the network and get rewarded in UBQ. You can also ask your payers to clear their dues in UBQ. However, the most effective method is buying the native tokens from the cryptocurrency exchanges. The fee for such transactions can also be cleared in UBQ.
- The Ubiq system is a great platform for savings and investment: Most people who do not want to put their savings in a conventional bank or want to invest anonymously prefer the blockchain networks. Because user accounts and their investment details are fully encrypted, they are sure of freedom from third-party seizures and associated risks.
- Direct purchases in stores that accept UBQ: Ubiq development team has been working extra hard to get UBQ adopted for direct payment. Many online operators, especially in the tech niche, will allow you to make payment in UBQ. However, even those that only allow other tokens such as ETH are a step away. You only need to convert UBQ to them.