Ubiq is a decentralized platform that facilitates the creation and implementation of smart contracts and decentralized applications. Find out everything you need to know about Ubiq today.
What Is Ubiq?
Ubiq is a platform where developers can create and implement blockchain applications – including applications that use smart contracts. Basically, Ubiq is a blockchain built on an improved version of the Ethereum codebase.
This blockchain, like other blockchain, works like a large, globally-distributed ledger and supercomputer. Developers can use the blockchain to create decentralized and automated solutions to thousands of tasks.
In order to access the Ubiq platform, you’ll need to download the Fusion Wallet. However, you can also access the platform via a command line interface available on Windows, Mac OS X, and Linux. Both the desktop wallet and command line are available as a free download from UbiqSmart.com.
The team behind Ubiq is marketing their blockchain for enterprise applications. They claim to be committed to providing “the most stable, flexible, and bug-free platform available for the development of enterprise applications.” The team has a deep background in blockchain technology and financial services.
There’s also a Ubiq coin (UBQ) that has been rising in value over the past few months. You can view stats for the Ubiq network on their website.
What Is The Fusion Wallet?
The Fusion Wallet brings together all of your accounts, assets, and application interfaces into one secure interface. The wallet features all of the tools you need to write and deploy your own smart contracts and tokens.
The Fusion Wallet is available on Windows, OS X, and Linux.
The Ubiq Coin
Ubiq has released its own token called the UBQ. The coin is traded on exchanges like Bittrex and Cryptopia. It currently has a market cap of around $74,876,492, or around 27,000 BTC.
Ubiq’s monetary policy involves block rewards that start at 8 and decrease by 1 yearly until they reach a minimum of 1 UBQ per block.
What Makes The Ubiq Platform Different?
Ubiq was the first Ethereum fork that brought about consensus level changes in the form of brand new code. Some of the unique features of the platform include:
Flux Difficulty Algorithm:
This is one of the key innovations of the Ubiq network. Other Ethereum forks have been attacked because they did not have an adequate difficulty algorithm that was able to dynamically adjust to hash rate. Ubiq solves that problem with its flux difficulty algorithm. The algorithm allows for difficulty retargeting with every block.
Exponentially Subjective Scoring:
Exponentially subjective scoring is an optional flag for services like exchanges and pools to calculate during any adverse network conditions including forks. Ubiq’s developers claim that this protection exponentially reduces the window during which a double spend can take place. This also provides seamless consensus of nodes on the “longest” chain.
Technical Details Of Ubiq
Here are some of the technical details behind Ubiq’s platform:
- Algorithm: Dagger Hashimoto
- Block Reward: 8 decreasing by 1 yearly until 1 UBQ per block
- Block Target: 88 seconds
- HTTP RPC server port: 8588
- Websocket RPC server port: 8589
- Network listening port: 30388
- Network ID: 88
- Chain ID: 8 (EIP 155 Replay Attack Protection compliant)
- Reduced rewards for included Uncle blocks
- Forked from the latest Geth 1.5 containing all the latest EIPs
Who’s Behind Ubiq?
Ubiq was created by Julian Yap, Luke Williams, and Kris Hansen. Julian is experienced in blockchain technology and contributed to major industry projects like Bittrex (over 100 coin code reviews), Blocktech, and Decred.
Luke is well-known within the blockchain community for creating things like Iquidus Explorer, a blockchain search tool used by a number of ledgers in the industry. Kris, on the other hand, is an established developer across many generations of internet technology.
The developers released the Ubiq platform in January 2017. Prior to January, the company’s platform was built on the Jumbucks blockchain. In January, they switched to the new Ethereum-based Ubiq blockchain.
You can view Ubiq’s original announcement available on the Bitcoin Talk forums.
Ubiq’s platform offers several innovations over the Ethereum blockchain and other Ethereum forks. The UBQ currency has gained a lot of ground over the past few months, and it’s looking like it will stick around. Stay tuned for more information about Ubiq as the platform continues to roll out.