Ubiq

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Ubiq
Ubiq
Ubiq
Developer(s) Julian Yap, Luke Williams, Kris Hansen, Alex Sterk
Initial release 28 January 2017; 4 months ago (2017-01-28)
Stable release
v0.8.10 (Fusion)[1] / v1.5.12 (Gubiq)[2]
Development status Active
Written in C++, Go
Operating system Clients available for Linux, Windows, macOS
Platform x86, ARM
Type Decentralized computing
License Multiple open-source licenses
Website ubiqsmart.com

Ubiq (UBQ) is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality[3][4]. The Ubiq network provides a stable blockchain to host an Ethereum Virtual Machine, integrating a decentralized Turing-complete virtual machine that allows for the creation of contracts and tokens. It provides a value token called "Ubiq (UBQ)", which was generated by transferring the value of an three-year old established token, Jumbucks (JBS), onto a blockchain with Ethereum functionality. Thus, it provides EVM functionality in a blockchain segregated technologically, politically, and conceptually from Ethereum or Ethereum Classic.

History[edit]

Development Team[edit]

Ubiq is currently being developed by Julian Yap[5], a systems engineer that has previously worked on projects with Bittrex exchange, Blocktech, and Decred; Luke Williams[6][7], developer of the Iquidus Explorer[8], a widely-used blockchain search tool; Kris Hansen, an established blockchain developer[9][10], and Alex Sterk, host of #blocktalk[11] and educator of blockchain technologies[12][13].

Milestones[edit]

Release Date Historical Milestones
2 September 2014 Launch of Coinmarketscoin, an scrypt-PoW based coin
23 October 2014 Rebranding to Jumbucks, a proof-of-stake coin with new community development initiatives announced
28 January 2017 Closure of the Jumbucks (JBS) market and launch of the Ubiq blockchain
25 February 2017 Launch of QWARK, a token on the Ubiq blockchain through a 1:1 token swap with Sarcoin

Launch of the Fusion wallet[1]

1 May 2017 Crowdfund of APX, a distributed mining and ICO review platform
8 Jun 2017 Launch of Pyrus, a re-branded fork of MyEtherWallet, a client-side web wallet[14]

Architecture[edit]

Ubiq[edit]

The value token of the Ubiq chain is the eponymous Ubiq (UBQ), traded on cryptocurrency exchanges[15][16]. It is also used to pay for transaction fees and computational services on the Ubiq network.

Ubiq
ISO 4217
Code UBQ[a]
Demographics
Date of introduction 28 January 2017; 4 months ago (2017-01-28)
User(s) Worldwide
Issuance
Currency type Cryptocurrency
Valuation
Issuance model 8 Ubiq per block (approximately every 88 seconds) in year 1, decreasing by 1 Ubiq/year until 1 Ubiq per block after year 8. [3][17]
  1. ^ Unofficial.


Monetary Policy[edit]

Like bitcoin but unlike Ethereum, Ubiq establishes a monetary policy to control the inflation rate of Ubiq tokens. The inflation rate is set to 8 UBQ per block (7.3%) for the first year, with 8 UBQ rewarded per block with an average block time of 88 seconds. The monetary policy decreases this inflation to 1 UBQ per block (0.7%) over the next 8 years, providing a fixed inflation schedule while preventing a fee-only mining market from developing.

Year Supply Inflation Inflation Rate Block Reward
0 36,451,770
1 39,318,679 2,866,909 7.29% 8
2 41,827,225 2,508,545 6.00% 7
3 43,977,406 2,150,182 4.89% 6
4 45,769,225 1,791,818 3.91% 5
5 47,202,679 1,433,455 3.04% 4
6 48,277,770 1,075,091 2.23% 3
7 48,994,497 716,727 1.46% 2
8 49,352,861 358,364 0.73% 1
9 49,711,225 358,364 0.72% 1
10 50,069,588 358,364 0.72% 1
11 50,427,952 358,364 0.71% 1
12 50,786,315 358,364 0.71% 1

Uncle Rewards[edit]

Like Ethereum, Ubiq rewards miners when duplicate block solutions are found with some subtle but significant differences. The miner of an uncle block of depth 1 is rewarded 50% of the current block reward, uncle blocks of depth > 1 are not rewarded. A miner that includes an uncle block is rewarded an additional (current block reward / 32) UBQ per included uncle block. These changes minimize the unpredictable inflation introduced by uncle rewards while also acting as an incentive to miners to always mine the head of the chain.

Year Block # Uncle # Block Reward Uncle Reward
1 1000 - 8 -
1 1001 1000 8.25 4
1 1002 1000 8.25 0
2 400000 - 7 -
2 400001 400000 7.21875 3.5
2 400002 400000 7.21875 0

Mining[edit]

The Ubiq blockchain generates blocks using a proof-of-work system with a target average blocktime of 88 seconds. The algorithm used for proof-of-work, Dagger Hashimoto, is the same that is used for Ethereum and Ethereum Classic, however, the longer average block times decreases the growth size of the DAG used to represent the blockchain, enabling lower end (as of 2017) video cards with 2GB of RAM to operate on the chain for over 6 years. In addition, Ubiq integrates a new difficulty adjustment algorithm, Flux[3], in order to maintain more consistent blocktimes under conditions of variable hash rates.

Growth of DAG size of Ubiq (green) vs Ethereum (blue)

Ecosystem[edit]

Market capitalization[edit]

As of Jun 2017, the market capitalization of Ubiq (UBQ) was more than $80 Million USD[18] and was the 47th largest digital currency by market capitalization.

The price of the native token reached an all-time high of over $2.00 on 3 Jun 2017.[18]

Block Explorers[edit]

Decentralized Applications (dApps)[edit]

Wallets[edit]

  • Pyrus[23] - Open Source Web Wallet (Forked off of MyEtherWallet)
  • Fusion Wallet[1] - Fusion Wallet (Forked off of Mist)
  • Go-Ubiq[2] - go-ubiq (Forked off of go-ethereum)

Exchanges that Trade Ubiq (UBQ)[edit]

References[edit]

  1. ^ a b c "Fusion Wallet". Ubiqsmart.com. Retrieved 17 June 2017. 
  2. ^ a b "Releases · ubiq/go-ubiq · GitHub". GitHub. Retrieved 17 June 2017. 
  3. ^ a b c "Ubiq in one page - The Ubiq Report". Medium. Retrieved 17 June 2017. 
  4. ^ "Ubiq Quarterly Report May 10th, 2017 - The Ubiq Report". Medium. Retrieved 17 June 2017. 
  5. ^ "jyap808 (Julian Y)". Github. Retrieved 17 June 2017. 
  6. ^ "KryptoTech Blockchain Technologies". kryptotech.io. Retrieved 20 June 2017. 
  7. ^ "Luke Williams - Fintech & AI Nigeria". Fintech Nigeria. Retrieved 17 June 2017. 
  8. ^ "iquidus/explorer - An open source block explorer maintained by Krypto Tech". Github. Retrieved 17 June 2017. 
  9. ^ "kris-hansen (Kris Hansen)". Github. Retrieved 17 June 2017. 
  10. ^ "Portag3 Ventures". Retrieved 17 June 2017. 
  11. ^ "#Blocktalk - Youtube". Youtube. Retrieved 17 June 2017. 
  12. ^ "ALEX STERK - Co-founder of Ubiq". Fintech 2017. Retrieved 17 June 2017. 
  13. ^ "Ubiq - AI Toronto Presentation". Youtube. Retrieved 20 June 2017. 
  14. ^ "Introducing Pyrus - Open-Source & Client-Side Ubiq Wallet". Medium. Retrieved 17 June 2017. 
  15. ^ a b "Bittrex.com - Bittrex, The Next Generation Digital Currency Exchange". Bittrex.com. Retrieved 17 June 2017. 
  16. ^ a b "Cryptopia - Home". Cryptopia.com. Retrieved 17 June 2017. 
  17. ^ "#Blocktalk - Ubiq w/ Julian Yap & Luke Williams". Youtube. #Blocktalk. Retrieved 16 June 2017. 
  18. ^ a b "Ubiq (UBQ) price, charts, market cap, and other metrics :: CryptoCurrency Market Capitalizations". coinmarketcap.com. Retrieved 16 June 2017. 
  19. ^ "Ubiq Explorer - Ubiqscan.io". Ubiqscan.io. Retrieved 17 June 2017. 
  20. ^ "UBIQ.CC - Block Chain Explorer". UBIQ.CC. Retrieved 17 June 2017. 
  21. ^ "APX Ventures". apxv.org. Retrieved 17 June 2017. 
  22. ^ "Qwark :: Next Generation Cryptocurrency". qwark.io. Retrieved 17 June 2017. 
  23. ^ "Pyrus - Open-Source & Client-Side Ubiq Wallet". Ubiqsmart.com. Retrieved 17 June 2017. 

External links[edit]