Startups

Ubiq: Providing Smart Contracts for an Automated World

While navigating through the sometimes-confusing world of cryptocurrency, it can be often a difficult task to figure out the true nuanced differences between coins in the cryptoverse. However, when it comes to Ubiq, the explanation is rather very simple. It is a coin based off the Ethereum blockchain but with more enterprise apps. Basically, it is the Ethereum coin, but with only the most stable and secure elements of the blockchain.

Ubiq originally got its inception in September of 2014. This project went under the rebranding process later the same year in October. It was rebranded as Jumbucks. On 28 January 2017, the company halted its Jumbucks project and the project was ported to Ethereum-based Ubiq blockchain.

Ubiq is a decentralized blockchain platform, which was built as a hard fork of the Ethereum project. This platform facilitates the development and deployment of smart contracts and decentralized apps (dApps).

The Ubiq blockchain performs as a host for Ethereum virtual machines with a decentralized distributed ledger that gives developers the opportunity to create automated smart contracts, which carry out various tasks that are usually left upon third parties.

The Ubiq Token

Creating a stable price and healthy distribution with no ICO or pre-mine can be a challenging prospect for a new launch.

The native cryptocurrency of the platform is the UBQ token, which serves as the fundamental fuel of the entire Ubiq network.  Similar to Bitcoin, Ubiq controls the inflation rate of UBQ with an established monetary policy.

Ubiq Technology

Similarity to Ethereum blockchain

Ubiq is somewhat like the Ethereum blockchain and shares similar functionality to it despite being modified to the consensus level. It’s similar in the sense that it facilitates the creation and execution of smart contracts in the same way the Ethereum blockchain does. Also, Ubiq uses the Proof-of-Work (PoW) algorithm along with the Dagger Hashimoto algorithm for generating the blocks, which is the same mechanism used by Ethereum.

The Flux Difficulty Algorithm

This particular algorithm was developed by the Ubiq Network in order to provide a solution for the problems found in previous Ethereum-based platforms. One of the problems was the lack of an efficient difficulty adjustment algorithm to adjust the hash rate dynamically. The particular modifications in the Ubiq code allow the Flux Difficulty Algorithm to achieve an average of 88 seconds block-time; it achieves this by analyzing the changes in the hash rate timestamps over the past two hours.

Uncle Blocks

So there is this concept in the blockchain world, when sometimes two miners discover a block at the same time before they can find out about each other, the miner who finished first is clearly the winner. However, the block the second miner created is called an uncle block and it’s technically valid, that is, at least on most blockchains, it gets orphaned because it wasn’t first. The Ubiq platform implements an incentive for miners to incorporate valid uncle transactions into the new block. And thus a mine that incorporates an orphaned uncle block receives the 1/32 of the current block reward.

The Ubiq Team

Recently incorporated, Ubiq Technologies Inc. was founded with 5 members that have been involved with the cryptocurrency space for several years. The development team has worked as contractors or advisors with a number of different blockchains, built blockchain-backed services, and created integrations with existing financial platforms.

Ubiq's team
Source: https://ubiqsmart.com/
Ubiq's team
Source: https://ubiqsmart.com/

For getting more information regarding the platform, follow Ubiq on their blog here.

Edited on 10/19/2018 4.46 PM PKT for fact correction.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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