Ubiq is a blockchain platform that allows its users to develop decentralized applications (dApps). The currency that is used on this platform is named Ubiq, denoted by UBQ. But as we see today, a plethora of so many different cryptocurrencies floating around in the crypto world. So how is UBQ different? What makes it stands out? In order to get answers of such questions, BlockPublisher got in touch with Luke Williams, the Co-Founder of the platform.
Talking about the long-term vision that Ubiq is pursuing, Luke stated:
Our goal with Ubiq is to be the ‘best’ community driven smart contract platform. We have a really great community which has always been a focus, through our layer 2 governance system ‘Escher’ the community determines the direction of the platform.
Luke boasted the community-driven aspect of the platform. Ubiq gives its community the respect and the control that it deserves. Community plays a vital role in determining Ubiq’s direction moving forward with time.
Further explaining Ubiq’s currency UBQ, Luke stated:
UBQ is the native currency on the Ubiq platform, it functions much like ETH on Ethereum; Rewarding miners for securing the network, paying all transaction fees whether it be a UBQ transaction, token transfer or contract interaction (gas). One key difference is we have had a monetary policy from day 1, instead of changing rewards/inflation on the fly, the monetary policy is well known in advance, agreed upon by all (part of consensus).
As time moves forward, the crypto market is going to reach its saturation level. Once that happens, those digital currencies which provide almost similar or redundant services are most likely to wipe out. The major ones stand strong chances of surviving the tests of time as they have a large-scale public adoption. In order for others to survive, use-cases of partnerships with big industrial giants seems necessary.
As far as Ubiq is considered, it is more than just a cryptocurrency. It provides a complete and comprehensive ecosystem for decentralized application development to its users. As participation from the community is highly regarded in its ecosystem, it is one of the most interesting projects to look out for in the long run.