In a crypto market where the hype is majorly dominated by currencies like Ethereum offering brand new platforms and faster development for enterprises, consumers have often been ignorant towards the volatility that comes along with the coin and have suffered. In a world with hundreds of garbage coins that have negligible backing in terms of project ideas and applicability, we at ItsBlockchain would like to introduce you to a coin whose project shows a lot of potential for growth both in its idea and market capitalization.
Ubiq, much like Ethereum is a fork of its main blockchain. Though it is nowhere as popular as Ethereum Classic – the primary fork, it probably is much more useful for it serves a steady purpose in the business world with its conservative, tried and tested approach to blockchain, smart contracts, and creation of decentralized applications. And for large companies who are looking for an “enterprise-ready” platform to build applications on, this is where Ubiq’s value really shines through.
Undervalued and Overshadowed
Ubiq can be easily described as “a blockchain platform which allows the creation and implementation of smart contracts and decentralized applications. Built upon a modified Ethereum code base, Ubiq adds consensus level changes in the form of new code. Ubiq acts as a large globally distributed ledger and supercomputer, which allows developers to create decentralized and automated solutions to thousands of tasks which today are carried out by third party intermediaries.”
In simpler words, Ubiq is a globally operating, decentralized, computer network whereby literally anyone can create applications that solve problems, perform specific functions, and so much more. Even more attractive is the fact that Ubiq can support the utilization of applications that function via smart contracts.
The difference between Ethereum and UBIQ
Sounds a lot like Etherum? Well the difference between Ubiq and Ethereum, and perhaps this is the reason that might drive Ubiq’s popularity past that of Ethereum, is that the network is stable, free of bugs, and all-around reliable. Ethereum is an innovative technology that is always changing and thus is always in an “alpha stage”. This is where the majority of the forward technology is developed. However, this makes it extremely risky for a global enterprise solution because it contains bugs and susceptibilities that cost a lot of money to fix and then update.
“As such, for large scale enterprise applications, a stable build with all working features are preferred. This is Ubiq’s value proposition, the reason it’s on the map, and the reason the community behind it consists of some of the brightest and most experienced individuals in cryptocurrency. Ubiq will only take tried and tested features from Ethereum to implement on to the Ubiq blockchain.”
Given that a person attempting to create an application will want to do so on a platform that is not subject to glitches, attacks, and/or other sudden change, it is easy to see why and how Ubiq is catching on.
The Team
The credit for Ubiqs fundamentally strong platform goes to its strong development and management team. A project is nothing without its backers and its team. And Ubiq is lucky to be led by some of the most knowledgeable minds in the crypto industry. With a diverse range of specializations and vast experience in both blockchain and traditional financial services, the Ubiq development team is committed to providing the most stable, flexible and bug-free platform available for the development of enterprise applications.
As the website states, well experienced in blockchain technology and systems engineering, Julian Yap, the head developer of Ubiq has worked with notable projects like Bittrez, Blocktech, and Decred. He has provided key principles of design, networking, and economics to the project.
Luke Williams is well known within the blockchain community for building and providing services such as Iquidus Explorer; a blockchain search tool used by a countless number of ledgers in the industry. He has been crucial in developing seamless solutions for the Ubiq platform.
An established developer for many generations of the internet technology, Kris Hansen, has contributed to the success of many financial systems used today. The value brought to the project with existing relationships and use cases provide a limitless possibility for adoption and standardization in the fintech world.
Providing many resources to the greater fintech community with his show #blocktalk, Alex Stark, is a key component to educating the public on blockchain capabilities. The passion and open mind Alex brings towards researching the newest technology and implementations drive meaningful discussions on the future of the platform.
Community engagement
And the talent these four harbor is only the tip of the iceberg. The entire team is extremely humble about their endeavors and show active passion for the fintech world. Within the last year itself, the team attended 3 fintech conferences all over the world in Toronto, Vancouver and in Lagos, Nigeria. These conferences were attended by the heavy weights in Fintech (global banks, private equity firms, venture capitalist, etc) and Government bodies.
This strong team has been successful in mobilizing a decent community outreach in a short span of time. There are just over 3000 members in the Ubiq Slack. (The Ethereum Classic Slack has closer to 5000 members)
What is also particularly different about the Ubiq development team is that the coins that they personally own had to be obtained by mining the coins themselves or by purchasing them on Bittrex. There was no premine or ICO. This sends out a very positive image of the coin showing the that the developers are just as interested in the coin, and believe in making a business grow rather than getting rich quickly.
Technical Detailing
Ubiq is proud to be the first Ethereum fork which brings about consensus level changes in the form of brand new code.
The Flux Difficulty Algorithm is one of the innovations of the Ubiq network. Prior to Ubiq, there have been other Ethereum forks which were attacked as they did not have an adequate difficulty algorithm which was able to dynamically adjust to hash rate.
The new codebase allows for difficulty retargeting every block using the Flux Difficulty Algorithm to achieve an 88 second block time average over time. The algorithm reacts to changes in hashrate each block by analyzing the timestamps of the previous 2 hours worth or blocks.
The addition of Exponentially Subjective Scoring is now an optional flag for services like exchanges and pools to calculate during any adverse network conditions including forks. This protection exponentially reduces the window a double spend can take place while also providing a seamless consensus of nodes on the “longest” chain.
With their designed Monetary Policy, block rewards will start out at 8 and decrease by 1 yearly until it reaches a minimum of 1 UBQ per block to combat inflation. This process essentially causes a negative logarithmic inflation rate year after year.
Also, besides being the only Ethereum Fork with an implemented monetary policy, Ubiq is also the only Ethereum-type cryptocurrency with assets built on top of it.
On the Ubiq network, smart contracts are executed in terms of Ubiq Coin or UBQ. With a market cap of more than $94 Million USD and more than 37 Million coins in circulation, at the time of writing, Ubiq is growing strongly. Its current price is $2.51 USD and is only expected to grow once people find its untapped potential.
Investing in UBIQ
Before investing into UBIQ you first need to download a wallet for keeping your crypto currencies safe. The Fusion Wallet is an application that brings Ubiq together under one roof. All of your assets, projects, and contracts can be neatly stored and organized here in a way that most closely aligns with your wants and needs. You can think of the Fusion Wallet like any other crypto wallet, but it is so much more than that, and a lot easier to use than most crypto wallets.
And while this does provide a great opportunity, it also poses a great risk, and which is why we always provide extensive research due diligence before suggesting you invest in any crypto asset.
The single most important factor for investing in Ubiq is the development team. This team has huge plans for this project and will continue to grow as we see more and more people and businesses coming into the crypto asset space. For this level of potential, we believe the rewards far outweigh the risks. Ubiq holds tremendous potential and investors will be able to benefit from the monetary gains in the future.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Subscribe to get notified on latest posts.
