What is Ubiq (UBQ)?
Future of UBQ Cryptocurrency and know how to buy UBQ

#1 - What is Ubiq (UBQ)?

Ubiq (UBQ): The basics

  1. Ubiq is decentralized blockchain platform, built as a hard fork of the Ethereum project. It facilitates the development and deployment of smart contracts and decentralized apps.
  2. The Ubiq blockchain acts as a host for Ethereum virtual machines with a decentralized distributed ledger, which allows developers to create automates smart contracts to carry out many tasks, which are generally performed by the third parties.
  3. The UBQ token is the native cryptocurrency of Ubiq platform, which is fundamentally the gas that runs the entire Ubiq network. Similar to Bitcoin, Ubiq controls the inflation rate of UBQ with an established monetary policy.

Development of Ubiq

  1. Ubiq’s parent company - UBiq Technologies Inc - was founded by a team of four developers. The team consists of Julian Yap, Luke Williams, Kris Hansen and Alex Sterk.
  2. All members of the Ubiq team have been previously involved in several notable projects. Julian, the current lead head of the Ubiq project, has worked with Bittrex, Blocktech and Decred.
  3. Ubiq began as coinmarketcoin on in September 2014, followed by the rebranding of the project as Jumbucks in October 2014.
  4. On 28 January 2017, The company halted its Jumbucks project and the project was ported to Ethereum based Ubiq blockchain. With the change in blockchain technology of the project, UBQ token also came into existence.

 

#2 - What are the benefits of Ubiq?

Ubiq Technology

  1. Ubiq is hard forked from Ethereum blockchain, and its code has been modified to the consensus level. However, its functionality is still similar to that of its parent blockchain — Ethereum. It facilitates the creation and execution of the smart contracts in the same way the Ethereum blockchain does.
  2. The Ubiq platform allows UBQ mining by generating the blocks with an average block-time of 88 seconds. Ubiq blockchain uses a Proof-of-Work consensus with the Dagger Hashimoto algorithm for generating the blocks. The same mechanism is used by the Ethereum blockchain. However, the growth of the DAG size is decreased by the longer block times, this allows lower end graphics cards to mine for more than 6 years (from 2018).

In addition to the above mentioned technologies, Ubiq deploys the Flux difficulty adjustment algorithm.

  1. The Flux difficulty algorithm was developed by the Ubiq Network, created as a solution for the problems found in previous Ethereum forks. One specific problem was the lack of as efficient difficulty adjustment algorithm to adjust the hash rate dynamically.
  2. The graph above shows the comparison of three difficulty adjustment algorithms in Ubiq network for first 10,000 blocks. The first section shows the Digibyte Digishield algorithm, which clearly gave a lot of volatility, followed by some improvements with a modified Digibyte Digishield algorithm in the second section. The last or third sections represents the Flux difficulty adjustment algorithm with a rather stable difficulty curve.
  3. The modifications in the Ubiq code allow the Flux difficulty algorithm to achieve an average of 88 seconds block-time. The algorithm achieves this by analyzing the changes in the hash rate timestamps over the past two hours.

 

#3 - How to buy & store UBQ?

How to Buy UBQ?

Users can obtain Ubiq cryptocurrency through UBQ mining, but mining may not be ideal for everyone. Of course, UBQ can be bought on a cryptocurrency exchange.

  1. Various global cryptocurrency exchanges allow UBQ trading, some popular choices are Bittrex, Cryptopia, Upbit and LiteBit.eu.
  2. Most markets have paired UBQ with BTC.
  3. The ideal way to buy UBQ is trading through CoinSwitch, the largest cryptocurrency trading platform. CoinSwitch allows users to access all leading cryptocurrency exchanges at a single place. Users can compare the rates in real-time across all exchanges and make an informed decision. It provides a seamless experience of trading more than 300 cryptocurrencies.

How to store UBQ?

Ubiq provides its official wallets to store UBQ tokens.

  1. Pyrus (official web wallet by Ubiq, which is It’s a fork of MyEtherWallet)
  2. Fusion (Official desktop wallet provided by Ubiq, which is a fork of Ethereum’s Mist wallet)
  3. Apart from official Ubiq Wallets, hardware wallet like Ledger Nano S is also a great choice for storing UBQ.

 

#4 - What is the future of Ubiq?

Trend so far

Also Read: Complete Analysis of Ubiq | Live Ubiq (UBQ) Price Charts And Predictions

  1. As of July 2018, with its market cap of over $36.8 million, Ubiq is ranked 191th on the global cryptocurrency market. Currently, there are 41,600,748 UBQ tokens in circulation.
  2. Before its rebranding, Ubiq began trading as coinmarketcoin in the cryptocurrency market on September 07, 2014 at an initial price of $0.029035. The actual UBQ came into existence in January 2017.
  3. On January 5, 2018, UBQ touched its all-time highest price point of $6.77. Since then, its price has declined to $0.888, as of July 2018.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.843641

0.859164

0.810363

0.856327

20,234

34,975,700

Mar 01, 2018

2.27

2.74

2.23

2.74

687,455

90,359,700

Dec 01, 2017

1.58

1.81

1.47

1.72

480,708

61,802,300

Aug 01, 2017

1.11

1.29

0.977206

1.27

603,538

41,549,500

Apr 01, 2017

0.152176

0.157568

0.120204

0.140169

54,831

5,570,250

Jan 28, 2017

0.284760

0.329804

0.270775

0.329779

73,235

1,038,430

 

#5 - How is Ubiq different from other cryptocurrencies?

  1. Unlike Bitcoin, Ubiq’s functionality is not limited to peer-to-peer transactions. It is used for paying transaction fees within the Ubiq platform.
  2. Although the Ubiq project is based on Ethereum, it controls the inflation rate of UBQ through a established monetary policy.
  3. Ubiq blockchain is a platform, which facilitates the creation of decentralized applications based on its blockchain.
  4. Another major difference that ubiq has - is its unique Flux difficulty adjustment algorithm, which maintains a stable block time of 88 seconds.

 

#6 - Should you invest in Ubiq?

  1. Ubiq has been in the market since 2014, and it remained stable with some fluctuations, until its rebranding. However, if we look at performance, in its current incarnation, a lot of volatility in its performance can be noticed.
  2. Ubiq features a monetary policy to control the inflation rate of its token. For first year inflation rate set to 7.3%, which will gradually decrease to 0.7% over an 8-year duration.
  3. Ubiq features some unique promising features. However, it has yet to gain some significant partnerships, despite the fact that it has been around longer than most cryptocurrencies. So any predictions cannot be made with certainty about its future yet.
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