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Ubiq

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Ubiq
Ubiq
Ubiq
Developer(s)Julian Yap, Luke Williams, Kris Hansen, Alex Sterk, Aldo Borrero
Initial release28 January 2017; 2 years ago (2017-01-28)
Stable release
v0.8.10 (Fusion)[1] / v1.5.12 (Gubiq)[2]
Repository
Written inC++, Go
Engine
    Lua error in Module:Wd at line 1991: attempt to index local 'id' (a nil value).
Operating systemClients available for Linux, Windows, macOS
Platformx86, ARM
TypeDecentralized computing
LicenseMultiple open-source licenses
Websiteubiqsmart.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 a 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 | edit source]

Milestones[edit | edit source]

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[5]
8 Nov 2017 Ledger hardware wallet integration is completed, providing Ubiq token holders with a secure cryptographic storage option [6]
27 Nov 2017 Ubiq Technologies Inc. wins Blockchain Company of the Year at the Canadian Fintech and AI Awards in Toronto [7]

Partnerships, Initiatives, and Awards[edit | edit source]

In Jan 2018, Einstein Exchange[8], a leading Canadian digital currency exchange, announced a strategic partnership with Ubiq Technologies Inc., the corporate entity and developer of Ubiq, to provide Blockchain services to Einstein Exchange for recording its private shareholders and holders of stock options on the Ubiq blockchain[9]. In addition, the partnership will be evaluated for the potential onboarding of user accounts on the Blockchain for digital identity management and anti-money laundering compliance by Einstein Capital Partners. Previously, Cryptopia Ltd., a popular New Zealand cryptocurrency exchange, leveraged the Ubiq blockchain for representation of its utility and share tokens, DOT coin (DOT) and Cryptopia Fee Shares (CEFS)[10], culminating in a blockchain swap to the Ubiq chain during Sept 2017[11].

In addition, Ubiq Technologies Inc. has established partnerships with other independent exchanges and cryptocurrency service providers, including the integrated gateway provider CoinPayments for providing cryptocurrency merchant services[12], hardware wallet vendors including SatoshiLabs[13], vendor of the TREZOR ONE hardware wallet, and Ledger SAS[14], provider of the Ledger Nano S and Ledger Blue hardware wallets. Ubiq has also sponsored various cryptocurrency meetups for traders, developers, and entrepreneurs, including Crypto010[15][16] in Rotterdam. Ubiq was awarded Canadian Blockchain Company of the Year at the Canadian Fintech & AI Awards, sponsored by the Digital Finance Institute[7].

Architecture[edit | edit source]

Ubiq[edit | edit source]

The token of the Ubiq chain is the eponymous Ubiq (UBQ), traded on cryptocurrency exchanges[17][18]. It is used to pay for transaction fees and computational services on the Ubiq network.

Ubiq
ISO 4217
CodeUBQ[lower-alpha 1]
Demographics
Date of introduction28 January 2017; 2 years ago (2017-01-28)
User(s)Worldwide
Issuance
Currency typeCryptocurrency
Valuation
Issuance model8 Ubiq per block (approximately every 88 seconds) in year 1, decreasing by 1 Ubiq/year until 1 Ubiq per block after year 8. [3][19]
  1. Unofficial.

Escher[edit | edit source]

The Ubiq development team has announced the Escher (ESCH) token airdrop, a tool for governance and framework for active participants to gain even more utility from the Ubiq network. In practice, this works in such a way that UBQ holders must interact with the claim contract from an address by block 448,000, which is estimated to be mined April 25th.

After this block, all registered addresses with a UBQ balance will receive 12 ESCH tokens for every 1 UBQ. Only active UBQ supply will receive ESCH, UBQ on exchanges will not be credited unless they interact with the public contract. The team has also stated that they are not appealing to exchanges to participate or even list the token as trading is not the use case we envision for this system. The plan is to have 4 distributions a year, with the amount of ESCH distributed dropping each year.

Shokku[edit | edit source]

The team has also been working on and planning the core infrastructure of the platform by implementing Shokku, which is a public framework of Go-Ubiq nodes that anyone can point their Dapp to for interfacing with the chain. It is similar to the framework that Ethereum’s Infura offers. As an application developer, this is a useful service where you don’t have to run a node and handle the server costs of relaying transactions from your Dapp. This is a cost that the Ubiq development team is currently bearing with the intent to have it funded by the network development fund through official proposals. The team has remained very open in regards to allowing other members of the community to launch a competing service. They will be publishing the system to github.com/ubiq using an open source license.[20]

Monetary Policy[edit | edit source]

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[note 1]
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
  1. Block reward as of 22:56, Wednesday, June 19, 2019 (UTC)

Uncle Rewards[edit | edit source]

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 | edit source]

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. A number of cryptocurrency mining pools support the Ubiq blockchain, including Minerpool[21], HODLpool[22], MaxHash[23], and Ubiqpool[24].

File:Dag growth size UBQ vs ETH.png
Growth of DAG size of Ubiq (green) vs Ethereum (blue)

Ecosystem[edit | edit source]

Market capitalization[edit | edit source]

As of January 2018, the market capitalization of Ubiq (UBQ) was more than $180 Million USD[25] and was the 120th largest digital currency by market capitalization.

The price of the native token reached an all-time high of over $7 on 3 Jan 2018.[25]

Block Explorers[edit | edit source]

  • Ubiqscan.io - powered by Spectrum[26]
  • UBIQ.cc[27]
  • Ubiq Explorer[28]

Decentralized Applications (dApps)[edit | edit source]

Wallets[edit | edit source]

Cryptocurrency wallets that support Ubiq:

  • Pyrus[33] - Open Source Web Wallet (Forked off of MyEtherWallet)
  • Pyrus CX[34] - Chrome-based open source Web Wallet
  • Fusion Wallet[1] - Fusion Wallet (Forked off of Mist)
  • Sparrow[35] - Ubiq distributed webapps (dApps) (Forked from Metamask)
  • Go-Ubiq[2] - go-ubiq (Forked off of go-ethereum)

Hardware wallets that support Ubiq:

  • Ledger Nano S and Ledger Blue (firmware 1.3.1+)[14]
  • TREZOR One (firmware 1.6.0+)[13]

Exchanges that Trade Ubiq (UBQ)[edit | edit source]

References[edit | edit source]

  1. 1.0 1.1 1.2 "Fusion Wallet". Ubiqsmart.com. Retrieved 17 June 2017.
  2. 2.0 2.1 "Releases · ubiq/go-ubiq · GitHub". GitHub. Retrieved 17 June 2017.
  3. 3.0 3.1 3.2 "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. "Introducing Pyrus - Open-Source & Client-Side Ubiq Wallet". Medium. Retrieved 17 June 2017.
  6. "Ledger Hardware Wallet". Retrieved 5 December 2017.
  7. 7.0 7.1 "FinTech Awards - 3rd Annual Canadian FinTech & AI Awards". Canadian Fintech Awards. Retrieved 28 January 2018.
  8. "Einstein Exchange". Retrieved 28 January 2018.
  9. "Einstein Capital Partners Ltd. announces strategic Blockchain partnership with Ubiq Technologies Inc". Cision. Retrieved 28 January 2018.
  10. "Cryptopia Tokens". Ubiqsmart.com. Retrieved 10 Dec 2017.
  11. "DOT Swap Instructions". Cryptopia. Retrieved 28 January 2018.
  12. "Supported coins". CoinPayments Inc. Retrieved 28 January 2018.
  13. 13.0 13.1 "Introducing expanded cryptocurrency support in TREZOR firmware 1.6.0". Trezor Blog (Medium). Retrieved 23 December 2017.
  14. 14.0 14.1 "How to install and use Ubiq (UBQ) ?". Ledger Wallet. Retrieved 23 December 2017.
  15. "Crypto010.nl". Crypto010 - Beer and Talk Crypto. Retrieved 28 January 2018.
  16. "Crypto010 - February 2018 Edition". Crypto010 Meetup. Retrieved 28 January 2018.
  17. 17.0 17.1 "Bittrex.com - Bittrex, The Next Generation Digital Currency Exchange". Bittrex.com. Retrieved 17 June 2017.
  18. 18.0 18.1 "Cryptopia - Home". Cryptopia.com. Retrieved 17 June 2017.
  19. "#Blocktalk - Ubiq w/ Julian Yap & Luke Williams". Youtube. #Blocktalk. Retrieved 16 June 2017.
  20. "Ubiq Quarterly Report — February 2018 – The Ubiq Report". The Ubiq Report. 2018-03-01. Retrieved 2018-03-12.
  21. "Ubiq High Performance Mining Pool". Minerpool.net. Retrieved 28 January 2018.
  22. "HODLPOOL: UBIQ Mining Pool". HODLpool.com. Retrieved 28 January 2018.
  23. "MaxHash - mine Ubiq - Expanse - Musicoin". ubiqpool.maxhash.org. Retrieved 30 October 2017.
  24. "Ubiq Mining Pool". Ubiqpool.io. Retrieved 28 January 2018.
  25. 25.0 25.1 "Ubiq (UBQ) price, charts, market cap, and other metrics :: CryptoCurrency Market Capitalizations". coinmarketcap.com. Retrieved 5 December 2017.
  26. "Ubiq Explorer - Ubiqscan.io". Ubiqscan.io. Retrieved 17 June 2017.
  27. "UBIQ.CC - Block Chain Explorer". UBIQ.CC. Retrieved 17 June 2017.
  28. "UBIQ EXPLORER". UBIQEXPLORER.COM. Retrieved 5 December 2017.
  29. "APX Ventures". apxv.org. Retrieved 17 June 2017.
  30. "Qwark :: Next Generation Cryptocurrency". qwark.io. Retrieved 17 June 2017.
  31. "Support for the GeoCoin [GEO] blockchain upgrade". Bittrex. Retrieved 26 Jan 2018.
  32. "Cryptopia Tokens". Ubiqsmart.com. Retrieved 10 Dec 2017.
  33. "Pyrus - Open-Source & Client-Side Ubiq Wallet". Ubiqsmart.com. Retrieved 17 June 2017.
  34. "Pyrus CX - Chrome Web Store". Chrome Web Store. Retrieved 7 July 2017.
  35. "ubiq/sparrow-plugin: sparrow chrome extension". GitHub. Retrieved 28 January 2018.
  36. "LiteBit - buy Ubiq". LiteBit.eu. Retrieved 27 July 2017.
  37. "Upbit - buy Ubiq". upbit.com. Retrieved 5 December 2017.

External links[edit | edit source]


This article "Ubiq" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Ubiq. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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