Ubiq

For the Philip K. Dick novel, see Ubik.

Ubiq

Ubiq
Developer(s)	Julian Yap, Luke Williams, Kris Hansen, Alex Sterk, Aldo Borrero
Initial release	28 January 2017 (2017-01-28)
Stable release	v0.8.10 (Fusion) / v1.5.12 (Gubiq)
Written in	C++, Go
Engine
Operating system	Clients available for Linux, Windows, macOS
Platform	x86, ARM
Type	Decentralized computing
License	Multiple open-source licenses
Website	ubiqsmart.com

Search Ubiq on Amazon.

Ubiq (UBQ) is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. 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

Milestones

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

Partnerships, Initiatives, and Awards

In Jan 2018, Einstein Exchange, 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. 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), culminating in a blockchain swap to the Ubiq chain during Sept 2017.

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, hardware wallet vendors including SatoshiLabs, vendor of the TREZOR ONE hardware wallet, and Ledger SAS, 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 in Rotterdam. Ubiq was awarded Canadian Blockchain Company of the Year at the Canadian Fintech & AI Awards, sponsored by the Digital Finance Institute.

Architecture

Ubiq

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

Ubiq
ISO 4217
Code	UBQ
Demographics
Date of introduction	28 January 2017 (2017-01-28)
User(s)	Worldwide
Issuance
Currency type	Cryptocurrency
Valuation
Issuance model	8 Ubiq per block (approximately every 88 seconds) in year 1, decreasing by 1 Ubiq/year until 1 Ubiq per block after year 8.

Escher

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

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.

Monetary Policy

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
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

Uncle Rewards

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

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, 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, HODLpool, MaxHash, and Ubiqpool.

File:Dag growth size UBQ vs ETH.png

Growth of DAG size of Ubiq (green) vs Ethereum (blue)

Ecosystem

Market capitalization

As of January 2018, the market capitalization of Ubiq (UBQ) was more than $180 Million USD 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.

Block Explorers

• Ubiqscan.io - powered by Spectrum
• UBIQ.cc
• Ubiq Explorer

Decentralized Applications (dApps)

• Mining and Initial Coin Offering review services: APX Ventures
• Token-based prepaid debit cards: QWARK
• Geocaching cryptocurrency: GEO
• Cryptopia exchange utility and share tokens: DOT and CEFS

Wallets

Cryptocurrency wallets that support Ubiq:

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

Hardware wallets that support Ubiq:

• Ledger Nano S and Ledger Blue (firmware 1.3.1+)
• TREZOR One (firmware 1.6.0+)

Exchanges that Trade Ubiq (UBQ)

• Bittrex
• Cryptopia
• Litebit.eu
• Upbit

External links

• Official website

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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