Ubiq: technology review, wallet for UBQ

Ubiq (UBQ) coin is a digital asset based on the Ethereum source code. The project was launched on January 28, 2018, after 6 months of work in a test format. Unlike the “ancestor”, the Ubiq crypto coin is equipped with a more flexible and reliable scrypt. The developers have given priority to the stable operation of the system, which is necessary for corporate applications that are subject to constant technological failures. Companies operating on Ubiq smart contracts now do not have to worry about secure operation after new updates come into force.

Features of cryptocurrency

Initially, the developers did not pursue the goal of creating large-scale hype around the project. The launch took place without an initial coin offering (ICO), UBQ (an outdated JBS token) immediately began to be traded on crypto exchanges. Ubiq is the second generation of digital assets that incorporate the basic functionality of ETH with some modifications. The project is positioned as a blockchain-based supermachine capable of solving thousands of current problems.

Users have the opportunity to create decentralized applications and smart contracts that work autonomously without intermediary services. Unlike other Ethereum hard forks, where the networks are unstable and “practice” regular updates, the Ubiq platform is particularly reliable and stable. The internal environment is protected from hard forks and offers ideal conditions for office work, entrepreneurship and business.

Features of the UBQ internal coin :

1. Mining on GPU video cards thanks to the PoW protocol. The size of the DAG file increases more slowly; the block creation time is 1 minute 28 seconds. Cards with 2 GB RAM allow you to mine Ubiq crypto for 6 years.
2. The amount of reward for creating a chain block is 8 UBQ. Every year the indicator decreases by 1 unit (in 2020 it was 7 UBQ). In 2024, the reward will be permanently set at 1 UBQ.
3. Using the innovative Flux complexity algorithm, which can quickly adapt to the hashrate and repel possible hacker attacks. The mechanism will start after the 8000th block has been mined.
4. Implementation of ESS technology for mining pools and exchanges to monitor network conditions. The development reduces the likelihood of double spending.

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Taking into account mining, the resulting annual inflation rate should be 3%. The block residence time is not subject to jumps (constant value), the mining protocol has been improved. The measures taken determine the stability of future payments and the system as a whole.

Ubiq

Ubiq (UBQ) is a decentralized platform that makes it possible to create and implement smart contracts and decentralized applications. The Ubiq blockchain, based on an advanced Ethereum codebase, acts as a large, globally distributed ledger and supercomputer, allowing developers to create decentralized and automated solutions for thousands of tasks that are currently performed by third-party intermediaries.

Rate as of 08/14/2020

• Rate:
  0.120299 USD
• Symbol:
  UBQ
• Rating (CMC):
  668

Algorithm

By combining all your accounts, assets and application interfaces, the Fusion wallet combines all the functionality of the Ubiq blockchain into one secure and powerful interface. It provides a complete node with all the tools needed to write and implement your own smart contracts and tokens.

Ubiq is proud to be the first Ethereum fork to introduce changes at the consensus level in the form of completely new code.

Flux protection

One of the innovations of the Ubiq network is the Flux difficulty algorithm. Before Ubiq, there were other Ethereum forks that were attacked because they did not have an effective difficulty algorithm that could dynamically adjust to the hashrate.

1. The first segment represents the Digibyte Digishield algorithm, which was transferred in its original form, which did not demonstrate high results in a large hashing network.
2. The second segment represents the Digibyte Digishield algorithm with modified parameters, which was improved, but still remained insufficiently effective.
3. The third segment, from block 8000 onwards, shows the Flux Difficulty Algorithm™, in which we went back to basics and developed a new solution.

The new codebase makes it possible to recalculate the difficulty using the Flux difficulty algorithm for each block so that the time to create a block averages 88 seconds over time. The algorithm reacts to changes in the hashrate of each block by analyzing the timestamps of the previous two hours or blocks.

An optional flag for services such as exchanges and pools is now to add an exponentially subjective calculation to calculate under any adverse network conditions, including forks. Such protection exponentially reduces the window in which double spending can occur, while ensuring a smooth process for nodes on the longest chain to reach consensus.

In accordance with the currency policy we have developed, the reward per block is 8 UBQ and will decrease by 1 UBQ per year until it reaches a minimum of 1 UBQ per block.

We planned to program Ubiq with the option to use Proof of Work indefinitely if this algorithm proved to be viable in the long term. There are many aspects regarding viability that we will consider, including the overall health of the PoW network and coin distribution, but ultimately we see a future where Ubiq can operate the PoW network in perpetuity. We intend to operate the Proof of Work network with Ubiq for a minimum of 1 year before considering and evaluating the transition to a Proof of Stake scheme.

Technical details

• Algorithm: Dagger Hashimoto
• Block reward: 8 UBQ, decreases by 1 UBQ annually until it reaches 1 UBQ per block
• Block time: 88 seconds
• HTTP RPC server port: 8588
• Server Websocket RPC port: 8589
• Port for incoming network connections: 30388
• Network ID: 88
• Blockchain ID: 8 (Compliant with EIP 155 replay attack protection)
• Reduced reward for enabled unlock blocks
• Fork from the latest Geth 1.5 containing all the latest EIPs
• Removed code references to the DAO fork

Purchase and storage

You can only purchase UBQ coins with Bitcoin on 4 trading platforms: Bittrex, LiteBit.eu, Upbit and Cryptopia. Ubiq cannot be purchased for ETH, although the coins are essentially Ether. About 90% of trading transactions are carried out on the Bittrex crypto exchange, and only 10% are made by other trading services. Token storage is provided on its own digital version of the Pyris crypto wallet, the functionality of which is similar to the MyEtherWallet Ethereum wallet.

Don't forget about the Ledger Nano S hardware wallet, which provides secure storage for UBQ digital coins.

Characteristic

Ubiq is a relatively new decentralized platform that allows you to create and implement smart contracts and decentralized applications mainly tailored for business. Ubiq's blockchain is based on an improved Ethereum codebase, which is essentially a large, globally distributed ledger and supercomputer, allowing developers to create decentralized and automated solutions for thousands of problems.

The features of this cryptocurrency are:

• Algorithm used: Dagger Hashimoto;
• Block reward: 8 reduced by 1 annually to 1 UBQ per block;
• You can use any available Ethereum mining software.

Forecasts and prospects

Analysts are divided on the future prospects for Ubiq (UBQ). Supporters of the project highlight positive features: the absence of an ICO, work carried out with limited funding, low network congestion, which offers a breeding ground for profitable mining. In terms of investment, the project benefits from a strong team of creators, successful testing, detailed analysis and improvement of blockchain technologies. Ubiq has every chance of stable growth. The project organizers actively popularize the coin and often hold meetings with the crypto community.

When assessing the potential of the Ubiq site, some analysts express doubts about the positive forecasts. Although the project is called a clone of Ethereum, the system will not be able to become a full-fledged replacement for a successfully functioning “progenitor” due to the lack of real technologies and innovations. However, in the context of offloading the Ethereum blockchain, the project is worthy of consideration.

Long-term and short-term investments are associated with certain risks, so successful development of the project is possible, according to experts, only if real innovation is introduced that will increase the status and competitiveness of the platform. It is recommended to follow news related to the development of Ubiq and the execution of partnership agreements that can have a positive impact on the increase in the value of the crypt and the expansion of the platform.

Ubiq: cryptocurrency to ruble rates

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