Interview with Kris Lester from Ubiq
A Decentralized, Smart-contracts Platform
Can you give us a brief introduction to the project, including what you have created, why, and how will it change the world?
Ubiq is a decentralized, smart-contracts platform. Our tagline is ‘Enterprise Stable. Transparent Governance.” These statements represent the core of what Ubiq is.
Ubiq is built upon an improved version of the ethereum Codebase, putting stability at its core.
Ubiq offers an enterprise-stable platform by implementing well established and thoroughly tested EVM code. This code, coupled with a conservative upgrade schedule, reduces the risk of network instability and unintended hard-forks.
Just as Ubiq is permissionless open-source software, Ubiq’s governance system ‘Escher’ democratizes the direction of the platform’s development by providing our users an on-chain vote.
Important proposal decisions are entrusted to the community at-large through transparent, verifiable, immutable public voting.
Currently, Ubiq is finishing development on its infrastructure, which has been the focus since the project started in early 2017. Creating tools for developers and community participants to use and transact with.
The next phase of the project will bring more activity and partnerships to the network, as Ubiq Technology Inc (the business that sits behind the open-source network) serves as a funding vehicle for the Ubiq platform and already has several consulting opportunities, business partnerships, and technologies under development.
Tell us about your accomplishments so far, and tell us what you are most proud of having accomplished in the history of the project.
In late 2017, Ubiq were nominated for Blockchain project of the year at the annual Canadian Fintech Awards in Toronto, for the category of ‘Blockchain/Digital Currency or Distributed Ledger Company of the Year’. Against some tough competition, Ubiq won this category, which is a huge accomplishment in our first year of the project.
Off the back of this award, Ubiq formed key partnerships, such as the Einstein Capital partnership mentioned later in this article.
We are also excited about the upcoming hard fork upgrade to the network mid-late November. This hard fork was an issue voted on with our governance system and gained a 95.7% consensus for support by the community. The upgrade will involve changing the hashing algorithm from Ethash to Ubqhash, which is designed to mitigate the threat of increasing 51% attacks via rental services such as NiceHash. To our knowledge, we are the first Ethash coin to fork in this manner and we are excited to make Ubiq’s mining environment unique, providing more diversity to the EVM ecosystem.
What is the single “coolest” thing about your project? It can be something you developed or something you achieved.
Our community is definitely cool. As one of the few projects that launched non-ICO, no developer pre-mine in 2017 with purely Proof-of-Work as our distribution mechanism for our tokens, this has led to a strong and vibrant community of participants and contributors whom all own a stake in the success of the platform. The core team may be the face of the project, but in our Discord server, there is always active discussion around the direction of the project, with ideas being considered and implemented if we reach consensus.
Our governance system Escher was also a key milestone in the development of the platform and gives our community a much bigger voice in the direction we take. Over a series of airdrops to UBQ token holders, active participants in the community can propose topics to vote on and become engaged in the decision-making process. ESCH has no financial value as it is not traded on an exchange and participants had to go through a process of signaling for the airdrop, meaning only active community members signaled for the airdrop. This can be seen as a barometer of how engaged the community is with the project. We were absolutely thrilled to see Airdrop #1 conclude with a very impressive 52.5% participation rate of all UBQ supply signaling for the airdrop.
Give us a quick rundown of the future of the project. What are you seeking to bring to life and what will it mean for the overall project?
We are focusing the future of the project on increasing the adoption and awareness of the Ubiq platform. As mentioned before the focus since inception has been on creating stable tools and systems to be used when interacting with the Ubiq blockchain. Moving forward the focus will be on pushing activity and development on the platform via our funding vehicle and company Ubiq Technologies Inc. There has also been a focus recently towards expanding our marketing capabilities, by bringing additional members into the team to assist with creating quality resources to increase our brand awareness and growth.
Besides this, Ubiq will also work on creating a bridge to Ethereum and other EVM projects. Ethereum is running at capacity and can benefit from additional EVM projects bridging to their network, allowing dApps and token teams to perform transactions when the network is congested and also cutting gas costs by over 99%.
Tell us about your team. Who are the people behind the screens?
This is our current team line-up.
Julian Yap — Well experienced in blockchain technology and systems engineering, working with notable projects like Bittrex (over 100 coin code reviews), Blocktech and, Decred. Julian has provided several key principles of design, networking, and economics to the project.
Luke Williams — Well known within the blockchain community for building and providing resources and services, such as Iquidus Explorer; a blockchain search tool used by a countless number of ledgers in the industry. Luke is crucial in developing seamless solutions for the Ubiq platform.
Kris Hansen — An established developer for many generations of internet technology, Kris has contributed to the success of many financial systems used today. The value brought to the project with existing relationships and use cases provide limitless possibilities for adoption and standardization in the Fintech world.
Aldo Borrero — Curious and very passionate by nature, Aldo loves Android, Node.js and everything in between related to Blockchain. His past working experiences involve working in the banking industry at ING, working with the popular website MyEtherWallet and several other big projects on the mobile side. In his spare time, he loves to contribute to Ubiq.
Alex Sterk — Providing many resources to the greater Fintech community with his show #blocktalk, Alex 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.
Kris Lester — Having worked in the tech industry for over a decade, Kris has always taken a keen interest in cutting-edge technologies. An avid believer in the need for decentralization, Kris took an immediate shine to the Ubiq project. He manages our monthly reporting, communicating updates to the community and marketing the Ubiq brand.
Which partnerships have you engaged so far, and which ones are the biggest?
Since our inception, Ubiq has been involved in several token swaps with existing teams swapping their tokens and joining the network as an ERC-20 token, GEOCoin and Qwark are good examples of this, where maintaining their own blockchains became increasingly difficult with market fluctuations, moving to Ubiq gives a level of stability and security so they can focus purely on development.
Besides this, Ubiq has formed partnerships with several businesses.
We’re extremely thrilled to announce our recent partnership with the Cryptopia Exchange in New Zealand. They are one of the most diverse cryptocurrency platforms, boasting over 500 assets, currencies and platforms. They considered this exposure to the whole of the blockchain space when choosing the Ubiq chain for hosting their enterprise products and tokens. Their exchange token ‘DOT’ and they their exchange shares ‘CEFS’ over last month along with a new token RICKS.
Soon, we will be hosting their fiat token NZDT to allow consumers to hold and transfer New Zealand dollars in much the same way as other Ubiq tokens. The swap of tokens like GEO are currently developed but are contingent on coordination with Bittrex exchange for the convenience of everyone involved, we thank them for this service as they scale for massive user growth and new regulations.
What kind of marketing do you practice to let the world know about your project, your product, and your mission? Do you attend any events or conferences?
Ubiq is a relatively new cryptocurrency, founded in January 2017 with no ICO or developer pre-mine. The initial focus has been on developing stable tools and infrastructure for the platform to function and implementing our governance system Escher, decentralizing the decision-making process to the community.
Now we have completed the main development stage for these tools, we have recently turned our focus towards marketing the Ubiq platform as the most enterprise stable smart contracts platform in the market. Our business manager Alex Sterk has been attending several conferences such as Edcon, Consensus, and Blockchain Seattle, to name a few.
Besides this, we have had several guest posts featured on www.investinblockchain.com, www.blockpublisher.com and several youtube channels featuring Ubiq, such as Michael @Boxmining and BitsBeTrippin’.
Soon we will hold a community vote using our governance system, approving a marketing budget so we can put more weight behind this effort.
What is the best article that has been written about your project so far? Throw a link below and let us know why.
This would probably be the whiteblock analysis. A report on this can be found on Invest In Blockchain (popular crypto news blog): https://www.investinblockchain.com/benchmarking-ubiq-against-ethereum/
Whiteblock performed a benchmark of Ubiq and Ethereum and made key observations about the Ubiq network performance which validated a lot of the choices we made when creating the platform. For example, Ubiq has a 90% smaller uncle rate compared with Ethereum, therefore given the same hash rate, you can consider Ubiq to be the more secure chain as there is more certainty around the next block. Also, it was found that Ubiq can process 2x more transactions than Ethereum, at a 40 million block gas limit.
Considering Ubiq is derived from the Ethereum codebase, we believe this puts our platform in a unique position within the market, as the most Enterprise Stable EVM platform available.
What is the coin metrics, and how do these specific numbers lead to a stable and balanced System?
Our monetary policy was a key area of focus when initially designing Ubiq. The founders of the project identified a need to implement a naturally deflationary monetary policy which simulates scarcity and creates intrinsic value, similar to Bitcoin, but without the constraints of a fixed supply which could threaten the stability of the network in the future.
With this in mind, Ubiq’s monetary policy was hard-coded at its nucleus, with the block reward dropping each year until it reaches 1 UBQ per block. This means that inflation is always reducing as a percentage of the total supply. By 2023 inflation will be lower than Bitcoin for a period of time, creating what we call ‘a monetary event’.
You can read the full details of this here: https://blog.ubiqsmart.com/ubiq-research-monetary-policy-2e27458983ec
Currently, Ubiq supply is 42,609,099 UBQ and the block reward is 7 UBQ per block. The next reduction to 6 UBQ per block is coded at a specific block number, approximately mid-January 2019.
If people want to follow you on your social media pages, visit your website or read your important documents like your white paper, what are the links they need to visit? Please list them below.
Our ‘Ubiq in One page’ primer can be found at https://blog.ubiqsmart.com/ubiq-in-one-page-df1672fb85dd
You can reach our main website at www.ubiqsmart.com, with our community run site at www.ubiqescher.com. Our medium blog contains most of our news released and monthly reporting which can be found at https://blog.ubiqsmart.com/.
Social media is as follows:
Community Instagram: https://www.instagram.com/ubiq_crypto/
Community Facebook: https://www.facebook.com/ubiqcryptocommunity/
Where is the best place for people to start acquiring your currency?
UBQ is supported by several exchanges, Bittrex, Upbit, Cryptopa, Einstein, Bisq and ERC20 Exchange. Bittrex/Upbit has the most volume out of these exchanges, accounting for 85% of our volume usually. You will require BTC to purchase from this exchange.
You can also acquire UBQ directly from USD via Einstein exchange.
Do you have anything to add before we finish?
Just our thanks for covering our project. If anyone has any follow-up questions, feel free to drop by the Ubiq discord, we have a thriving community there who are more than happy to answer any questions.
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