Ubiq in one page
The Ubiq network provides a stable blockchain to host an Ethereum Virtual Machine. With several more hard forks planned for ETH’s future, businesses wanting to implement applications on an Ethereum Virtual Machine would be subject to frequent updates and the the risk of instability associated with blockchain hard forks. The Ubiq development team’s commitment and focus on providing a stable and reliable platform, allows customers in finance and enterprise the ability to build today, without worrying about an uncertain tomorrow.
Ubiq the network
After reviewing a number of diverse options, who chose to start development with the Ethereum codebase from 1.5.8, and then changed several key features such as block times and rewards. When blocks are created at 60 second or less intervals, there are often orphan blocks from miners not receiving each other’s work before solving their own. The Ethereum system of uncle blocks allows this work to still be included, but the 88 second block times chosen for Ubiq means that we do not have to rely upon this work around for regular operation, and any potential reward is actually given to the miner working off the main chain. Additionally, the newly designed Flux difficulty algorithm maintains this 88 second block time far better than the stock code, and allows the network to operate at lower and more varying hashrates. Our choices also allow older GPU hardware with only 2 GB of memory to mine for several years without issue. The Ubiq network benefits from having the standard EVM and is ready for future interoperability while still being air-gapped from the Ethereum foundation’s chain.
Ubiq the token
Creating a stable price and healthy distribution with no ICO or premine can be a challenging prospect for a new launch, as the community witnessed with the launch of the Zcash network. This problem is mitigated by generating our contract fuel UBQ by transferring the value of the established JBS market. JBS was a fair launch with no premine, instamine, or ICO and had nearly 3 years of lasting value and development, coupled with a large and diverse community of developers, traders, and enthusiasts. The inflation rate of 8 UBQ per block (7.3%) for the first year is quite manageable as the network value grows. Our monetary policy decreases this inflation to 1 UBQ per block (0.7%) over the next 8 years — this coupled with Ubiq’s system of handling uncle rewards, provides the platform with excellent inflation consistency. In light of this, Ubiq presents itself as more than just an EVM network, but also fulfills a role more akin to a currency and store of value, than that provided through alternative EVM networks.
Ubiq the business
Recently incorporated, Ubiq Technologies Inc. was founded with 5 members that have been involved with the cryptocurrency space for several years. Our development team has worked as contractors or advisors with a number of different blockchains, built blockchain backed services, and created integrations with existing financial platforms. This exposure has provided the ability to audit a vast array of unique codebases, and cements our offering as one of the most well-rounded chains available today. The business will serve as a funding vehicle for the Ubiq platform, and already has several consulting opportunities, business partnerships, and technologies under development, all of which will be used to leverage Ubiq’s functionality. Having no ICO or premine paves the way towards a bright future for the company, as we have no history of previously acquiring funding through these unconventional and unproven methods. Our team is capable, passionate, and already has a history of working unfunded to create and maintain the best blockchain product for their customers and the cryptocurrency community as a whole.
We look forward to sharing the developments we have planned for the year ahead!