Ubiq Quarterly Report May 10th, 2017
It’s been an exciting 3 months for our community, as the development team pushed forward numerous projects for the Ubiq platform, was an invited speaker at several notable fintech events, and used these speaking engagements to foster several promising collaborations. This quarterly report aims to summarise the most important and relevant developments surrounding Ubiq. Already there are a growing number of projects utilising the Ubiq blockchain as their platform of choice, but below are several projects that Ubiq Technologies Inc. is working with directly in a development or official advisory capacity.
January 28th marks the inception of the new network and transfer of value to Ubiq from the beta project Jumbucks. The original distribution was claimed by their owners and the tokens on Bittrex.com were automatically swapped with the old coins being burned as recorded in the transparency report.
During the first weeks of Ubiq’s network there were over 120gh/s of miners performing work on the network, this is a significant milestone as the ethereum network launched with a similar hashrate before their own trading began. We’ve seen pools and solo miners test the accuracy of our Flux difficulty algorithm recently with great fluctuations of price and hashrate, and we are happy to announce that Flux is working exactly as anticipated. The network hashpower is nicely distributed (though there’s always room for improvement, remember to spread your hash!), and we have been floored by the outpouring of support from our fantastic community, and the greater cryptocurrency community as a whole.
Approximately one month after Ubiq’s launch, the team at KryptoTech.io migrated their customers and services from an existing scrypt-based blockchain, Sarcoin, to a feature rich ERC20 token on the Ubiq EVM based blockchain.
The daily payouts to more than 7000 unique fully KYC’d international users will generate significant network usage and UBQ gas payments to our miners. We look forward to the products and resources that now can be shared between the communities, such as their initiative to establish token backed prepaid debit cards. This successful collaboration between the KryptoTech and Ubiq developers set a promising precedent for any future cryptocurrency projects that want to upgrade their projects by swapping to a token on the Ubiq platform. In fact, we are already advising several additional projects who are working to accomplish precisely this. Each additional token added to the Ubiq platform expands the reach, implementation, and security of our network, while rewarding the Ubiq mining community with additional gas generated by the increased transactions.
The puzzle provided by @coin_artist was recently solved this weekend and serves as a reminder of our community’s ability to communicate, cooperate, and collaborate. Before the network even launched the community fundraised enough bitcoin to fund the puzzle with a valuable prize of a GPU capable of mining UBQ. All the additional components required to build a complete mining rig were generously donated by the team at GPUsource.com. Moving the LOOT token to an account owned by the puzzle solver was all that was required to reap the reward of a GPU and loaded motherboard!
Congrats to one of our active community members Wolf and his partner on their cracking of the hidden private key, a link to the full details of the now solved puzzle can be found here.
We felt fortunate for the opportunity to speak at the AI Toronto conference with several prominent companies and senior banking employees present to learn about the future of technology. Ubiq Community Manager, Alex Sterk, succinctly explained the relationships between machine learning, smart contracts and blockchains. One of his main points addressed how the shared GPU infrastructure and security provided from a robust blockchain with smart contract capabilities, can improve machine learning and AI systems. You can view the full presentation here on the Ubiq Videos YouTube channel.
AI Toronto was only one of several conferences Ubiq Technologies Inc. will be attending this year, as Ubiq core developer, Luke Williams, was a panelist and presenter at two banking and fintech conferences in Nigeria this past week. There were important connections made with the Nigerian government and existing financial institutions, which we look forward to cultivating into future on-chain projects for the Ubiq platform. Most Recently part of the team attended FinTech2017 in Vancouver, and gave a presentation on using smart contracts to transparently track the trillion dollar industry of government infrastructure projects.
Ubiq was recently picked as the platform of choice for a third-party cryptocurrency crowdfunded project, opening for contributions on May 1st, on Bittrex.com. At the the time of writing, it has raised over 400 BTC and 1,000,000 UBQ. The collaboration with APX Ventures is very important in growing our community, establishing value and contributing resources to fund further Ubiq development. This will be accomplished with a first in the cryptocurrency space, the Network Development Fund, through which the APX team have committed a percentage of profits their project generates towards funding developments to improve the Ubiq platform. The goal is for this to be a community-voted fund, to be used for a multitude of development bounties, services, and resources to support the Ubiq platform.
The goal of APX Ventures is to deploy a cryptocurrency industry ratings platform, facilitate affordable mining, and manage a balanced portfolio of crypto’assets. These features will improve Ubiq, the cryptocurrency industry, and blockchain technology as a whole.
With their patented design for secure contract interaction, Digital Payments Partners is currently conducting trials of its secure access device on the Ubiq blockchain. The system uses data points collected through NFC, RFID and 13 data points from a user’s fingerprint to assemble and broadcast a unique transaction. This TX is verifiable on the Ubiq blockchain, which is acting as a public, immutable and trustless 3rd party notary for system authentication and secure interaction.
One of the most novel, cost effective, and simple use cases that we are happy to host on the Ubiq blockchain, the technology is patented and will be licensed to key enterprise and finance partners.
We are closely monitoring and currently testing concepts for governance of the platform, though are grateful for our supportive slack community of almost 1500 cryptocurrency developers, investors, and enthusiasts. On-chain governance is important to the future of any decentralized open-source project, and we are optimistic by the strength and involvement already shown by our large community. Our first community vote is a main priority for the coming months as projects like APX generate revenue and fund the community organization along with other incomes. There are current proposals being vetted as well like funding the development of a decentralized exchange, service integrations like Trezor and funding for further prototyping/testing. New input and ideas are always welcome and discussed daily within the already active slack.