What is Ubiq?
Ubiq is an open source, decentralized, and peer-to-peer cryptocurrency platform. Its main purpose is to allow easy creation and implementation of smart contracts and decentralized apps, dApps for short.
The first and most important aspect any potential user or investor should be aware is the fact that Ubiq is actually a hard fork of Ethereum which runs on a slightly modified version of its blockchain, alongside specific technologies such as Ethereum Virtual Machine and Turing-Completeness.
Just like Ethereum, it too has its own coin, namely the UBQ token. Both the smart contracts and the dApps on the platform are powered/fueled by this native token. With its help, users of the network can pay fees or transactions.
Up until now, Ubiq seems fairly similar to Ethereum. However, there a few differences
What makes Ubiq different from Ethereum and other projects?
For starters, it’s important to note that one of the main priorities of the project is ensuring platform stability and methodical, bug-free upgrades. One of the main reasons why the Ubiq team forked Ethereum is due to the fact that the project in question was and still is in active development. Active development at Ethereum’s scale usually means code changes and even potential bugs introduced with new versions. After all, lots of enterprise-grade businesses are reluctant to build atop an evolving platform.
A unique aspect of Ubiq is the fact that the team behind the project thoroughly research the blockchain ecosystem in order to find the most stable technologies currently available. Every new implementation is then tested, and only after it has been debugged completely, it can be added to the blockchain.
The main purpose is ensuring that enterprises that use Ubiq won’t experience problems when new upgrades enter production. In short, Ubiq is much more stable and a lot less affected by bugs than Ethereum, for instance, because it doesn’t do frequent updates. This mitigates most of the concerns companies might have about the blockchain right now.
Another reason why Ubiq is different from Ethereum and other projects is due to its consensus changes. The code base of Ubiq is somewhat improved over that of Ethereum. Not only that but the code is also simpler, ensuring increase performance and security. All these reasons make Ubiq a noteworthy competitor to massive platforms such as Ethereum and NEO.
Ubiq Token (UBQ)
The UBQ token has superseded the now-defunct Jumbucks (JBS) token. UBQ runs on the Ethereum Virtual Machine and has had no ICO or pre-mine process associated with its name. Not only did the team manage to avoid unnecessary regulatory problems usually associated with raising funds through an ICO, but it also ensured that the platform is fully community-led.
UBQ is currently ranked 231st on CoinMarketCap with a total market cap of $10,901,301 and a circulating supply of 42,609,099 UBQ. Potential investors looking to buy UBQ will have to either have BTC, DOGE, LTC, and Euro available. As one can imagine, Bitcoin is the strongest trading pair currently available. The most popular exchange that sells UBQ is Bittrex, but it can also be purchased from Upbit, Cryptopia, and LiteBit.
The basic concept behind the Ubiq is without a doubt a very interesting one, especially in the context of enterprise business. The idea of stabilizing blockchain technology for enterprise applications makes a lot of sense. However, time will tell if Ubiq will be able to evolve into a much bigger project and even match Ethereum or NEO.