- 1 What is a Ubiq Coin?
What is a Ubiq Coin?
Ubiq Coin is a cryptocurrenca based on Ubiq, wich is a decentralized platform that allows you to create and deploy intelligent contracts and distributed applications. We often see projects that are forks of Bitcoin, but today’s article is an exception. The cryptocurrency that we will now analyze is the fork of the second major cryptocurrency Ethereum (ETH) and bears the name Ubiq (UBQ).
Ubiq’s blockchain is based on Ethereum’s improved codebase. It is a major global blockchain for register assignments and a supercomputer at the same time. With the developers’ help, distributed and automated solutions can be created for thousands of tasks currently performed by third-party medUbiq Coin aniators.
Ubiq Coin and the Ubiq Network
The Ubiq network provides a stable blockchain base for the Ethereum virtual machine. With a few planned ETH hard forks in the future, companies will have problems with their virtual machine from Ethereum. Incessant hard forks are associated with frequent updates and the risk of instability.
The development team of Ubiq is committed to and focused on providing a stable and reliable platform for its customers. This means that you can finance and build your business without worrying about an uncertain future.
The New Ubiq Coin Cryptocurrency, an Ethereum Fork
The new Ubiq Coin cryptocurrency was launched in early 2017. If you look at the developer’s website, you will see a complex description. In plain English, it means that Ubiq is to Ethereum what Bitcoin cash is to Bitcoin. This is one of the first Ethereum forks, and more forks are planned for the future.
Let’s Get More Familiar With the Asset
The cryptocurrency uses the open-source algorithm, DigiShield for work. The reward for the calculated block is 8 coins; this number is reduced by 1 coin each year until it reaches 1 Ubiq coin per block. The creation of the block is assigned 88 seconds and the algorithmic complexity supports the interval well.
According to the developers, the old GPU devices with a storage capacity of 2 GB will be good enough for mining for a few years. The planned inflation is expected to be about 3% per year and this outlook is calculated for the next 8 years.
Regular updates are planned for the system. The goal of the developers is to provide users with a stable, reliable and high-quality digital version so that the new currency meets all expectations. A group of five key specialists who worked on the introduction of the fork organized the company Ubiq Technologies Inc. The new version is integrated into all major financial platforms.
What is the Ubiq Coin (UBQ) Cryptocurrency?
The Ubiq cryptocurrency is an internal coin of a decentralized platform that represents the diversion of Ethereum. This means that the Ubiq platform allows users to create intelligent contracts and distributed applications that are executed automatically, thereby excluding intermediaries’ participation.
You might say that there is nothing new in it, as Ethereum has handled such functions perfectly. However, it can be clearly seen that Ubiq’s blockchain code has improved. The code now serves as a “global computer” that provides certain functions.
Features of the Ubik Platform
To get new Ubiq coins, the developers chose the “proof-of-work” model, which they wanted to make permanent and would help preserve the miners’ interest in the network in the long term.
However, to take such an important step, the developers decided to work on this model for a year before evaluating it and deciding on further action. Mining the Ubiq cryptocurrency is possible with GPU processors or graphics cards.
One of the most important features of the Ubiq platform is the algorithm of complexity – Flux. It will be put into service from the third stage onward i.e. starting with the 8000th block unit. The reward for each extracted block is 8 Ubiq coins.
This number is reduced by 1 UBQ every year until the moment this reward reaches 1 UBQ per block. The unit creation speed is 88 seconds, which eliminates all possible network-related malfunctions.
The Ubiq developers have also taken inflation into account over the next 8 years. During this period, the reward for a block will reach 1 Ubiq coin, which will be at least 3% per annum.
Where Can You Buy Ubiq (UBQ)?
The Ubiq cryptocurrency is currently represented on 3 exchanges, but 96% of the transactions are on Bittrex. To save the released Ubiq tokens, the developers created their own purse called Pyrus.
The Team behinf Ubiq Coin
The Ubiq development team strives to provide the most robust, flexible and smooth platform for enterprise application development. It has a wide range of specializations and extensive experience in both blockchain and traditional financial services. This is achieved through the extensive monitoring, testing and improvements of various technologies currently available.
The recently founded Ubiq Technologies Inc. began with 5 members who have been working in the cryptographic room for several years. The development team worked as contractors or consultants with a variety of different blockchains.
Conclusion of Ubiq Coin
This is a description of the Ubiq cryptocurrency. In summary, this cryptocurrency has every chance of success based on the experience of Ubiq team developers. Incidentally, you can familiarize yourself with the team on ubiqsmart.com. Given the experience of the team, the project has a relatively good chance of success.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.