Ubiq (UBQ) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

839 Review(s)
AVG Rating: 7.4/10

The great thing about decentralized blockchain technology is that its users have freedom in ways that others don't. If you don't like the way a piece of software or computer code works on your Mac or Windows, you have limited abilities to change it to the way you want, due to copyright laws. But if you want to change something about a blockchain project and how it functions, in many cases you can simply make your own version of it.

Some users, for example, weren't happy with the way Ethereum works. Those people took things into their own hands and created Ubiq, an attempt at a more stable version of the Ethereum blockchain.

Using our guide below, you'll get acquainted with what Ubiq is and how it works. And if you're looking for more great altcoins to consider investing in, check out our list of picks for the 2018 year.

Ubiq: What It Is

Ubiq is what's known as a hard fork, a split from a blockchain's previous protocol that creates a new “branch” that's distinct from (and incompatible with) the original chain. One problem that Ethereum has is that when new versions come out, existing smart contracts or decentralized applications (dApps) can stop working properly. Ubiq is an attempt at an Ethereum blockchain that has more stable version upgrades that don't cause these problems.

It's a nonprofit project with its own token, although unlike many projects, there was no ICO.

The Hard Fork

Because Ubiq is a hard fork, its code is nearly identical to Ethereum. It's a branch off of the 1.5.8 version of Ethereum, meaning that any updates to Ethereum since 1.5.8 do not apply to Ubiq and won't be found there. They've since added their own updates, changes, and edits that make it incompatible with Ethereum.

They've also introduced their own token, the UBQ, which is used not only for fees but as a typical cryptocurrency. Smart contracts work nearly identically to Ethereum.

Because it's newer (and smaller), Ubiq's transaction fees are lower than Ethereum's, which have ballooned as the network has swelled and bloated with large numbers of transaction requests.

Stability and Predictability

Part of why Ubiq wanted to create a more stably-updating version of Ethereum is because Ethereum's current updates can cause bugs in existing dApps and contracts. Businesses will be less likely to use a network that could mess up their software with unpredictable forking and version updates.

Ubiq's updates, on the other hand, are known well in advance, prepared for, and come with little to no bugs, thanks to the fact that they rigorously debug all new additions before they implement them.

The trade-off? Ubiq is still small, and has a small team overseeing its security and development. It also doesn't have many users compared on Ethereum, a lack of hype that some companies might not be attracted to.

The Ubiq Network

The network's size has limited it somewhat. It takes about 88 seconds for a miner to create a new block in the chain, but because there are so few people using it, many of these blocks contain no transactions on them at all. On the other hand, this fast block confirmation time technically puts it ahead of other blockchains like Bitcoin.

Miner get 7 UBQ for each block created, a reward which will gradually go down as time goes on, to make the token more rare.

Since there's no limit to the amount of UBQ there is, miners will always have a reward coming to them, which mitigates the problem that some other blockchain platforms have that have a hard cap, such as relegating miners to making tokens by charging higher transaction fees for users.

A New Algorithm

Ubiq tries to keep things level by offering an algorithm that adjusts the mining difficulty depending on the number of miners. It's called the Flux Difficulty Algorithm, and it prevents the lack of (or excess) of processing power from keeping the average block creation time from straying far from the 88 second target goal.

As you can see from the below graphic, the Flux Difficulty Algorithm (the last third) evens things out way more than the previous two algorithms.

What's an Uncle Block?

In the competition to create new blocks, sometimes two different miners end up discovering blocks at nearly the same time, leaving the one who finished “first” the winner, while the other is left out. In Ubiq, the one who finishes second becomes the founder of an uncle block, which nets that miner a 50% block reward. This cannot happen again until a new block is created, preventing too many uncle blocks from being formed.

The Team Behind Ubiq

The team behind Ubiq is doing things gradually, slowly, and completely voluntarily. Without an ICO and no official budget, they're working on a true labor of love. The team started their own company, Ubiq Technologies, Inc, for future funding.

The team is led by Julian Yap, a systems engineer with experience on Bittrex, Decred, and Blocktech. The rest of the team, including Luke Williams and Kris Hansen, all have a background in development.

The UBQ Token

The UBQ started as Jumbucks (JBS), a previous token that UBQ has now taken the place of. UBQ is run in the Ethereum Virtual Machine, and had no ICO, so even the team that started the platform had to buy their own tokens, making this much more of a community-grown project than others we've seen.

If you're looking to get into other crypto tokens, you can also check out this updated list of recommended altcoins for investing in 2018.

 Buying UBQ

Right now, the best place to get UBQ is on Bittrex, where almost all UBQ trading is happening. You'll need to trade for it with Bitcoin. While you can try Cryptopia (allowing trading for Litecoin and Dogecoin), it's best to stay with Bittrex if you want to get the best prices. There's no direct way to buy UBQ qith fiat, but there are services out there where you can buy BTC and then use it to buy UBQ.

Storing UBQ

You're in luck, here: UBQ is supported on a number of different wallets. The official UBQ wallet, Pyrus, is a web-based wallet and supports the token. You can also use Fusion, a desktop wallet, or the hardware wallet Ledger Nano S. This last one is also the safest option: since it can be disconnected from the net, intruders can never get to it, and it comes with other privacy precautions as well.

Ubiq vs Ethereum

These platforms are nearly identical. Both are blockchain platforms that have their own currencies and make use of dApps and smart contracts, and both are based on Ethereum's code. Ubiq, however, is mainly focused on stability with version upgrades, in addition to development. Ethereum has some problems with stability, and it's not clear at the moment how they intend on solving those problems. Otherwise, it has a huge user base, while Ubiq's network is extremely small. Ubiq has cheaper fees, while Ethereum's are higher (but more people use it).

Ubiq vs Expanse

These platforms are both forks of Ethereum. Ubiq was forked to address version upgrade stability issues with dApps and contracts, while Expanse was founded as a more decentralized alternative to mainchain Ethereum. Both offer mining, but Expanse has a more complex system that involves voting rights for holders of their native token. Both are community-focused, and neither had an ICO, although Expanse has a built-in perpetual self-funding model that takes a cut of smart contract fees to power the platform. Expanse has partnerships, while Ubiq appears to be entirely on its own.

Ubiq vs NEO

These are both considered alternatives to Ethereum, blockchains that use dApps and smart contracts and charge fees for the use of the same. Both require “gas” to power smart contracts, and both create new blocks with a consensus model (although NEO's, the dBFT, is slightly different). Both are business-focused, but NEO has made more of an effort to make themselves marketable while Ubiq has stayed under the radar with a team of patient, dedicated volunteer developers. NEO's token is in high demand, while Ubiq's really isn't.

Frequently Asked Questions

  1. Is Ubiq “crypto”?
    Yes, in that it's a digital asset that can be exchanged for goods and services.
  2. Does Ubiq have a cryptocurrency?
    Yes, the UBQ.
  3. Is there a Ubiq wallet?
    Yes, one web-based and the other desktop-based.
  4. Do you know how to buy Ubiq?
    The best way is to buy it for Bitcoins on Bittrex.
  5. What's the price of Ubiq?
    Around $2.51, last we saw.
  6. How does Ubiq mining work?
    The Dagger Hashimoto proof-of-work algorithm.
  7. What's the conversion rate of Ubiq to USD?
    About $2.51 to 1 UBQ.
  8. How does Ubiq perform vs Ethereum?
    Check out our comparison in the section above.
  9. Where can I read Ubiq news?
    Reddit, Twitter, or crypto blogs.
  10. Is there Ubiq coin on Reddit?
    There's a community there, yes.
  11. What's the Pyrus wallet?
    One of the official UBQ wallets.
  12. Can I download the Ubiq wallet?
    Yes.
  13. Is Ubiq an exchange?
    No.
  14. Do you know how to buy Ubiq on Bittrex?
    With Bitcoins.
  15. What's the best Ubiq mining pool?
    The answer's different for everyone. You'll have to research and find the one that works best for you.

Conclusion

Blockchain technology offers endlessly-new variations of itself, and with many platforms, their dedication to open-source community-driven principles allows for people to alter things to their desires. The result? There's a blockchain for everyone, and more are coming out every day. If you're a business who wants to use blockchain but worries about Ethereum's constant updates, Ubiq might be for you. It'll be interesting to see what 2018 holds for them, and if they end up taking off, hopefully their solutions work large-scale.

Ubiq is just one cryptocurrency of many. If want to read about more great coins to consider investing in, click here for the best altcoins to invest in in 2018.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.