UBIQ Cryptocurrency: Top Things Beginners Need to Know

UBIQ Cryptocurrency

Do you know that apart from being highly rewarding, cryptocurrency investment is extremely risky, too?

That’s why there is a saying which goes something like:

  • Never invest in crypto more than what you can afford to lose.

And CoinSutra also advises the same.

Along with that, we do thorough and rigorous research to bring out both the positive and negative points of a cryptocurrency in our analysis/introductory posts on them.

So far we have given detailed insights on more than 30 cryptocurrency projects since CoinSutra’s launch, and we are happy to share that all of them are doing pretty well in terms of ROI.

Some of those cryptocurrencies are:

One more currency which we believe in is Ubiq, and that’s why today’s topic of analysis is the Ubiq cryptocurrency.

In this analysis, I will cover the following salient points about UBIQ:

  1. What is Ubiq?
  2. How does it work?
  3. Ubiq team
  4. Total UBQ supply & its monetary policy
  5. Market cap of UBQ
  6. How to buy Ubiq cryptocurrency
  7. Ubiq wallets
  8. Ubiq’s future
  9. Official Ubiq resources

So let’s get started…

What Is Ubiq?

What Is Ubiq?

Ubiq is decentralized, peer-to-peer, open-source cryptocurrency, but unlike Bitcoin or DASH, which are made purely for payment purposes, Ubiq has another function.

Ubiq is also a decentralized platform for making DApps.

It was forked out of Ethereum early this year and started its operations in January 2017. And just like Ethereum has ETH tokens, Ubiq has UBQ tokens to fuel operations on its blockchain.

For starters, here is Ubiq’s introduction from their website:

Ubiq is a decentralized platform which allows the creation and implementation of smart contracts and decentralized applications. Built upon an improved Ethereum codebase, the Ubiq blockchain acts as a large globally distributed ledger and supercomputer, allowing developers to create decentralized and automated solutions to thousands of tasks which today are carried out by third-party intermediaries.

But being a fork of Ethereum doesn’t mean that it is just a replica, Ubiq is a better solution for implementing many things.

How Does It Work?

Because Ubiq forked out of Ethereum, it implements its code along with its Ethereum Virtual Machine and Turing-Completeness.

That’s why, like Ethereum, it also has its native crypto-token (i.e. UBQ).

Decentralized applications (aka DApps) and smart contracts implemented on the Ubiq blockchain get fueled from this native token which is accepted on its network as fees for transactions and computations.

To know more about DApps and smart contracts, read:

Ubiq Team

The Ubiq team is small and made up of a bunch of very talented individuals.

They are:

All of them have a diverse background and make a perfect blend of crypto, math, programming, fintech, and economics which are must need things in a crypto project.

Total UBQ Supply & Its Monetary Policy

The total UBQ supply is not capped, and at the time of this writing, its total supply is 38,606,141 UBQ, which increases every year as per the given schedule:

YearSupplyInflationInflation RateBlock Reward
036,451,770
139,318,6792,866,9097.29%8
241,827,2252,508,5456.00%7
343,977,4062,150,1824.89%6
445,769,2251,791,8183.91%5
547,202,6791,433,4553.04%4
648,277,7701,075,0912.23%3
748,994,497716,7271.46%2
849,352,861358,3640.73%1
949,711,225358,3640.72%1
1050,069,588358,3640.72%1
1150,427,952358,3640.71%1
1250,786,315358,3640.71%1

As shown in the above schedule, Ubiq started with a supply of 36,451,770 units in January 2017 and keeps increasing by 8 UBQ tokens per block.

This block reward of 8 blocks is designed to decrease by 1 UBQ per year to adjust for inflation over the period of 8 years until the block reward comes down to 1 UBQ/block. I think this is a smart monetary policy to control inflation.

Some more technical specs of UBQ tokens are as follows…

  • Algorithm: Dagger Hashimoto (Proof of Work Algorithm)
  • Block Reward: 8 decreasing by 1 yearly until 1 UBQ per block
  • Block Timing: 88 seconds

Market Cap of UBQ

Currently, this is the first year of the UBQ blockchain, so its total supply is increasing at the rate of 8 UBQ tokens per block mined.

According to CoinMarketCap, the total circulating supply of Ubiq at the time of this writing is 42,609,099 UBQ, and the current price of each unit is $0.5. This makes its market cap approximately $22 million, which I think is pretty low for such a promising project.

 

Note: Later in this article we will explore what makes UBQ promising.

How To Buy Ubiq Cryptocurrency

Ubiq had its golden bullish run this year in where it grew more than 700% to reach its all-time high of $2.18 per unit.

So if you had invested $100 at the beginning, then you could have cashed out around $800 by now, great isn’t it?

And its current market cap is pretty small which has the potential to grow to the levels of some of its competitors like Ethereum Classic ($10 at present).

If you are interested in buying this promising crypto, then you can do so from these exchanges:

Note: Buying UBQ in fiat currencies such as USD, EUR, or GBP is pretty difficult as of now.

UBIQ Wallets

Types Of WalletName Of WalletRating
PyrusWeb Wallet7/10
FusionDesktop Wallet8/10
GubiqDesktop Wallet6/10
Ledger Nano SHardware Wallet9/10
Ledger BlueHardware Wallet8/10

UBIQ wallets are specialized blockchain browsers just like in Ethereum. They let you access applications and store crypto on them.

And since UBIQ has only started early this year, there aren’t many wallet options available. But for early adopters, there are certainly enough choices.

What Makes Ubiq Promising & Different? (What’s Ubiq’s Future?)

I believe Ubiq is both a promising cryptocurrency to HODL while also being a promising platform that will have a decent user adoption.

Ubiq wasn’t pre-mined or got started with a shady ICO. The founders and its HODLers are both in the same boat; the founders and investors both want to see the project go well.

Some you might be thinking: Why do we need Ubiq when we have Ethereum, Ethereum Classic, and NEO?

The answer is that Ubiq is much more stable and bug-free than any of its peers because it doesn’t do frequent updates like the others. So in terms of enterprise adoption, this is a good thing.

Take on the other hand Ethereum and the others which have been in an alpha phase for a very long time. They have lots of bugs/scaling issues and are yet not stable for large-scale enterprise adoption.

Enterprise solutions/apps are built upon stable and secure environments; alpha phases of blockchains aren’t a smart option to go with for enterprises.

Ubiq is also a fork of Ethereum with consensus-level changes implemented in a new and improved code base. This offers much-needed security thereby making it a much better enterprise-ready solution for DApp makers and smart contract implementors.

Also, I believe that the simpler and smaller the code, the better the performance and security of the platform will be. This is a general rule of thumb in programming.

And because of all these reasons, Ubiq is a strong and competitive alternative to Ethereum and NEO because the others are still being developed, whereas Ubiq is already hosting some of its DApps.

Some of those DApps are:

Now, at last, the million dollar question:

  •  Should you invest in Ubiq?

Well, the answer lies in your objectives and risk appetite.

It is a relatively new cryptocurrency, but it does seem promising for the aforementioned reasons.

I hope this detailed analysis helps you in making a good decision. Share that decision with us in the comments below!

So that’s all from my side in this introduction of Ubiq Cryptocurrency. See you soon with another introduction to another interesting altcoin!

If you liked the post, don’t forget to share it with your friends and family on social media! 

Official Ubiq Resources:

Below are some links that will keep you updated about Ubiq:

Here are a few more hand-picked fundamental analysis of cryptocurrencies that you should read next:

5 thoughts on “UBIQ Cryptocurrency: Top Things Beginners Need to Know”

  1. Great Insights. Thanks Sudhir for sharing everything in a single post. It is really helpful for crypto enthusiasts while making their investment choices.

  2. Thanks for the info on this crypto.Have you done any research on CHAINLINK.It can be purchased on the Binance exchange and is Binance a good exchange?I registered to the exchange yesterday but have not put any funds in it yet.

  3. Hi Sudhir!
    I´m a subscriber to your newsletter and have recently made a significant (around 100€) investment in cryptocurrencies, most of this portion is invested in BTC (70%), and the rest is diversified in XRP, DASH and now thanks to you, some UBIQ as well.
    I am also planning to withdraw my BTC from the exchange (kraken) to a secure wallet after reading your advise on not to HODL it for too long on other people´s hands.
    What other cryptocurrencies would you advise investing in?
    My long term objective is to buy an electric automobile!

    Your blog is great, thanks for your dedicated output. I´m also an IT professional btw =)

    Regards!

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