Review on Ubiq by Mohammad Shuja

UBIQ is a cryptocurrency that has been forcefully cloned from the Ethereum blockchain, and its code has been changed to achieve consensus. Its performance, on the other hand, is still quite similar to that of its parent blockchain. It works in the same manner as the Ethereum blockchain does in terms of facilitating the development and execution of smart contracts. Because the Ubiq platform generates blocks with an average block-time, it makes it possible to mine UBQ. The Dagger Hashimoto algorithm is used to generate the blocks on the Ubiq blockchain, which is based on a Proof-of-Work consensus. The Ethereum blockchain makes use of the same technique as well. In contrast, the longer block times slow the rate of development of the DAG size, allowing for the use of lower-end graphics cards to mine the cryptocurrency.



Using a decentralized distributed ledger, the Ubiq blockchain serves as a host for Ethereum virtual machines, allowing developers to construct smart contracts that automate the performance of numerous activities that are often done by third parties. The token is the native cryptocurrency of the platform, and it serves as the gas that powers the whole Ubiq network's operations.



In contrast to Bitcoin, the usefulness of Ubiq is not restricted to p2p transactions alone. It is used for the purpose of paying transaction fees on the Ubiq platform. Despite the fact that the Ubiq project is built on Ethereum, it maintains control over the consumer price index of UBQ via the implementation of a formal monetary policy. Ubiq blockchain is a platform that allows for the development of decentralized apps that are built on top of the Ubiq blockchain. Another significant distinction is the use of a proprietary Flux intensity modification mechanism, which helps to keep a consistent block time.



Before the makeover, Ubiq had been on the market for a long time and had been steady, although with minor swings, during that period. However, if we take a look at its present performance, we can see that it has a significant amount of volatility in terms of performance. Ubiq has a monetary policy in place to keep the pace of inflation of its token under control. The inflation rate is set at 7.3 percent for the first year, and it will progressively drop to 0.7 percent over an eight-year period. Ubiq is distinguished by a number of innovative and exciting features. Despite the fact that it has been operating for a longer period of time than other cryptocurrencies, it has failed to establish any major collaborations. As a result, it is not possible to forecast the future with confidence at this time.