UBIQ Cryptocurrency – A Beginner’s Guide

Cryptocurrency or digital currency is a decentralized asset that can be used to pay anyone, at any time. It is money that hasn’t been issued by any state or government, theoretically making it safe from inflation. Cryptocurrencies depends on the users to mine and verify it. This acts as an incentive for people using the currency to ensure that it works as expected.

Bitcoin is the most famous of cryptocurrencies. It was the first one ever created, and it is based on blockchain. However since the Bitcoin’s advent there has been a flood of other cryptocurrencies. Every cryptocurrency has a unique selling proposition of it own. Some of these alternative coins or altcoins as they are called include:

  1. Ethereum
  2. Litecoin
  3. Dogecoin
  4. Monero
  5. IOTA

What is Ubiq and how does it figure in

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.

Ubiq is an open-source, public, blockchain based cryptocurrency. It is based on Ethereum Virtual Machine. It works just like any other blockchain based currency with average block time being 88 seconds. The reason it is better than Ethereum is that it uses only the tired and tested features of the Ethereum platform. The Ethereum platform is continuously being updated and modified meaning that it is not always totally safe. Ubiq circumvents this problem by using only the tested features. Ubiq can be bought on various crypto exchanges just like many other cryptocurrencies. They also have wallets to store the Ubiq coins. There is no android wallet as yet, but there are desktop, online, and offline wallets available.

Asked on September 15, 2018 in Cryptocurrency.
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