Ubiq was designed with stability and decentralization in mind. Built on an updated Ethereum codebase, certain optimizations have been put into effect to ensure that the ecosystem stays as smooth and as predictable as possible. These optimizations include a unique PoW mining algorithm (Ubqhash), Flux difficulty adjustment, 88 second block times, and an implemented monetary policy. On top of this stable base, second-layer infrastructure determines how the project evolves going forward.
88 second blocks
The optimal blocktime is a function of balancing speed with stability. Mining blocks too quickly increases the probability of uncle blocks occurring and being rewarded, which decreases the efficiency of the whole process. After years of experience in the blockchain space, the Ubiq developers settled on 88 seconds as the optimal balance for an EVM-based chain. A recent Whiteblock study verified through extensive testing that the Ubiq chain produced 90% fewer uncles than Ethereum, rendering it more stable without significantly sacrificing transaction times. Furthermore, the longer block times also mean that DAG size growth is inhibited, allowing more distributed mining for a longer period on older hardware such as 2GB GPUs.
Monitor the current state of the network here.
Flux difficulty adjustment
A unique innovation deployed by the Ubiq chain is the Flux Difficulty Algorithm, which dynamically adjusts mining difficulty to the hashrate of the network. This allows for difficulty retargeting to occur every block, ensuring that the 88 second average blocktime remains as smooth and as predictable as possible.
In a push to assert greater independence from the Ethash mining ecosystem and to bolster ASIC resistance, Ubiq has taken the step of developing an independent Proof-of-Work algorithm called Ubqhash. This outcome was decided by means of UIP1, inaugurating the second-layer Escher governance protocol for the Ubiq network with its first vote.
Read more about Ubqhash here.
The Ubiq network was one of the first EVM chains to have an implemented monetary policy, with block rewards set at 8 UBQ to begin with and thereafter decreasing by 1 per year until reaching 1 UBQ per block. Having this reward schedule coded in from the beginning ensures a predictable rate of growth for the monetary supply, with no nasty surprises to interfere with the cost of using the network.
Read more about Ubiq’s monetary policy here.
second-layer active governance
Ubiq deploys an active second-layer governance protocol for determining the future of the project. This process is powered by the ESCH token, which is airdropped periodically to signalling wallet addresses proportional to their UBQ balances. This system enables the functioning of a direct democracy for voting on Ubiq Improvement Protocols (UIPs), decentralizing the decision-making apparatus into the hands of an online polity that takes no heed of geographical location, nationality, or identity.
Access the Escher governance interface here.