Born in the aftermath of the 2009 US recession, the very first cryptocurrency, Bitcoin, didn’t only have a dream of becoming a real currency, but also wanted to provide a safer alternative to Wall Street. Originally, it was intended to function as a finance system that did not use intermediaries or compound interest. In other words, Bitcoin’s creators wanted its users to maintain control over their currency.
In time, Bitcoin gained popularity and began to whet the appetites of the investors around the world. Far from being a simple means of exchange, Bitcoin has now become a safe-haven for capital investments, which makes it susceptible to public speculation
Since the inception of Bitcoin, countless other cryptocurrencies have followed in its footsteps and have tried to overcome its shortcomings, while also bringing their own innovations to the world of digital finance.
Among all the cryptocurrencies now available, UbiquiCoin is now making its entrance on the world scene. What makes this cryptocurrency different is that it uses two separate tokens for transactions on the same blockchain. Each token is backed: one is guaranteed by financial assets and the other is backed by the almighty US dollar for a period of two years.
The first is called the Transaction Coin and the other, the Progressive Coin. The Progressive Coin aims to maintain parity with the US dollar so that one Progressive Coin has the same value as one US dollar.
In Ubiquicoin’s network, 20% of all revenue generated by the guaranteed Transaction Tokens are redistributed in the form of Progressive Tokens. The idea behind this is to offer a currency that is free from public speculation. And, this comes as a major advantage in a market that is plagued by constant volatility.
An Innovative Mining System
Another interesting facet of UbiquiCoin is its method of redistributing its earnings through proof of majority (POM). This means that all the devices that are part of the network’s mining operations must vote together to be able to create a new block.
This method of payment is completely different to the more commonly used proof of staking (POS) and proof of work (POW) methods. In the past, both POS and POW have been used by Bitcoin’s blockchain, as well as other cryptocurrencies.
This new proof of majority (POM) has a few interesting facets. The first is the speed at which transactions are validated. Steve Durbin, President and co-founder of Ubiquicoin, explains, “For ordinary Blockchain transactions, computers busy themselves with verifying complex mathematical equations that increase in difficulty. This process is known as proof of work (POW). When Bitcoin was first created, this was easily accomplished by most home computers. However, over the course of time, the Blockchain got bigger and equations became more complicated and eventually, supercomputers will be needed to validate transactions. In the end, the system falls prey to its own success. Transactions end up taking hours to complete, which makes the currency unsustainable.”
A Promising ICO Backed by Schneider Securitie
UbiquiCoin launched its ICO on January 16th and the end is scheduled for the 28th of February. The ICO plans to raise an approximately 400 million Progressive Coins (BIQP), whose value maintains parity with $1 USD. Also, UbiquiCoin is backed by Schneider Securities, who are already managing assets valued at an estimated $4,7 billion dollars.