Ubiq Proposes Switch to ProgPoW To Dissuade Mining

The decentralized Ubiq platform, which focuses on creating smart contracts and DApps, is considering altering the algorithm. During a public vote that ended on June 13, 2018, most owners of this coin expressed themselves for the Programmatic Proof of Work (ProgPoW) algorithm

Generate a new block every 88 seconds

Ubiq, which works on the slightly modified blockchaine Etherea, generates a new block now every 88 seconds. Miners who draw the block are rewarded with 8 UBQs (the current value of 1 UBQ is about 1 USD). As with Bitcoine, Ubiq has also decided to apply a reduction mechanism. Each year, therefore, the reward for a block is reduced by 1 UBQ, which means that after eight years (2026) miners will be rewarded with only 1 UBQ per block.

Given the recent 51% attacks on Bitcoin Gold and Verge cryptos, the Ubiqu community has decided to fight against the potential centralization of mining power in the hands of an individual or a small group of people.

Voting for ProgPoW

Based on the above facts, Ubiqu developers have proposed a transition to the ProgPoW algorithm. The weight of the votes was based on the number of coins held at the time of block 498600 (used 13.6.2018, 16:25).

As seen from the official Ubiqu Tweety, more than 96% of voters voted to change the algorithm, with only half a percentage change and less than 4 percent of the vote. Altogether, the overwhelming majority (56%) of the coin holders took part in the election.
Given the unequivocal outcome of the vote, it is most likely going to the hard force whose time (block number) will be announced soon. Previously, of course, a test phase is under way to ensure a smooth and safe transition to the new algorithm.

conclusion

Ubiq is by far the only cryptome that has decided to improve or modify its algorithm lately. As with other platforms, the developer has forced the developer to take this step, as well as the ASIC miner, Bitmain, which focuses on extracting an ever-wider range of coins, as well as the above-mentioned susceptibility of some cryptomians working on the Proof of Work algorithm to a 51% attack.

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