Ubiq describes itself as an EVM compatible Proof of Work blockchain that supports tokens, DApps, and smart contracts. According to the team, it was launched as a permissionless, non-ICO/premine network maintained voluntarily by its global community of developers and community.
Apart from being backwards compatible with the EVM ecosystem, Ubiq also features a distinct and predictable monetary policy, on-chain governance via the Escher system, and its proprietary PoW hashing algorithm called "Ubqhash" (along with its 'Flux difficulty algorithm').
UBQ is intended to be the value token of the network and acts as gas to facilitate token transfers and contract execution. Ubiq strives to maintain steady and cautious blockchain development focused toward Enterprise applications.