Historical MP (Pre-Orion)

Ubiq Monetary Policy has changed as of block 1,791,793.

NOTE: Ubiq followed the Monetary Policy outlined in this section from the origination of the network until activation of the Orion hard fork.

Making the creation of UBQ a reliably predictable function was an important consideration when designing the emission schedule of new coins.

It is uncommon in the EVM realm to have a pre-defined, hard-coded monetary policy for miners to be able to reference when considering where to direct their hash power.

Ubiq's monetary policy began at 8 UBQ per block and was intended to decline to, and remain steady at 1 UBQ per block. Keeping a permanent block reward beyond those garnered through transactions prevents the development of a fee-only market.

You can read more about this topic in the Ubiq Research — Monetary Policy article.

The Code

You can view the below code-block in the config.go file go-ubiq repo of the Ubiq Github.

MonetaryPolicy: []UbqhashMPStep{
				UbqhashMPStep{
					Block:  big.NewInt(0),
					Reward: big.NewInt(8e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(358363),
					Reward: big.NewInt(7e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(716727),
					Reward: big.NewInt(6e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(1075090),
					Reward: big.NewInt(5e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(1433454),
					Reward: big.NewInt(4e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(1791818),
					Reward: big.NewInt(3e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(2150181),
					Reward: big.NewInt(2e+18),
				},
				UbqhashMPStep{
					Block:  big.NewInt(2508545),
					Reward: big.NewInt(1e+18),
				},

The Reward Reduction Schedule

This table illustrates how the monetary policy code results in the reward reduction timeline, and overall growth in the total supply of UBQ until the final reward reduction.

The Inflation Schedule

This table and graph illustrate the declining emission rate over time, resulting in very marginal inflation caused by the fixed number of new UBQ created annually starting at the reduction scheduled in 2024. Also shown is the inflation reduction versus Bitcoin for comparison.