After 6 months of public testing, the Ubiq network is ready for launch! We are excited to open up participation for all members in the blockchain development, mining and financial space.
January 28th 2017 will mark the inception of the new blockchain and transfer of value from the existing Jumbucks blockchain to the Ethereum based Ubiq blockchain. The new chain will bring about many new capabilities through smart contracts, giving us a far greater opportunity for lasting applications while still having the existing value and stability from an established 3 year old market.
The Ubiq development team is committed to providing the most stable, flexible and bug-free platform available for the development of enterprise level applications. This is accomplished through extensive observation, testing and improvements to the various blockchain technologies currently available.
Markets closed
On January 28th, 2017 at 12:01am PST the Jumbucks [JBS] market will be closed on exchanges.
Snapshot and Genesis Block creation
A snapshot of the Jumbucks blockchain will be taken with the balances recorded for every JBS address. The Genesis Block will be created from claimed addresses.
Wallets will be created and the code will be published to Github.
Network Launch
On January 28th, 2017 at 12pm PST the Ubiq [UBQ] network will be launched.
Post Launch
The Ubiq market will be open on exchanges the following week.
Any unclaimed Ubiq will be placed into multi-sig address. If you have already submitted via the claim form, please ensure you have all of the info required (keys and password) to import and unlock after swap. If need be, you can resubmit with the same JBS address, the latest verified submission will be used.
The old Jumbucks network will be considered developer deprecated and unsupported.
Ubiq is proud to be the first Ethereum fork which brings about consensus level changes in the form of brand new code.
We have ported Digibyte's Digishield v3 difficulty adjustment algorithm to an Ethereum code base, the same difficulty algorithm recently chosen by the Zcash development team.
The new codebase allows for difficulty retargeting every 88 second block using the Digishield algorithm. This reacts to changes in hashrate each block to increase difficulty and increase attack costs for miners.
The addition of Exponentially Subjective Scoring is now an optional flag for services like exchanges and pools to calculate during any adverse network conditions including forks. This protection exponentially reduces the window a double spend can take place while also providing seamless consensus of nodes on the “longest” chain.
With our designed Monetary Policy, block rewards will start out at 8 and decrease by 1 yearly until it reaches a minimum of 1 UBQ per block.
In Ubiq we wanted to program in the option of staying with Proof of Work indefinitely should it prove to be viable long term. There are many aspects we will consider in terms of viability such as overall health of the Proof of Work network, and coin distribution, but ultimately we foresee a future where Ubiq may run as a Proof of Work network forever. With Ubiq we plan on running a Proof of Work network for a minimum of 1 year before considering and evaluating any switch to a Proof of Stake scheme.
This monetary policy and mining block rewards scheme is illustrated in the table below.
Further details and changes:
Algorithm: Dagger Hashimoto
Block Reward: 8 decreasing by 1 yearly until 1 UBQ per block
Block Target: 88 seconds
HTTP RPC server port: 8588
Websocket RPC server port: 8589
Network listening port: 30388
Network ID: 88
Chain ID: 8 (EIP 155 Replay Attack Protection compliant)
Reduced rewards for included Uncle blocks
Forked from the latest Geth 1.5 containing all the latest EIPs
At launch you can use any available Etherereum mining software with the exception of Claymore. Claymore will be available after ~30 days once the network reaches Epoch 1 (Block 30,000).
Genoil: https://github.com/Genoil/cpp-ethereum/tree/110
Ethminer: https://github.com/ethereum/cpp-ethereum
The longer block times of Ubiq means the DAG size growth will be much slower, allowing graphics cards with 2GB RAM to mine for over 6 years. In Ethereum 2GB graphics cards were obsolete a bit over a year later after launch as seen in the chart below.
Ubiq Pool - http://ubiqpool.io
Suprnova - Coming soon!
Source Code: https://github.com/ubiq/go-ubiq (Full source code and binaries will be announced before the launch!)
The Fusion GUI Wallet will be released after launch.
Julian Yap - @jyap
Well experienced in building blockchain technology and Systems Engineering working with notable projects like Bittrex (over 100 coin code reviews), Blocktech and Decred. Julian has provided several key principles of design, networking and economics to the project.
Luke Williams - @iquidus
Joining the space in early 2012, Luke became well known within the blockchain community for building and providing resources and services. The creator of Iquidus Explorer, a blockchain search tool deployed for many ledgers in the industry. He is also the Technical Director for his company KryptoTech located in Spain.
Kris Hansen - @CoreRenewal
Along with bringing many relationships in the existing fintech space, Kris is a capable developer for a wide range of systems and languages. He is helping with several technologies and use cases for the project along with contributing to the blockchain codebase.
Alex Sterk - @block_talk
Appearing with blocktalk in early 2015, Alex has met and interviewed a host of notable people and projects in the cryptocurrency industry. Examining them across many attributes but providing meaningful education for many across the space, Alex brings his networking and management skills as our community manager.
A road map of Ubiq’s full range of plans for 2017 will be coming soon!
Early focus will be on network stability, releasing the Fusion Wallet, and KryptoTech deploying their first token.
Jumbucks is a Fair Launch cryptocurrency which launched in September 2014 without an IPO and with zero premine. Jumbucks currently runs as 100% Proof of Stake, and is currently traded on Bittrex and Cryptopia. Find out more information at Ubiqsmart.com. Jumbucks will be swapping to a new chain, Ubiq (UBQ), which will be an Ethereum fork with new features!
Sign up to Ubiq Slack to be a part of a growing community of over 740 crypto enthusiasts and Ubiq fans!
Follow @UbiqSmart on Twitter for all the latest news and announcements!