Bitcoin Forum

The purpose of the Pre-Announcement thread on BitcoinTalk is give details about the Jumbucks coin swap to a new chain and upcoming network launch.

Jumbucks (http://bitcointalk.org/index.php?topic=865169) was launched in September 2014 as a Peercoin based Proof of Stake coin with Proof of Work period which ran for over 2 weeks before becoming 100% Proof of Stake.  We have initially announced our intentions to swap to an Ethereum fork around 2 months ago with the launch of our Jumbucks Ethereum Edition Testnet (https://bitcointalk.org/index.php?topic=865169.msg15766293#msg15766293).

To date, JBS is considered a fairly launched cryptocurrency platform that has never participated in offering an ICO or premine, but rather, is an open transparent platform for all to enjoy.

We are excited to announce that Jumbucks will be renamed as Ubiq (ticker UBQ), an Ethereum fork.  We humbly invite miners, investors, developers and the greater community to be involved!

Moving to an Ethereum codebase/fork has many advantages.  Myself and fellow developer Xocel (https://twitter.com/iquidus) are primarily application developers.  The applications will underpin the value of the Ubiq blockchain.  Having our own blockchain allows us to make a suite of dApps which can interact with each other.  Smart contracts don't need to be large monolithic code chunks which has led to issues such as The DAO hack.

As developers, we closely follow improvements in blockchain technology, realizing that the willingness to evolve in the face of new technology and innovation is key to maintaining relevance in the crowded space of cryptocurrencies. In keeping with this commitment to innovation, we are excited to announce a number of significant changes taking place with Ubiq, which will propel it ever closer to real-world application as a currency, and create opportunities for the development of decentralized applications.  

Ubiq has developed and actively tested several fundamental upgrades over a simple clone of the Ethereum codebase. The Ubiq chain has a more accurate difficulty targeting algorithm paired with an 88 second block time, in order to more effectively handle hash rate fluctuations.

Ubiq has additional characteristics which make it appealing to developers, miners, and traders, as we work to create a blockchain appropriate for real world usage.

Established market presence and exchange liquidity - Many new coin launches create liquidity through the gimmick of an ICO or an airdrop. Ubiq creates this benefit organically, through moving the money supply of Jumbucks to a new chain, bringing with it two years of established development, fair distribution, Bittrex listing and goodwill.

Committed Community - A network's value is inherent by the community that participates.  Ubiq has a Slack community of over 600 people, and this established community of programmers, investors and crypto-enthusiasts bring invaluable knowledge and thoughtful ambitions to the new network.


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. Incidentally, this is 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.

There will also be a reduced and dynamic change to reorganizing length. It is achieved by using deterministic Exponentially Subjective Scoring (https://bitcointalk.org/index.php?topic=865169.msg16349234#msg16349234) when comparing two chains of from a common ancestor. This protection exponentially reduces the window a double spend can take place while also providing seamless consensus of nodes on the “longest” chain. Essentially the longer the reorg, the higher penalization, and the less likely the new chain will become the main chain. It is more expensive to attack a well publicized good chain.

Further details and changes:

• Algorithm: Dagger Hashimoto
• Block Reward: 8
• Block Target: 88 seconds
• HTTP RPC server port: 8588
• Websocket RPC server port: 8589
• Network listening port: 30388
• Network ID: 88

Coins will be swapped at a 1:10 ratio to the new chain.  Right now Jumbucks has 3,618,243 JBS coins minted.  Under Ubiq the coin count will increase proportionally to 36 million. Purely on a mathematical scale, this doesn't change a thing in that you still have a same percentage ownership. What changes is perception and actual use of the coin. A higher coin count works out better for distribution as there are more "full units" to disburse. Having 36 million coins means we can use similar settings to Ethereum (with coin count of 84 million), for example using same Gas costs.

Briefly there will be 2 methods for swapping. Claiming or using an exchange which will perform a claim and adjust on-exchange balances accordingly.

The off-exchange claim process will involve and consist of:

• Generating receiving UBQ address(es) - http://ubiqsmart.com/coinswapaddress/ (http://ubiqsmart.com/coinswapaddress/)
• Using the "Ubiq (UBQ) address claim form" (http://ubiqsmart.com/coinswapclaim/) to enter JBS address(es) mapped to a receiving UBQ address(es). Please use a VPN if you would like your IP masked - http://ubiqsmart.com/coinswapclaim/ (http://ubiqsmart.com/coinswapclaim/)
• You will need to sign a message with the receiving UBQ address to prove ownership of the JBS address
• JBS address balances will be snapshot at a defined block. This prevents double claims
• UBQ address balances claimed prior to Ubiq network launch will be programmed into the Genesis Block of the Ubiq chain. Be a part of history!
• You will be able to perform a claim at a later date as well after the Ubiq network has been launched. The intention is not to screw people over with a claim process with a short time window
• At some point we intend to send any unclaimed funds to a multisig address which will require multiple party approval to process any later claims

We intend to make this claim process as fair and transparent as possible and it can therefore be audited on the blockchain.

To maintain a healthy staking network we recommend people participate in the off-exchange claim process for the bulk of their holdings.

You may want to consolidate some of your holdings to a smaller number of JBS addresses leading up to the swap.

Thank you for your participation!

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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 (https://bittrex.com/Market/Index?MarketName=BTC-JBS) and Cryptopia (https://www.cryptopia.co.nz/Exchange/?market=JBS_BTC).  Find out more information at GetJumbucks.com (http://getjumbucks.com/). Jumbucks will be swapping to a new chain, Ubiq (UBQ), which will be an Ethereum fork with new features!
 
Sign up to Jumbucks Slack (http://slack.getjumbucks.com/) to be a part of a growing community of over 640 crypto enthusiasts and Jumbucks fans!
 
Follow @getjumbucks (https://twitter.com/getjumbucks) on Twitter for all the latest news and announcements!

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Thread Translations

Russian (https://bitcointalk.org/index.php?topic=1631294)

I have been a long term holder of Jumbucks and have been watching dev updates regularly.

The decision to change to a much better code base along with this rebrand has got me really excited for the future of this coin!
Loving the logo and the headers are great.
I think the name change is a move in the right direction and look forward to seeing what features will be supported on the chain in the future.

Excited to be able to mine myself some more coins :)

I have been and will continue to be a long term believer in this coin.
Keep up the good work devs!

 ;D

Fucking amazing, this is a very substantial change to the ethereum consensus algorithm.
I wouldn't be surprised to see these changes merged back to ETH.

Really excited to discuss this sometime soon on #Blocktalk podcast

www.youtube.com/c/blocktalk

Very nice. Excited for this Ubiq launch.
Also i'll run a pool

where exchange?

Really looking forward to the UBIQ launch. I think big things are about to happen! Go Jyap go!

https://bitcointalk.org/index.php?topic=1524644.0
so... much more needs to be the same ticker?  ;D ;D ;D

waiting launch and good luck dev

Hi sir, you want a portuguese translation?

Pm me if you want this!

cya

whether here https://yobit.net/en/trade/UBIQ/BTC ?

I'll have a pool up and running for you guys for sure, when will be launched ?

looking good,launch?

This is a Pre-ANN
Coin is not active yet.

Ticker is UBQ not UBIQ

That market is for Ubiquoin. Which I assume reads as Ubi-Quoin(Coin)

JBS exchange here https://bittrex.com/Market/Index?MarketName=BTC-JBS

Nice work, devs. I've always been impressed with the stability of the Jumbucks network, and I applaud your efforts to evolve in the face of innovation. Really cool with the changes you made to ETH's codebase--I'm not the most technical guy out there, but they look like nice improvements to me. I'm building a miner (http://imgur.com/a/FOD3t) now in anticipation of the POW launch :)

Exciting times!

Cool, guys. Good luck with everything - I'll be staking my JBS in the meantime.  :)

5 gou is good enough :)

Well done!

Great to see that Ubiq will have some unique implementations that fix the issues other ETH forks recently had to deal with.

Looking good!  Best of luck with the swap.

This is some good work. Good to see some legit Crypto being built!!

My contribution to project. Add this https://bitcointalk.org/index.php?topic=1631294 russian thread to OP. Thanks!

Thank you Skyrik. Russian Translation added to OP!

This is cool to watch - a thread of known Twitter groupies, some with newbie accounts.  ;D You know the drill.  ;D ;D ;D

Was mildly interested when I saw mention of modification to the ethereum code.  Now that the thread has its first troll, I'm intrigued.

Other exchange is here if someone wanted !

https://www.cryptopia.co.nz/Exchange/?market=JBS_BTC (https://www.cryptopia.co.nz/Exchange/?market=JBS_BTC)

haha, only need 0.177btc to price 0.039btc
https://i.imgur.com/ws3MAJL.png

Wow looks like it is really showing big potential must need to watch and save some btc for my share good luck dev hope to see more success for your project.

When is the swap likely to commence? Did I miss it in the OP  ???

I do not think Julian and Luke have set a hard date yet, but from discussions at slack.getjumbucks.com, I think (don't quote me!) it'll be late October or early November.

hey scambust. thanks for following along!

hi mate do you have any bounty to begin with i think we also needed to create some noise from both twitter and fb social media community it might attract more investors and followers, just curious mate if ever you have some i would like to join and just let me know so i can make some post or re tweet good luck dev.

Nice frame setup for your miner. I've been re-tasking my miners for the upcoming zcash release. however this is perfect. Ethereum based mining works well for my older gpu's. Join this Slack. One of the rare collections of traders that actually provide useful info.

Hello dev, if you will be needing translations, pls reserve Filipino language for me. thanks

I want to switch some jbs to ubq but im making jbs just staking? what do

Whats to stop someone from just converting their stakes to UBQ if the transfer is indefinite

LOLZ, bounty hunting is the "in" thing for 2016.

Yeah see it a lot with translations and other stuff like signature campaigns.

More swap details

Hey vested.

So with the swap, you'll be able to keep staking up until the actual swap which is when the genesis block will be created containing all the claimed addresses and their respective UBQ.

The URL's are in the OP but the steps are the create UBQ address(es) and to match these to JBS addresses that you will need to prove that you own by signing a message with your private key. Pretty simple and standard.

So the swap will be a snapshot of the blockchain at block. So if the address contains 1000 JBS at block x, that will be the number of UBQ that can be claimed for that address and it will be the same for everyone.

I previously made the relevant changes so that this snapshot would work with a blockparser utility.

I pushed out some changes earlier today so it builds cleanly and works out of the box: https://github.com/jumbucks/blockparser

When will Ubiq be launched?

Hey ocminer. Yep, thanks again in advance!

So the short answer is that we are "ready to go" for launch and have extensively tested but we are delaying it for a few reasons. We will also post a new ANN thread closer to launch date.

Reasons to push it back:

The Ethereum network is experiencing some DoS attacks and they are actively improving the codebase. Their latest 2 releases are experimental/"bleeding edge". The last release was posted 3 days ago (https://github.com/ethereum/go-ethereum/releases/tag/v1.4.14) and states: "This is a Geth pre-release to counter the network DoS attacks from yesterday and those detected today. It is a prerelease (to help people get back on track fast) with further updates coming soon". We are waiting on these further updates to integrate them in.

We want to co-ordinate this with Bittrex and Bill writes "Can you make sure to send in a support ticket so we get it on our calendar. <snip> we are focused on the v2 launch so I want to make sure we got you guys scheduled"

We are considering having the code changes we have made in Ubiq reviewed by a Geth dev.

This PRE-ANN news thread will be new for a lot of people. They would need time to digest the information and speculate, buy/sell and claim their JBS addresses for the UBQ swap.

The launch will be definitely be in 2016. We are very eager to get the network up and running! :)

Hey BoscoMurray, check out the previous post I just wrote to ocminer.

Cheers

You are usin g UBIQ success to promote your coin?

How do I consolidate my JBS into one address?

I believe you can use Coin Control to send all you coins to one address.

Translations indonesia pm me sir :D

filled the coin request form at polo, I hope it helps little bit :)

I noticed that you have spoke to Vitalik B in this post https://bitcointalk.org/index.php?topic=865169.msg16349234#msg16349234 about the exponential subjective scoring.

Have you since spoke to him and told him about this fork including the change in protocol?

Both myself and Julian will be on the next blocktalk. https://twitter.com/block_talk/status/782710381269643264

Get your questions ready.

This is niceeeeee! https://www.youtube.com/watch?time_continue=6&v=KYpRDagtnss

Thanks for watching!

.. I need to work on my public speaking skills.

Lol it was ok, im sure Vitalik early hours wasn't that glorious either! He had charles to get some lights (and Stephan) :)

Yeah jyap any estimates would be greatly appreciated, i got vacations near and want to plan for this launch :)

Very nice ANN I love those graphics. Is there going to be some sort of decentralized program behind this or is it just another altcoin to trade? 

Its a coin  swap from jumbucks, which has been in active development since a few years already, dev is very dedicated and seems skilled as well.

ocminer from suprnova is gonna had the pool for it as well, pretty sure it will get listed as well on an exchange pretty fast (even if i don't really care about this point) ...

JBS is already listed on bittrex. At time of the swap, JBS in user balances will be exchanged for UBQ, and shortly after the UBQ market will open.


Focusing on one Dapp is akin to putting all of your eggs in one basket. We aim to provide a rich development environment/platform, hosting many decentralised applications.

I have been working on a new block explorer (ubiquidus explorer  8) ) for eth based chains, it is still a work in progress but here's a couple of screenshots.

https://i.imgur.com/qIgBuhU.png

https://i.imgur.com/qpFCWiq.png

good point hoping that it will really make this project even more success, good luck dev.

uuuu... very nice :)

Can't even tell you how excited I am about this. Jyap and Xocel's dedication to Jumbucks and it's current evolution has been awesome to watch.

let us wait and see what this working dev will bring us with this project, community support though will play a big para better to make things
check and updated, good luck team.

For those not in the jumbucks slack, here's a snippet from today.

Julian:
There are 2 issues and items of contention with smart contracts and the Ethereum approach of adding a Virtual Machine to the processing of Nodes.

*1) Smart contracts are too complicated and will fail with security issues*

The main case study here is The DAO contract. I would say this serves as a warning and now in retrospect serves as an example of “what not to do”. This is similar to normal code and programs that we run. Take for instance the internet and web applications/sites.

Any web site is open to hacks. The more functionality you add, the complexity you have and the increased attack surface.

Here are the counter arguments:
Smaller code is easier to audit.
We need standards and best practices for writing smart contracts.
We should not try to do too much too soon in this evolution.

The example is the code used for ERC: 20 Token Standard - https://github.com/ethereum/EIPs/issues/20

This is well documented, standardized and openly deployed smart contract code.  This is something we should not fear.

There is also this project: https://openzeppelin.org "Zeppelin is a community effort to build secure smart contracts in blockchain systems.”

*2) Adding a Virtual Machine increases the attack surface and is causing issues with nodes*

Firstly, the Virtual Machine is acknowledged as a feature and it isn’t going away. It adds more functionality to a blockchain so adding functionality will always be negatively referred to as “increasing the attack surface”.

The main mechanism for controlling the VM is gas cost. For all intents and purposes, this is similar to a transaction fee.

The theory is that CPU cycles should match closely gas cost. If a VM function is “too cheap” to run and conversely expends a lot of CPU cycles, then we have an issue. Note that this is a previously known and acknowledged issue (https://blog.ethcore.io/onwards/) that will be addressed in the protocol.

Where the shift in thinking occurs is with the question “Is this something that is inherently bad and flawed or is it something we can address?”

Myself as well as many others believe this is something which can be resolved long term

Luke(me):
this is why i plan to focus on small modules at the beginning, that alone achieve nothing for the end user, but provide a robust, well tested, and standardized framework to build more complex contracts on top of. these modules (for lack of a better name) will be much like libraries in a programming language.  an example i often refer to is a random number generator, which is hugely important for cryptographic functions, having a well tested random module, that other contracts can use, means the contract devs dont need to create their own random code, significantly lowering the chances of any issues regarding random seeds etc (bad random code can be predictable, not good). the idea behind this approach is to a) ensure more complex contracts are using standardized, and well tested code for a lot of their functions, and b) make it easier and faster to dev more complex contracts, resulting in a rich development environment.
Instead of focusing on a single complex contract/dapp, like other projects in this space, we plan to focus on the platform itself. no point building a website if the internet is flaky. build a better internet first, then worry about websites.

Good work of developers and a great future that he sees this project. Congratulations.

So, I like the 1:10 ratio swap, but 0 times 0 is still zero. Why should I invest a significant amount of Bitcoin into Jumbucks for the swap to Ubiq? Jumbucks has had 2 years to work on the project. What's been accomplished during that time? Like, what can you use Jumbucks for? And right now there are only 2 markets that carry JBS, and as of today, one of those markets had $48 in volume... Bittrex. Um, why such low volume, and why not more markets in 2 years?

What will make Ubiq unique as an Ethereum fork? There are quite a few Dapp platforms now. And why is the swap so disproportionate? If somebody came in on Bittrex right now and bought 10 BTC worth they'd get about 100,000 JBS. After the swap they'd have 1,000,000 Ubiq, or 1/36th of the total supply. 10 BTC isn't that much especially if you're a whale. Doesn't the high ratio swap make fair distribution of Ubiq more difficult? Would be very easy to control the market. Anyway, mainly just curious what the future plans are for Ubiq, especially since Jumbucks doesn't appear to have been too successful. Can we expect a roadmap for Ubiq any time soon?

During the 2 years of Jumbucks, we have built a very active community, ran a number of community events (e.g fantasy football leagues), launched a number of proof of concept services (e.g Jumbucks whois) and learnt a lot about what works, and what doesnt. The chain has been stable and the network healthy during this time, with no forks or freezes. We optimized PoS. We have continued to maintain and build the platform, without any premine, ICO, or funding of any kind.

Ubiq is unique on the core level for a number of reasons. Difficulty algorithm replaced with Digisheild V3, Difficulty bomb removed, and the first blockchain to implement Exponentially Subjective Scoring (ESS).
Other than the technical aspects, we intend to manage the project quite differently to most Dapp platforms. Instead of focusing on, and hyping a single Dapp, our focus will be on the platform itself. Providing standardized and well tested modules that can be utilized by Dapps to ease development and lower the chance of bugs in more complex Dapps. There is also a number of existing altcoins, that plan to swap to tokens on the Ubiq chain.

The 1:10 swap is somewhat related to the reason for rebranding. The 2 largest issues holding JBS back from growing further have been the low coin supply, and not being taken as a serious project upon first glimpse. The increased supply will actually result in better distribution, as there are more whole units for people to trade and spend, although divisible, psychologically people still like whole units. It wont affect market control, as the % of supply doesnt change, if you have 10% now, you will have 10% after the swap. The increased supply will also make it much easier to achieve a higher market cap.

We have intentionally kept JBS on a small number of exchanges, due to many exchanges providing a less than acceptable service (often disappearing with everyones coins or getting hacked etc), and to consolidate volume. the only two exchanges that really matter imo, are trex and polo.

Volume has been inconsistent, you just happened to check on a bad day, a few days ago there was ~100btc volume (~$60k) for example. It highly depends on whats going on, both in the jumbucks world, and other markets.

Great questions, keep them coming.

Lot's of trust in this project. Invested some in it and waiting for a swap and new features of this coin

Thank you very much for taking the time to answer all of that. I read through my post and realized that maybe I sounded like a dick, but that wasn't my intention. I've been in crypto now since February 2014, so I've seen a lot and I guess I'm just cynical now lol. You tend to get that way when you've seen scores of devs abandon their projects. Will you guys be getting a roadmap together in the next couple of months or anything?

Algorithm: Dagger Hashimoto
I've heard, this new type of algo ?

Perfectly reasonable to be skeptical, there are a lot of asshats in crypto. Julian and Luke are the real deal though, both in technical proficiency, and in their commitment to running a fair coin, and sticking with projects (I've been closely following them since launch).  If you want to dig deeper, check out the #jumbucks channel in our slack group: slack.getjumbucks.com. I'd be glad to have a conversation with you :)

All it need is whale with about couple hundreds btc :))

Finally getting the swap all set up, lol. Keep up the great work guys! Will always hold some JBS/UBQ :)

I often mistaken this to Ubiqouin which I am staking right now, I'm not aware if they are on Yobit but if they are going to be traded there,there could be a little confusion because of the symbol.

It's killing me not knowing when this is gunna happen!  :'(

Just wanted to add my 2¢ to this.

What makes Jumbucks or the dev team of Jumbucks worth investing in?  

The number of other Altcoins that have forked or are based on the Jumbucks source.  I have noticed there are a few of them out there.  Most are not easy to spot as they did not fork directly from the Jumbucks GitHub, but they are out there.

If the code of the coin is good enough to fork from, when compared to the number of choices to chose from, it does make a statement about the developers of this coin and future development to rely on for continued development.

so, re there any possible dates for the swap?

I expect to see more of this with Ubiq. Why fork a vanilla ethereum, when you could fork Ubiq with digishield v3 and Exponentially Subjective Scoring. I'm also writing a new version of Iquidus Explorer from scratch, for eth based chains, 'ubiquidus explorer', which I also expect to be used by a large number of eth based projects (much like Iquidus is for btc based chains).

Regarding estimation for swap time.. Soon™ :P Both myself and Julian have had some work related stuff take up more time recently than expected. (Julian new job, me just chaos). Although I'm taking time off to focus on Ubiq as I type this. My company is also planning to focus on Ubiq smart contracts/dapps as much as possible, so I will have a lot more time moving forward dedicated to Ubiq. The attacks on eth clients also delayed the swap.  We want to make sure everything is ready, and we wont encounter any issues early on that result in potential forks. Reliability and stability are primary focuses, no one wants to build enterprise  level dapps on a chain that forks every couple of months. Once we are confident everything is in order we will announce a solid date. 

ETA on swap?

Do you think the launch will happen rather in November or December? :)

Regarding the swap/launch of Ubiq:

Yes, we are waiting for the next hard fork of Ethereum to go through.

They recently posted some details today:
https://www.reddit.com/r/ethereum/comments/59vhws/update_on_imminent_hard_fork_10282016/

These are some pretty important changes such as preventing the chain from bloating in size from lots of empty accounts.

When will the price move up again?

I'll check with your mother tomorrow.

In the meanwhile, don't forget to redeem your latest sig campaign.

Lol. Keep up the good work Julian.

Mentioned a few days ago in Slack:

quick update on development.
 - Geth 1.5 is out with some new features. I'll look to port Ubiq to use this codebase.
 - Going to take a look at implementing some monetary policy for mining.
 - ETH hard fork is in 4.7 days. Going to observe that goes OK with no issues.
 - Schedule launch and other items.

So what did you think of the fork? What is the plan now?

Planning to release a new Testnet around < 24 hrs from now. There will be new binaries.

This is also planned to be the final Testnet release so consider it a final Beta release as well

Main changes are:

• Based on the latest geth 1.5.x
• Some minor code clean up and changes.
• Now known as gubiq (instead of gjbsee). Repo link: https://github.com/ubiq/go-ubiq/
• Live testing of monetary policy block rewards (this is opposed to Ethereum and other forks which have a fixed block reward). For now this steps down from 8 to 5 in increments of 1000 blocks. This will be modified in the main network. so in Testnet:
  
  • blocks 1-1000 = 8 UBQ
  • blocks 1001-2000 = 7 UBQ
  • blocks 2001-3000 = 6 UBQ
  • blocks 3001 onwards = 5 UBQ
• I ran some tests last night and things look good.

Some log lines:


Started porting some changes to a mining pool as well:

https://github.com/ubiq/open-ethereum-pool/commit/d38fd5adbb927551e4a1065105d7d5844d56f9fb

Final Testnet was launched the other night.

It is ready for testing: https://github.com/ubiq/go-ubiq/releases/tag/v1.5.4-BETA

Successfully transitioning from block 1000 to block 1001 with a different reward.

when launch?

Something I would like to explain a little is the changes we have made to uncle rewards, one of the many changes ubiq has made to the stock ethereum codebase.

First the math:

uncle.reward = (((uncle.number + 2) - block.number) * block.reward) / 2

Where:
uncle.number = the block number/height of the uncle block.
block.number = the block number/height of the block which has included the uncle.
block.reward = the base block reward of the block which has included the uncle.

for example, if block 986 included an uncle of block 985.
uncle.reward = (((985 + 2) - 986) * 8 ) / 2 = 4UBQ

given our monetary policy, resulting in the block reward stepping down over time. Here's another example.

uncle.reward = (((1127 + 2) - 1128) * 7) / 2 = 3.5UBQ

you may have noticed, the uncle reward equals 1/2 of the base block reward. This holds true regardless of the base block reward. As the monetary policy steps the reward down, the uncle reward will always be block.reward / 2

So. what is the rest of the formula doing? It's ensuring a reward is only given, if uncle.number == block.number - 1.

more examples:
uncle.reward = (((985 + 2) - 986) * 8 ) / 2 = 4UBQ
uncle.reward = (((984 + 2) - 986) * 8 ) / 2 = 0

As you can see, only when an uncle of the previous block, is included in the current block, is the miner of the uncle block rewarded, any uncle blocks older than the previous block, are not rewarded.

How does this differ from ethereums formula? very subtly, but with a significant impact.

ethereums stock formula: uncle.reward = (((uncle.number + 8 ) - block.number) * block.reward) / 8

examples:
uncle.reward = (((985 + 8 ) - 986) * 5) / 8 = 4.375 ETH
uncle.reward = (((984 + 8 ) - 986) * 5) / 8 = 3.75 ETH
uncle.reward = (((983 + 8 ) - 986) * 5) / 8 = 3.125 ETH
uncle.reward = (((982 + 8 ) - 986) * 5) / 8 = 2.5 ETH
uncle.reward = (((981 + 8 ) - 986) * 5) / 8 = 1.875 ETH
uncle.reward = (((980 + 8 ) - 986) * 5) / 8 = 1.25 ETH
uncle.reward = (((979 + 8 ) - 986) * 5) / 8 = 0.625 ETH
uncle.reward = (((978 + 8 ) - 986) * 5) / 8 = 0 ETH

As you can see, ethereum is rewarding uncle blocks up to 7 blocks old. Given Ubiqs increased target blocktime of 88seconds (compared to ethereums 15seconds) we feel only rewarding uncles of the previous block makes more sense.

The reward for including an uncle in your block, remains as block.reward / 32. e.g 8/32=0.25UBQ  

Edit: The approach Ubiq is taking has a couple of benefits, a) it minimizes unpredictable inflation from uncle rewards quite significantly, and b) it prevents miners from potentially being incentivized to mine uncle blocks, e.g if you mine an uncle that is 2 blocks old, you get nothing, but the miner who mined a valid (non uncle block) and includes your uncle, gets the additional reward (block.reward/32) regardless of how old your uncle block is.

Also worth noting, due to the increased target blocktime of 88 seconds, Ubiq will see a lot less uncle blocks on the network.

When pow will start ?

Main network launch and swap

Looking to set a date next month bruv.


Other updates

EIP155 (replay protection)

Yes!

Since Ubiq will run of of the forked Geth 1.5.x it features Ethereum hard fork No. 4 containing EIP155 (replay protection)! There will be no replay attacks!

Ubiq will launch with a unique ChainID of 8 to conform with EIP155 (replay protection).

Slack

The Slack sign up was taken down around Thanksgiving. Here is the New Slack sign up link. Over 700 registered! http://slack.ubiqsmart.com

Now with recaptcha and that "community guidelines" checkbox.

For those of you not in the slack (you really should join, it's one of the best slack channels in crypto), Julian and Luke said that they are finalizing the launch details, documents (new ANN, website, PR and all that) and fully expect the swap to take place/mining to begin this month.

I hope you all had a good holiday season!

I am getting very excited for UBIQ!
 ;D

Looks like more and more dead projects are swapping to eth forks, this is awesome news for dust collectors but not for ethereum itself coz scams and vaporware that are in the process of migration to eth blockchain may bring bad repo to the ecosystem of smart contracts.

Lol what a joke. Nobody is even there. Why arent u swapping to cryptonote fork. Get ur shit in order before announcing a questionable change of direction in which the progress of UBQ innovations is lying. Ah I forgot, u dont have any innovation. U have no clue how businesses are built and how theyre supposed to work for generating the most profit.

This has been under heavy testing since August.

Ubiq has one of the most active communities in crypto.

Maybe you live on another planet. There's hardly any independent ETH forks.

Great to see the progress, super excited for the impending launch :D

Who's excited? Preparing a press release and a new ANN...

Very good news, can`t wait for it..

Hi, I am kinda exited :)

I just found out about UBIQ after checking my jumbucks node after months and noticing that it ended up on a fork. Is this part of the plan or just something random on my side? Running version v1.9-13-gf01ea64.

Im at block 1259639, explorer is at 1277911 atm.

Started checking the forums and found UBIQ :D

I filled out your swap google form. I guess I can shut down my jumbucks node now? Doing a resync at the moment till I find out what is going on.

Cheers

Hasnt it been forked twice during the last week? I can see ur normally life loving facial expression twisting into a grimace of dismay.

Monetary Policy in Ubiq

One of the main defining aspects of Bitcoin is its monetary policy (also described as inflation control) and how it has programmed in block halvings roughly every 4 years.  This serves to incentivize early participation in the network and attempts to simulate scarcity and a diminishing supply.  Thus far this has worked out well for Bitcoin but there are concerns that this may not work out in future with incentivized rewards per block approaching 0.

Ethereum on the other hand was designed with different aspects in mind.  Their initial distribution was largely a premine as well as coins distributed through an ICO process.  60 million ETH went to the ICO buyers and 12 million were premined for the developers[1].  As such, the monetary policy during the Proof of Work period wasn't defined and we have the situation where a static 5 ETH is mined every 14 second block[2] (not including rewards for Uncles).  The promise here is that Ethereum would be moving to a Proof of Stake model where the coin inflation and incentive model for the network would change.

If we run some rough calculations, Block 0 generated on July 30th, 2015.  Current coin supply stands at 88,138,955.03 ETHER so roughly 16,138,955.0 ETHER has been mined via Proof of Work in the past 1.48 years.

Below is a table which outlines this relative inflation rate should Proof of Work continue forever (disregarding the switch to Proof of Stake and Difficulty Bomb which will slow block times).


Here we can see the criticisms of Ethereum where it is said to not implement a monetary policy as yearly coin supply inflation remains the same and is high.  The lack of monetary policy then also extends to Ethereum forks such as Ethereum Classic or Expanse which as of writing this have not implemented any monetary policy in code.

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, coin distribution but ultimately we foresee a future where we 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 switching to a Proof of Stake scheme.

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.

This monetary policy is illustrated in the table below.


Here we can see that in year 8 onwards, approximately 358,364 UBQ are mined per year but this gives a slow tapering effect on the yearly inflation rate from 0.73% per year.  In essence, this is similar to the long term inflation scheme of Monero[3] which provides a constant "tail emission" of 0.6 XMR per 2-minutes block (0.87% yearly inflation around May 2022) as opposed to the infinite block halvings of Bitcoin.

Finally, it should be noted that we have successfully tested out the code related to this monetary policy in our Testnet[4].  We look forward to bringing you the first Ethereum fork with an implemented monetary policy in less than 1 weeks time!


References:

1. https://www.reddit.com/r/ethereum/comments/3i845f/what_is_the_formula_of_the_total_supply_of_ether/
2. https://etherscan.io/chart/blocktime
3. https://en.wikipedia.org/wiki/Monero_(cryptocurrency)#Features
4. https://bitcointalk.org/index.php?topic=1631210.msg17124126#msg17124126

Do you have nothing better to do in life other than spreading FUD in different threads? One look at your post history and anyone can see that you are mentally unstable person with mommy issues. If you really want to find out what has been happening with UBIQ, join our slack and find out for yourself. We have more than 700 people in there already. The team has been working extremely hard to get this thing going. So, instead of talking crap from your mom's basement, get out of your little hole and do some research. If you still want to live in your little bullshit world, go spread your FUD elsewhere.

I will watch this for sure  ;D

so when is the launch.

January 28th.. New ANN thread is coming Soon™.

yes ofcourse i am also waiting for this even from so long period.

Very nice dev, I like how this leaves the communities options open regarding whether or not to switch to POS down the road. Congrats on being the first Ethereum fork with an implemented monetary policy!  I'm glad to be on board and excited for the ride.

Closing this thread.

Conversation moved to:

Ubiq ANN thread

https://bitcointalk.org/index.php?topic=1763606