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 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.
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 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 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/
- Using the "Ubiq (UBQ) address claim form" 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/
- 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!
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 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 to be a part of a growing community of over 640 crypto enthusiasts and Jumbucks fans!
Follow @getjumbucks on Twitter for all the latest news and announcements!
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