[PRE-ANN][UBQ] Ubiq - Jumbucks (JBS) swap to Ethereum fork with new features

[Lore06]

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

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[jyap]

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:

Code:

AccumulateRewards block number: 995 Rewards: 8
AccumulateRewards block number: 996 Rewards: 8
AccumulateRewards block number: 997 Rewards: 8
AccumulateRewards block number: 998 Rewards: 8
AccumulateRewards block number: 999 Rewards: 8
AccumulateRewards block number: 1000 Rewards: 8
AccumulateRewards block number: 1001 Rewards: 7
AccumulateRewards block number: 1002 Rewards: 7
AccumulateRewards block number: 1003 Rewards: 7
...
AccumulateRewards block number: 1999 Rewards: 7
AccumulateRewards block number: 2000 Rewards: 7
AccumulateRewards block number: 2001 Rewards: 6
AccumulateRewards block number: 2002 Rewards: 6
AccumulateRewards block number: 2003 Rewards: 6

Started porting some changes to a mining pool as well:

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

[jyap]

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.

[benjy33]

when launch?

[xocel]

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.

[Penetrator10]

When pow will start ?

[jyap]

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.

[Sicarious]

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!

[xEleven]

I am getting very excited for UBIQ!
 

[logictense]

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.

[logictense]

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.

[jyap]

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.

[jyap]

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.

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

[kashking]

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

[jyap]

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

[wildduck]

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

[krile]

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

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

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

[logictense]

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

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

[jyap]

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

[iHaveNoClue]

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

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

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.