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Ubiq ANN thread
https://bitcointalksearch.org/topic/annubq-ubiq-smart-contracts-for-an-automated-world-1763606
Topic: [PRE-ANN][UBQ] Ubiq - Jumbucks (JBS) swap to Ethereum fork with new features (Read 20055 times)
January 24, 2017, 11:37:57 PM
January 23, 2017, 01:32:23 PM
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://bitcointalksearch.org/topic/m.17124126
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://bitcointalksearch.org/topic/m.17124126
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.
January 23, 2017, 10:13:56 AM
I will watch this for sure 
yes ofcourse i am also waiting for this even from so long period.
January 23, 2017, 03:39:16 AM
so when is the launch.
January 28th.. New ANN thread is coming Soon™.
January 23, 2017, 02:18:49 AM
so when is the launch.
January 22, 2017, 10:45:28 PM
I will watch this for sure
January 22, 2017, 10:43:02 PM
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.
January 22, 2017, 10:36:57 PM
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://bitcointalksearch.org/topic/m.17124126
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://bitcointalksearch.org/topic/m.17124126
January 22, 2017, 06:25:54 PM
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.
January 22, 2017, 04:53:08 PM
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
January 19, 2017, 05:09:11 AM
Very good news, can`t wait for it..
January 19, 2017, 03:19:03 AM
Who's excited? Preparing a press release and a new ANN...
January 16, 2017, 06:01:55 PM
Great to see the progress, super excited for the impending launch
January 12, 2017, 03:42:44 AM
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.
January 12, 2017, 03:39:27 AM
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.
January 11, 2017, 11:11:49 AM
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.
January 10, 2017, 05:51:47 PM
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.
January 10, 2017, 05:41:39 PM
I am getting very excited for UBIQ!
January 08, 2017, 05:57:15 PM
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 hope you all had a good holiday season!
December 15, 2016, 05:18:02 AM
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.
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