Topic: [PRE-ANN][UBQ] Ubiq - Jumbucks (JBS) swap to Ethereum fork with new features - page 3. (Read 20076 times)

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

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.

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?

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

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.

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.

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.

uuuu... very nice

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

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

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.

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) ...

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? 

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

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

Thanks for watching!

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

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