Nucleus Transparency Report
The Ubiq blockchain is a bit over 2 months old but we wanted to put out this report to give an overview of the blockchain-verifiable events which led to the Nucleus of the chain.
The Ubiq blockchain is unique in that it has incorporated the seed ledger of the old Jumbucks (JBS) chain and transferred its value over to the new chain. As such we call block zero the Nucleus of the Ubiq blockchain as it contains the encoded information of the claimed swap process.
This Nucleus Transparency Report is important as we want to set a standard on how swaps, and the transparency behind them, should be performed. Looking at the timeline of events, an important part is pre-announcing intentions far in advance to promote fairness.
Ubiq is distinct from other Ethereum forks in that there was no pre-mine or ICO. This means that all coins can be accounted for and none were obtained unfairly or allocated in a centralized manner to developers.
Everyone is free and encouraged to join and participate in the Ubiq ecosystem.
Here is a timeline of important events.
August 31, 2014 — JBS chain is posted and Pre-Announced on Bitcointalk
September 2, 2014 — JBS chain is launched as a fair-launch coin with zero pre-mine or ICO.
July 31, 2016 — Jumbucks Ethereum Edition Testnet introduction is announced as well as the plans to swap to a new chain.
August 14, 2016 — Jumbucks Ethereum Edition — Alpha 1 released. This can be considered the first “pre-launch” release of the Ubiq chain.
September 29, 2016 — Ubiq chain and swap process is Pre-Announced on Bitcointalk.
January 24, 2017 — Ubiq network launch is Announced on Bitcointalk.
January 28, 2017 — A snapshot of the JBS chain is performed on Block 1,284,688.
January 28, 2017 — Nucleus of the Ubiq chain is created and the network is launched.
March 14, 2017 — On chain burn of JBS swapped on Bittrex is performed in Block 1,342,045.
The JBS snapshot was performed on Block 1,284,688 after the trading markets had been shut down. This block and address details formed the Nucleus of the Ubiq blockchain.
On Exchange Burn
The burn of 1,494,491.33 JBS by Bittrex was performed in Block 1,342,045. The amount was sent to the provably unspendable burn address
For posterity, a Blockchain (bootstrap) file was created which contains this transaction. You can further inspect the blockchain with this 398 MB bootstrap.block_1343408.dat.xz file.
The Jumbucks snapshot was created using a C++ blockchain block parser modified to read the JBS chain. You can find the source code on Github.
The JBS address balances were made from a snapshot at defined block 1,284,688. Defining a snapshot blocks is also used to prevent double claims. We have also made available the State of the ledger at block 1,284,688 (minted : Sat Jan 28 08:07:16 2017) which was generated using the block parser.
It is worth noting that there are fewer addresses compared to the state of when the chain was in active usage as many people utilized the exchange to swap or consolidated funds into fewer addresses to perform the off-exchange claim.
The off-exchange claim process involved and consisted of:
- Generating receiving UBQ address(es)
- Using an online form to enter JBS address(es) mapped to a receiving UBQ address(es).
- Signing a message with the receiving UBQ address to prove ownership of the JBS address
- UBQ address balances claimed prior to Ubiq network launch were programmed into Block zero of the Ubiq chain, forming the Nucleus.
- Claims sent after the Ubiq network launched were also processed. The intention is to allow all JBS holders to participate in as fair of manner as possible.
In total 98 individual address claims were made.
We have provided a list all the claimed JBS addresses in alphabetical order by JBS address. These can then be independently verified as all containing correctly matching signatures.
The Ubiq Nucleus Block
The Ubiq Nucleus Block was then created using the cryptographically signed Jumbucks addresses to prove ownership.
We have made available the decoded version of the Ubiq Nucleus Block.
You can also find the Ubiq Nucleus Block in the source code in Base64 Gzip compressed format.
Unclaimed funds and funds to be sent to exchange were assigned to the UBQ address
After the Ubiq network was launched late claims were performed. Below we can see the amount 14,944,913.3024315 UBQ sent to Bittrex exchange in Block 4,591.
Unallocated Funds Multisig address
Any unclaimed funds have now been moved to a 2 of 3 multisig address. This means that any further claims will require multiple party approval to process. It has been a while since the last claim so we do not anticipate any further claims.
The 2 of 3 multisig with the unallocated funds from the swap is address
0x9fffe3c3a08c1ad52f86c8acbb564adde6aeebad, with approximately 9 UBQ extra used for testing.
The main explanation to the bulk of these unclaimed funds are that they are most likely stolen funds from Cryptsy when JBS was listed there. Similarly like Bitcoin where there are likely 100’s of thousands of missing Bitcoins, we consider these unallocated funds as part of the overall coin supply as they are of historical importance.
In summary, it can be demonstrated and cryptographically proven that the coin’s history has striven to be as fair as possible.
We have provided the following files which can be used to recreate the Ubiq Nucleus Block:
- The JBS blockchain at block 1,343,408.
- State of the JBS ledger at block 1,284,688 (minted : Sat Jan 28 08:07:16 2017) which was generated using the block parser.
- List of all the claimed JBS addresses in alphabetical order by JBS address.
- The decoded JSON version of the Ubiq Nucleus Block.
Thank you following along with this journey as we successfully transitioned from a Bitcoin based network to a new Ethereum based chain!
Julian c/o The Ubiq team