The genesis of the modern Ubiq blockchain began by linking the old with the new.
The genesis of Ubiq was derived from a different type of blockchain iteration. Before the current EVM-based programable blockchain existed, the project was known as Jumbucks (symbol JBS). It was a Peercoin codebase coin, and began as a fair launch Proof of Work (PoW) blockchain before a transition to Proof of Stake (PoS). Once a feasible turing-complete model existed, the decision was made to adopt a new system and new functionality while preserving the value and community that had coalesced around the original version.
In order to carry over the value that accrued on the Jumbucks chain, the core-dev group implemented a system to connect all unspent transaction outputs to the new address scheme of the nascent Ubiq system.
Anyone who owned a JBS balance would be eligible to claim a proportional balance of UBQ to an address they manually generated, or have the option to hold JBS on Bittrex Exchange to have their balance automatically credited at genesis.
In order to manually claim UBQ from a JBS balance, a user would have to;
- Generate receiving UBQ address(es)
- Use an online form to enter the JBS address(es) mapped to the intended receiving UBQ address(es).
- Sign a message in the JBS wallet consisting of the receiving UBQ address to prove ownership of the JBS address.
All the relevant data that pertains to the launch of the Ubiq network and the carry-over of existing balances to their respective owners was preserved and made public to aid open verification.