January 28th marks the inception of the new network and transfer of value to Ubiq from the beta project Jumbucks. The original distribution was claimed by their owners and the tokens on Bittrex.com were automatically swapped with the old coins being burned as recorded in the transparency report.

During the first weeks of Ubiq’s network there were over 120gh/s of miners performing work on the network, this is a significant milestone as the ethereum network launched with a similar hashrate before their own trading began. We’ve seen pools and solo miners test the accuracy of our Flux difficulty algorithm recently with great fluctuations of price and hashrate, and we are happy to announce that Flux is working exactly as anticipated. The network hashpower is nicely distributed (though there’s always room for improvement, remember to spread your hash!), and we have been floored by the outpouring of support from our fantastic community, and the greater cryptocurrency community as a whole.