This post is intended to inform as to why it may be of benefit utilizing the Ubiq network for your Blockchain needs. Included also are the directions as to How you would swap your token.

Immediate benefits of Swapping

First, let us look at the immediate benefit a development team will receive by swapping to the Ubiq network.

There have been numerous token launches in recent years, each serving their own business case. Often times projects embrace decentralization as a method of reducing the possibility for a single point of failure and removing a single point of authority. Building and running your own blockchain requires a tremendous amount of development focus, tools for miners, wallets for users and applications to assist developers with building new features.

All of this takes time and effort and can distract your team from the primary use case of your token. There is no need to run your own chain while you have your own application to build.

Moving your token to a platform which already supports smart contracts, has a thriving mining and user community and thoroughly tested infrastructure will eliminate the burden and uncertainty of running your own chain. Doing so will allow your team to focus on getting your application out to market, serving your user base as effectively as possible.

GeoCoin token swap — A case study

In early 2015, GeoCoin launched as a PoW coin running their own blockchain. Weifa, the lead developer of Geo, opted for a fair launch with no ICO.

In 2017 they announced their intention to swap to the Ubiq network:

When we spoke to Weifa about some of the benefits Geo enjoyed by swapping, he had the following to say:

“One issue with our original PoW blockchain was it would experience wild difficulty swings because of major shifts in hashrate. Since our chain didn’t have a very large mining community, it was easy for a large miner to influence these types of difficulty spikes. This was one of the main benefits we saw in migrating to Ubiq as GEO could enjoy the added stability of the Ubiq blockchain.

Besides this, swapping over to an ERC20 token on the Ubiq network freed us up from the burden of operating our own blockchain and allowed us to focus on more GEO developments.

Ubiq business manager Alex Sterk was helpful in helping coordinate the swap onto the Ubiq Network. I met him in person on multiple occasions before the swap and he laid out the steps involved. He also helped us expand our networking in the crypto industry by inviting us to a few DCTRL Vancouver events.

We ran into some technical issues in the lead up to the swap, trying to create a block parser capable of creating a ‘snapshot’ of the entire GEO blockchain.

Alex assisted us by reaching out to the active community and ‘uint64_t* gfree’ with the help of Ubiq core developer Julian Yap helped us debug issues we were facing so that got us ready to go for the swap.

After the swap occurred, we have received a lot of advice and support from another Ubiq core developer, Luke Williams, as well as many other active community members.

We also have the added benefit of all the Ubiq Network infrastructure tools so we no longer needed to host our own block explorer. We also enjoy being part of a larger community where we try to help out as much as possible assisting miners and answering community questions”

Why Ubiq?

Based on feedback from our tokens and in line with the Ubiq ethos regarding Stability and Transparency. We believe in the following reasons for running your token on the Ubiq network: