Jamie Redman: United Bitcoin May Be the Most Controversial Fork to Dateubtc technology songxiu-hua smart-contracts opt-in-airdrop news n-featured matthew-roszak kyc-identity jeff-garzik inactive-addresses identity-verification fork cross-industry clean-slate bwcom btc bitcoin-core
Back on December 12 the well-known developer Jeff Garzik launched a Bitcoin Core (BTC) based fork called United Bitcoin (UBTC) after Segwit2x failed. At block height 498,777 the snapshot took place, and the UBTC network began just like the rest of the forks in existence, but claiming the tokens is far more complicated than one would think.
The Promises of United Bitcoin
A few months ago we reported on the UBTC project created by Jeff Garzik, his partner at the blockchain company, Bloq, chairman Matthew Roszak, and Bitbank Group’s Songxiu Hua. The team says it plans to create a credit currency system pegged against various fiat currencies alongside a native smart contract feature. The entire network is modeled after the bitcoin core blockchain prior to December 12, and all active wallet holders are able to receive UBTC at a 1:1 rate. The catch is inactive wallets will go towards the UB Foundation to support innovative blockchain development.
Over the past few weeks, the UBTC team have made some videos detailing their project’s goals to be serious cryptocurrency contender. One particular documentary shows Garzik describing why he thinks UBTC can be a digital asset that engages and unites with the entire cryptocurrency ecosystem. “If I could start with a clean slate what technologies would I include?” Garzik asks an audience during the video. Matthew Roszak says that United Bitcoin will encompass three really important pieces technology, community, and tokenomics by relying on cross-industry innovation.
One Out of Only Two Miners Controls 70% of the Network’s Hashrate
So far the network has minimal infrastructure and community support. At the time of publication, there are only two miners who are processing UBTC blocks; an unknown entity and the mining pool BW.com. The mining pool BW.com has more than 70 percent of the network’s hashrate. The network’s total hashrate is only 50,811.47 TH/s and block intervals can range from an hour and a half, to occasional sporadic 20-40 minute blocks. The network has an extremely low amount of users as there are only 20 pending transactions right now. Blocks are averaging roughly 20-100 transactions, and most block sizes are well below 1MB even though UBTC has the capacity for 8MB blocks.
UBTC has its own full node wallet client for Linux, Windows, and Macintosh operating systems and the source code is available for review. According to the distribution repository, there will also be a lightweight client release soon. There are three other wallets that support the UBTC protocol. As far as exchanges most of them are based in Asia, and a great majority of them are unknown and exchange very little trade volume besides the exchange Okex. At the moment, according to Coinmarketcap statistics, one UBTC is worth $82 USD.
Required Identity Verification and Claiming Inactive Addresses: United Bitcoin Is the Most Controversial Fork to Date
The most controversial part of the project is the opt-in airdrop feature which basically means a bitcoin holder must give up some form of identification to obtain UBTC. In order to even get started with UBTC, a user must supply a valid email address and a mobile phone number. After this process, the registrant has to have a valid bitcoin address as well to receive the 1:1 distribution. Another contentious issue with UBTC is the Foundation’s claiming of “unused addresses” which means after a period of time inactive addresses will be used for future development. At the moment the team has added a “grace period” which has extended the timeframe so bitcoin holders can claim their UBTC.
Because of the ‘KYC-like’ requirements and the fact that the development team will claim Satoshi Nakamoto’s and the inactive addresses of many whales, makes UBTC one of the most vexed bitcoin forks to date. These two tendentious issues plus the fact that the network has very little infrastructure may have a hard time gaining the crypto-community it hopes to progress.
What do you think about the UBTC project? Would you claim these airdrop tokens knowing you have to tie your identity to the platform? What do you think about the development team claiming inactive addresses? Let us know what you think about this project in the comments below.
Images via Pixabay, United Bitcoin archives, and website.
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a forum. And a casino, a mining pool, and real-time price statistics.
The post United Bitcoin May Be the Most Controversial Fork to Date appeared first on Bitcoin News.
Original article was created by: Jamie Redman at news.bitcoin.comDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
Interested in Cryptocurrencies and ICO's?
Follow our telegram channel for daily cryptomarket reports!Join @cointrends
|6 hours ago||btc|
|10 hours ago||btc|
|6 hours ago||news|
|10 hours ago||news|
|10 hours ago||n-featured|
|23 hours ago||n-featured|
|12 hours ago||bitcoin-core|
|1 day ago||bitcoin-core|
|1 day ago||fork|
|1 week ago||fork|
|3 days ago||smart-contracts|
|4 days ago||smart-contracts|
|3 days ago||technology|
|4 days ago||technology|
|3 days ago||identity-verification|
|3 months ago||identity-verification|
|2 weeks ago||matthew-roszak|
|1 month ago||matthew-roszak|
|1 month ago||jeff-garzik|
|4 months ago||kyc-identity|
|5 months ago||kyc-identity|
|4 months ago||bwcom|
|8 months ago||inactive-addresses|
|8 months ago||songxiu-hua|
Stay on top of Altcoins and ICO trends.
Subscribe to our free Weekly Cryptomarket report
Delivered once a week, strongly to your inbox.Subscribe to our mailing list
August 20, 2018
Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of...From: Kevin Helms
In the summer of 2017, rising cryptocurrency prices led to a run on high performance graphics cards. Coveted cards with a high hashrate were snapped up like proverbial hot cakes, leaving gamers, scientific researchers, and anyone else who relied on flagship GPUs priced out as the cryptocurrency...From: Kai Sedgwick
August 19, 2018
Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other digital assets worth an estimated $87 million USD. Authorities say this is the biggest heist of this type in the People’s Republic so far. Also...From: Lubomir Tassev
Over the last year, SHA-256 mining, the process that’s used to find blocks on both the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks, alongside a slew of other cryptocurrencies, has grown exponentially. Digital asset trading markets have been in a slump over the last eight months of 2018,...From: Jamie Redman
Alleged India Bitconnect head, Divyesh Darji, was arrested this week at a airport in Delhi as he arrived from Dubai. He and conspirators are accused of bilking millions of dollars (Rs 88,000 crore) from Indian investors seeking to find financial refuge during the government’s demonetization...From: C. Edward Kelso
New indicators point to corporate executives starting to wisen up to the notion that so-called blockchain technology is some kind of cure-all drug for their industries that they can just extract from Bitcoin and drop the cryptocurrency behind. The latest example of this is a recent survey by...From: Avi Mizrahi