Jamie Redman: United Bitcoin May Be the Most Controversial Fork to Date

ubtc 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

United Bitcoin Maybe the Most Controversial Fork to Date

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.

Also read: The 65 Percent Price Dip Has Made ‘Bitcoin Whales’ A lot More BTC

The Promises of United Bitcoin

United Bitcoin Maybe the Most Controversial Fork to DateA 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.

United Bitcoin: Jeff Garzik's Fork Represents a 'Clean Slate'

One Out of Only Two Miners Controls 70% of the Network’s Hashrate

United Bitcoin: Jeff Garzik's Fork Represents a 'Clean Slate'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.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Original article was created by: Jamie Redman at news.bitcoin.com

Disclaimer: 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.

Related Articles

pubDate Newsline
1 hour ago Bitcoin Divorce Presents New Challenge for Rabbinical Court in Israel
3 hours ago American ATM Network Athena Bitcoin Adds Bitcoin Cash Support
12 hours ago Trading Tip `The Wall´ – Drop Tokens That Suffer From Overtokenization
2 days ago Weekly Update! — Massive Partnership Secured / Successful Recruitment / Dev Progress
15 hours ago Meet ATLANT at Blockchain Nation Miami, April 25–26, 2018
23 hours ago EthLink Weekly Update — February 17th –2018
21 hours ago Bitcoin Puzzle Games Are Growing in Popularity
1 day ago Positive TLS Certificate Overrides for NSS
1 day ago Bitfinex Plans Launch of Decentralized Exchange Eosfinex
2 days ago Joint Statement from Visa and Worldpay for Coinbase customers
5 days ago Swap BTC and BCH with the Bitcoin.com Wallet’s New Shapeshift API
2 months ago After Segwit2x Failed Jeff Garzik Reveals “United Bitcoin”
2 months ago After Segwit2x Failed Jeff Garzik Reveals “United Bitcoin”
2 months ago After Segwit2x Failed Jeff Garzik Reveals “United Bitcoin”
1 week ago Bitcoin Private Fork Aiming to Make Bitcoin Anonymous
2 months ago After Segwit2x Failed Jeff Garzik Reveals “United Bitcoin”

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

You may also be interested in:

February 19, 2018

Bitcoin Divorce Presents New Challenge for Rabbinical Court in Israel

While some state authorities and financial regulators might deride bitcoin, more people are using the cryptocurrency in their everyday lives. This has recently become evident by divorce cases around the globe involving bitcoin, with the latest example coming from Israel. Also Read: Half of Large...

From: Avi Mizrahi
February 18, 2018

American ATM Network Athena Bitcoin Adds Bitcoin Cash Support

Bitcoin cash (BCH) is now available for trading in dozens of new physical locations across the US. The American ATM network Athena Bitcoin has added support for buying and selling the cryptocurrency for fiat cash on all its machines. Also Read: Polish Financial Authorities Paid Youtuber to...

From: Avi Mizrahi

CFTC Offers $100,000 Bounty to Crypto Pump-and-Dump Whistleblowers

The US Commodity Futures Trading Commission (CFTC) has created a bounty to encourage whistleblowers coming forward in exposing “pump-and-dump” schemes. “Customers should not purchase virtual currencies, digital coins,” the CFTC warned, “or tokens based on social media tips or sudden...

From: C. Edward Kelso

Malta to Give “Peace of Mind” to Crypto Companies

The government of Malta has come up with an idea that businesses dealing with cryptocurrencies may find interesting. A new policy document seeks to set up a special agency which will “certify” blockchain platforms and “verify” crypto transactions. It is supposed to “bring peace of...

From: Lubomir Tassev

PR: Money Token Applies for Royalty-Free Patent on Crypto-Backed Lending Technology

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press...

From: Bitcoin.com PR

Switzerland Enacts ICO Guidelines

Just days before the tiny nation of Gibraltar was said to draft their first initial coin offering (ICO) regulations, Financial Market Supervisory Authority (FINMA) of Switzerland appears to have stolen its thunder in an eleven page document published today. It could be the standard by which...

From: C. Edward Kelso
Upcoming ICO's
This week overview
Token Name Starts
BANCA (BANCA) logo BANCA (BANCA) 1 days
Play 2 Live (LUC) logo Play 2 Live (LUC) 3 days
Origami (ORI) logo Origami (ORI) 4 days
Loyakk Vega (LYK) logo Loyakk Vega (LYK) 4 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $10710.6 1.38%
Ethereum logo ETH $935.328 0.77%
Ripple logo XRP $1.14468 1.1%
Bitcoin Cash logo BCH $1514.24 1.19%
Litecoin logo LTC $219.888 0.99%
Cardano logo ADA $0.394621 1.14%
Stellar logo XLM $0.460664 1.15%
NEO logo NEO $129.702 1.44%
EOS logo EOS $9.58786 1.33%
IOTA logo IOT $2.02619 1.17%
DigitalCash logo DASH $706.608 2.17%
NEM logo XEM $0.535209 0.81%