UBTC (United Bitcoin), is likely to be the most controversial fork to date. Back on December 12, famous developer Jeff Garzik launched a Bitcoin Core (BTC) based fork called United Bitcoin (UBTC) after Segwit2x failed.
At the height of the block 498,777 the photo happened, and the UBTC network started like the rest of the fork, but claiming the token was far more complicated than people thought.
Recently reported, the promise of American Bitcoin is, that the UBTC project created by Jeff Garzik, and its partners in the blockchain company, Bloq, chairman Matthew Roszak, and Songxiu Hua from the Bitbank Group.
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The team said, planning to make a credit currency system pegged to various fiat currencies along with genuine smart contract features.
All networks are modeled after the core blockchain bitcoin before December 12, and all active wallet holders can receive UBTC at level 1: 1. The catch is an inactive wallet will lead to the UB Foundation to support the development of innovative blockchain. (news.bitcoin.com)
Over the past few weeks, the UBTC team has made several videos detailing their project goals to become serious cryptocurrency competitors.
One special documentary film shows Garzik explaining why he thinks UBTC can be a digital asset that involves and unites the entire cryptocurrency ecosystem. "If I can start with a clean slate of technology, what will I include...?". Tanys Garzik told the audience during the video.
Matthew Roszak said that United Bitcoin would include three important technologies, communities and tokensomics that rely on cross-industry innovation.
Still from news.bitcoin.com, so far the network has minimal infrastructure and community support. at the time of publication, only two miners were processing UBTC blocks; unknown entity and BW.com mining collection.
BW.com mining group has more than 70 percent of network hashrate. The total network hashrate is only 50,811.47 TH / s and block intervals can range from one and a half hours, to sporadic blocks of 20-40 minutes occasionally.
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This network has a very low number of users because there are only 20 transactions that are currently pending. Blocks average around 20-100 transactions, and most block sizes are far below 1MB even though UBTC has a capacity for 8MB blocks.
UBTC has its own full node wallet client for the Linux, Windows and Macintosh operating systems and the source code is available for review. According to the distribution repository, there will soon be a mild client release.
The most controversial part of this project is the opt-in airdrop feature which basically means bitcoin holders must submit some form of identification to get UBTC.
In order to be able to start with UBTC, the user must provide a valid email address and mobile number. After this process, the registrant must have a valid bitcoin address as well to receive a 1: 1 distribution.
Another issue that is debated with UBTC is the Foundation's claim of an "unused address" which means that after an inactive address period will be used for future development. Now the team has added a "grace period" that has extended the time period so that bitcoin holders can claim their UBTC.
Due to 'like KYC' requirements and the fact that the development team will claim Satoshi Nakamoto and the inactive address of many whales, making UBTC one of the most annoying bitcoin forks to date.
These two tendentious problems coupled with the fact that networks have very little infrastructure may have difficulty getting the crypto community expected to progress. What do you think about the UBTC project ...?. Has it been fulfilled by UBTC's promise ...?, only those who know ...