Will Unitedbitcoin Replace Bitcoin? This Ambitious Upcoming Bitcoin Fork Will Be Launched Globally On December 12, 2017 In Silicon Valley
Will UnitedBitcoin Replace Bitcoin? This Ambitious Upcoming Bitcoin Fork Will Be Launched Globally on December 12, 2017 in Silicon Valley SAN FRANCISCO, CA / ACCESSWIRE / December 10, 2017 / Bitcoin's price surge can be attributed to the news surrounding Bitcoin forks. The Bitcoin Cash fork, in particular, has spawned many additional forks in the industry, thereby dividing the community and causing a lot of uproars. Meanwhile, many people who hold bitcoins are waiting for forks to happen to get free tokens without thinking much of either the concept or the technology. However, the UnitedBitcoin fork is very different, not only in theory but also in the implementation specific to its technology. UnitedBitcoin also referred to as UB (official website: ub.com ), has the currency symbol of UBTC. The total volume, block-speed and halving time are the same as Bitcoin's. Additionally, UnitedBitcoin's PoW mechanism is the identical to Bitcoin's as well, except it has the lower initial difficulty. UnitedBitcoin supports SegWit and has an 8MB block size to improve on-chain scalability. It also adds new smart-contract features and plans to support the Lightning Network later on. Implementing Lightning Network and Smart Contract functionality on top of the Bitcoin's UXTO model is very exciting but not easy to do. However, QTUM has been able to accomplish this and create a massive worldwide technical support community as well. UnitedBitcoin's smart contract system is a newly developed technology showcasing the capabilities of the development team. However, the number of teams around the world that can independently develop virtual machines for smart contracts is still limited. Bitcoin has the advantages of being globally recognized for its stable monetary system and having the 'fir Continue reading >>
United Bitcoin Hard Fork Aims To Steal Inactive Wallet Balances
United Bitcoin Hard Fork Aims to Steal Inactive Wallet Balances It is evident the United Bitcoin project is pretty controversial. Not only is it the umpteenth hard fork to steal Bitcoins thunder, but it also seems more nefarious than originally assumed. The goal of this project is to make Bitcoin useful again, which is honorable. However, this fork will also transfer inactive balances to the UB Foundation. This means that, in theory, Satoshi Nakamotos BTC are at stake here. Not all Bitcoin hard forks are harmless this time of year. United Bitcoin is by far one of the most controversial projects in existence today. According to the whitepaper, this project will go after inactive account balances. All of this money will be moved to multisignature addresses controlled by the United Bitcoin Foundation. A very troublesome development, especially when looking at the bigger picture. A lot of money is locked in addresses which can no longer be accessed by its original owner. This includes all of the addresses belonging to Satoshi Nakamoto as well. Assuming that is the objective of this hard fork, it is one of the biggest threats to Bitcoin in history. There is no reason to claim inactive funds for ones own benefit whatsoever. Nor should this be made possible at the protocol level whatsoever. It is unclear why the United Bitcoin team event dares to explore this option. All of the inactive funds need to be left alone, as it doesnt belong to anyone but the original address owner. Wow. New @jgarzik Bitcoin fork set up to steal Satoshis inactive coins and give them to other projects like Ethereum. ht @WhalePanda pic.twitter.com/YANongHbcR Russ Harben (@RussHarben) December 13, 2017 Moreover, there are even more complaints regarding this project. The United Bitcoin fork seemingly re Continue reading >>
Jeff Garzik Is Reworking The Segwit2x Code
Jeff Garzik Is Reworking the Segwit2x Code Jan 5, 2018 at 09:00 UTC |UpdatedJan 6, 2018 at 09:46 UTC The controversial scaling proposal Segwit2x may have been officially called off this August, but that doesn't mean its former lead developer is giving up on plans to keep its codebase alive. In fact,Jeff Garzik, better known as the CEO of blockchain startup Bloq , now believes his prior work could be revived in a way that promotes interoperability between the increasingly fragmented set of protocols bearing the bitcoin name (see: bitcoin, bitcoin cash and bitcoin gold). And in a new interview, he revealed that he is working on forthcoming updates to the software, called BTC1, with this goal in mind. While he admits he's not sure how successful the effort will be, Garzik nonetheless framed it as one aimed at unifying a bitcoin developer community that saw no shortage of infighting in 2017. "I hope that bringing multiple chains together in one software will, in some small way, bring multiple developers from multiple communities back together." Still, the development is notable given the software's history in achieving the opposite. After all, the BTC1 code is most associated with Segwit2x , a failed attempt by business and miners to change the rules of the bitcoin protocol. Forged at a meeting in New York in May, the agreement called for the block size parameter to be raised to 2MB, while also pushing for an upgrade called Segregated Witness, designed to both improve and expand bitcoin's block size. However, while SegWit was enacted, the block size increase, formally coded in BTC1, was officially called off not weeks before it was supposed to go live amid significant pushback and criticism from developers. But while a handful of new cryptocurrencies have been created out Continue reading >>
United Bitcoin - Another Bitcoin Hard Fork
United Bitcoin - Another Bitcoin Hard Fork Author: Written by Carlos for The Bit Forum During the last year we have witnessed several hard forks in different cryptocurrencies. If you didn't hear about it, on December the 12th a new hard fork occurred in the Bitcoin network. United Bitcoin (UB)has split from Bitcoin's blockchain at block 498,777. Jef Garzik, Founder and CEO of Bloq and Bitcoin core developer has decided to launch its own new Bitcoin. The intention is to raise the block size up to 8 MB, add smart contracts, support lightning network and implement SegWit. a controversial measure that the team behind this cryptocurrency wants to take is to distribute funds from inactive bitcoin wallets. That means that several coins that may be lost or unaccessible for the network, will now be available for the environment. "United Bitcoin will use the pressure-tested mechanics of Bitcoin, such as PoW, blocktimes, supply cap, and issuance model, while it upgrades areas to accommodate for larger social demands. These improvements will be an increase in blocksize to 8mb, the addition of smart contracts support based on UVM, the addition of Lightning Network support, and SegWit implementation," reads UnitedBitcoin's white paper . According to UB's team the funds stored in inactive wallets will be used for two different purposes. First, 30 percent of these funds will be used to spread UB adoption. Second, the other 70 percent of the balances will be tethered to stable tokens pegged to some fiat currencies ( Tether ). In order to receive UB all users who have transferred Bitcoin between his addresses after block 494000 until block 498777 will be eligible if the transaction meets the following criteria: "The output address must also be listed as one of the input addresses and ca Continue reading >>
United Bitcoin May Be The Most Controversial Fork To Date
United Bitcoin May Be 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 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 Groups 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 projects 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 Networks Hashrate So far the network has minimal infrastructure and community support. At the time of publication, there are onl Continue reading >>
United Bitcoin Review - Smart Contract Bitcoin Upgrades & Ub Blockchain Fork?
United Bitcoin aims to upgrade bitcoin by adding smart contracts to the network. Find out if its a legitimate competitor or just another unnecessary hard fork today in our review. United Bitcoin, or UBTC, is a new bitcoin-based project that recently appeared online at UB.com. The project aims to upgrade bitcoin by implementing smart contracts, among other features. United Bitcoin was launched by Jeff Garzik, well-known for spearheading the Segwit2x hard fork proposed for the original bitcoin (BTC) blockchain . That hard fork would have doubled the block size of the original bitcoin blockchain, providing a better scaling solution. Obviously, Ethereum was the first blockchain to implement smart contracts. Bitcoin (BTC) does not currently have smart contracts. We dont know of any bitcoin hard fork that has successfully added smart contracts to the bitcoin network. Despite these challenges, United Bitcoin believes it can accomplish the goal of adding smart contracts to the bitcoin network. The team also wants to add Lightning Network support. United Bitcoin launched with an official hard fork on December 12, 2017. Theres an overwhelming number of bitcoin hard forks on the market today. Lets take a closer look at how United Bitcoin works to see if theres any real substance behind the project. One of the most unique features about United Bitcoin is the distribution process. Any bitcoin core (BTC) users who transfer their funds would be eligible to receive their UBTC balances if they transferred any bitcoin between block 494000 and block 498777 (between November 11 and December 12, 2017). The receiving address must be tethered to one of the input addresses, and cannot be a fresh new address. Meanwhile, the output address must contain a balance of more than 0.01 BTC . Under th Continue reading >>
Forked Coin Granting by Exchanges: possibly others Team: Jeff Garzik, SongXiu Hua, Matthew Roszak This fork has two phases - phase 1 (the actual split) happened on Dec 12. Quantum Computing resistant hashing algorithm (security) Zero knowledge proofs (privacy and fungibility) UnitedBitcoin is not pre-mined but there is a limitation as to who receives the forked coins. All active balances on the Bitcoin chain will receive equivalent balances on the UnitedBitcoin chain. All users who transfer Bitcoins between their addresses between Block 494000 and Block 498777 (11 November 2017 to 12 December 2017 GMT) are eligible on the following conditions: The output address (receiving address) must also be listed as one of the input addresses and cannot be a totally new address The output address (receiving address) must end up with a balance of more than 0.01 BTC A private miner will validate the transfer of the remaining unclaimed UnitedBitcoin to multiple multi-signature addresses controlled by the UB Foundation. This process will not affect any BTC balances. The limited amount of UB gained through this process will be deposited into the UB foundation as well. Part of UB Foundation s coins will be used for Phase 2 distribution. The remaining will be reserved as collateral to back the issuance of digital currencies pegged to fiat currencies. The phase 2 is for all users who failed to activate their addresses for the phase 1. It is like an additional claim option, not a new fork: users will be granted the amount of forked coins for the address state at block 498777 (12 Dec). It is necessary to activate the BTC address by sending OUT anywhere at least one transaction before block 502271. You need to send coins from the address that had a BTC balance on 12 December (block 498777). Continue reading >>
Bitcoin: How Are All The Forks Doing?
Bitcoin already has plenty of forks and copies, with more coming up - but they are crashing as hard as the main asset. Toward the end of 2017, Bitcoin seemed bulletproof. So hard forks, sharing blockchain history up to a predetermined block, seemed like the most logical type of project. Months after the Bitcoin Cash (BCH, $1,087.77) in August, more forks came along, with mixed success. Here is how the most prominent ones are faring. Bitcoin Gold (BTG) forked at the end of October, but the main net launched weeks later. The fork started with unfinished tech, and went through several wallet scams. At one point, its price had reached a promising level around $500, but now BTG has lost most of its value. Bitcoin Diamond (BCD) goes through the occasional pump, but despite presence on Binance and KuCoin, the asset is not yet popular, and has lost positions rapidly against BTC, as well as in dollar terms. Volumes vary by a lot. United Bitcoin (UBTC) is a curious fork proposed by Jeff Garzik and other prominent early Bitcoin backers. This fork had the strange rule of awarding UBTC to Bitcoin holders who moved their coins between Block 494000 and Block 498777. This would exclude inactive addresses - and some have accused the UBTC project that is main idea was to duplicate the network and possibly seize unclaimed coins, including the stash of Satoshi Nakamoto. Bitcoin Scrypt (BTSC) is an upcoming fork already trading on Cryptopia. The fork's price is extremely volatile on niche, thin-volume trading. Bitcoin Red (BTCRED) was forked ambitiously in October 2017, with the aim of displacing Bitcoin. It has remained an obscure, less successful fork. Curiously, starting with sub-penny prices, this coin has appreciated reasonably. Bitcoin God (GOD), an ambitious hard fork announced on D Continue reading >>
Unitedbitcoin Fork Launches With Support From Segwit2x Dev. Jeff Garzik
UnitedBitcoin Fork Launches With Support from SegWit2x Dev. Jeff Garzik A new bitcoin fork called UnitedBitcoin appears to have the backing of one of the earliest Bitcoin developers. The success of bitcoin cash , and, to a lesser extent, bitcoin gold, has incentivized developers to attempt to turn a profit by hard forking the main Bitcoin blockchain to create new altcoins . At least seven forks will take place during the month of December, and more will likely follow, at least until fork fatigue sets in and the scheme is no longer profitable. Like most of these forks, it is difficult to identify the purpose of UnitedBitcoin (UBTC), but, oddly enough, this project appears to have backing from one of the biggest names in the cryptocurrency space: Jeff Garzik. When UnitedBitcoin first claimed to have support from Garzik, many people believed it was a hoax. However, Garzik confirmed the news in an interview with Bloomberg , and he apparently promoted UnitedBitcoin at a tech event this week. One of the earliest Bitcoin developers, Garzik also served as lead developer for SegWit2x, a contentious Bitcoin protocol upgrade that was ultimately called off just days before it was set to activate. Garzik is also currently working on Metronome, a cross-blockchain cryptocurrency that will be distributed through an ICO -style auction. Purportedly, UnitedBitcoin will introduce a number of new technologies into the codebase, including native support for smart contracts and a lightning network. Like Bitcoin Cash, the new blockchain will also feature 8MB blocks, demonstrating a commitment to on-chain scaling. UB is not looking to replace Bitcoin, but rather is looking to support the progression of the ecosystem by introducing new technologies faster, said Garzik in a press release. We loo Continue reading >>
List Of Bitcoin Forks
This article does not cite any sources . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . The following are forks of the software client for the Bitcoin network derived from the reference client, Bitcoin Core : These are coin splits of the digital currency Bitcoin , created intentionally via hard forks of the blockchain, sharing a transaction history with Bitcoin up to a certain time and date: Bitcoin Cash (Forked at Block 478559  , 1 August 2017) Bitcoin Gold (Forked at Block 491407  , 24 October 2017) Bitcoin Diamond (Forked at Block 495866  , 24 November 2017) BitcoinX (Forked at Block 498888  , 12 December 2017) Super Bitcoin (Forked at Block 498888  , 12 December 2017) Proposed but Cancelled Coin Splits[ edit ] This was a planned coin split of the digital currency Bitcoin , which was later canceled before the split could take place. Continue reading >>
Bitcoin United (btc-u) Offers 3 Second Confirmations And Massive Throughput Steemcreated With Sketch.
Please dont change Bitcoin, youll break it! Alas, nobody listened. We may have dodged a bullet on August 1st, well see, but this worry wont go away. Another Time of Forking now looms in November and eventually we wont be able to stop it. The system will grind to a halt and Bitcoin will break up in a forking crisis. So we decided the next best thing is to fix it ourselves first, We are adding our own candidate to join the other Alt-Bitcoins in the ongoing forking Diaspora. We call it Bitcoin United (BTC-U) aka (BTC.BTS). The purpose of Bitcoin United to provide a solution so far advanced that there would be no reason to adopt anything else thus avoiding a permanent breakup. Bitcoin will remain united through the sheer force of excellence of our long-proven, freely available technology. BTC-U will be gifted one-for-one to all holders of BTC at the last unforked classic block when the Time of Forking inevitably arrives (we wont fork it over until somebody else breaks the taboo then it will happen automagically). When that final fork up occurs, Bitcoin United will come to the rescue providing a solution so much better than what weve been offered by the insiders and other special interests that there will remain only one true Bitcoin. After all, if were going to break Bitcoin unity for some tiny, ineffective code changes anyway, why not go all the way and fix everything at once? Bitcoin United upgrades Bitcoin to the state of the art in blockchain technology, permanently solving more than just its intractable lack of scalability, but all twelve of Bitcoins most serious limitations. (More about that in a future article.) And Bitcoin United gets an automatic free upgrade to EOS.io technology with unlimited bandwidth later that same year. But for now, well settle for having al Continue reading >>
Home-unitedbitcoin-linking Value & Serving The World!
UnitedBitcoin upgrades Bitcoin through Smart Contract Implementation Same Proof of Work and Issuance Model of Bitcoin, with new hi-speed smart contracts Future Lightning Network support for faster and cheaper transactions UnitedBitcoin (UBTC) will be allocated to active Bitcoin wallets at a rate of 1 BTC to 1 UBTC at time of fork No pre-mining, stable system with fiat currency pegged reserves Original PoW mechanism, UTXO model and blockchain inheritance 1:1 Asset allocation to active addresses, same block-time, halving-time and total cap. no pre-mine. Greatly enhances scalability by introducing payment channels between users. Greatly increases transaction speed by increasing the block-size to 8 MB and supporting SegWit UnitedBitcoin adds smart contract capabilities along with other upgrades to greatly increase the utility and potential of Bitcoin. The UB Foundation will manage funds from inactive wallets post fork and foster the ecosystem with them. It will also develop a cryptoasset pegged to UBs reserve against fiat currencies to support projects worldwide. June 2016UnitedBitcoin team starts the development of smart contracts The core members of UnitedBitcoins development team start the development of LUA based smart contracts. May 2017The first UVM smart contract is fully tested Smart Contract and UVM functionality has been successfully tested. Two languages, similar in structure and syntax to C# and JAVA have been added as well. September 2017Beta test of version 0.1 of UnitedBitcoin (8MB + SegWit) To speed up testing and facilitate acilitating adoption, smart contracts have been excluded from this test. Testing the increased block-size (to 8MB) as well as SegWit was a success. December 2017Version 0.5 of the wallet officially migrated to GitHub The wallet with aut Continue reading >>
Bitcoin May Be Beat By These Cryptocurrencies In Coming Months | Fortune
In the past, when cryptocurrencies such as Bitcoin have split in two, it was as if money fell from the sky. Take Bitcoins August fork, for instance. Mathematically speaking, one split in half results in two halves. But instead of adhering to that set of logic, that particular fork resulted in one plus a little extra. So while the price of Bitcoin hovered around $2,750, the price of its forked coin, Bitcoin Cash, traded initially at $200 . Thus, investors who owned Bitcoin woke up the next day with one Bitcoin Cash for each Bitcoin they owned, and all the wealthier for it. Such forks are one way to get cryptocurrency airdrops, or apparently free digital coins distributed to users that meet certain criteria. And its a phenomenon some cryptocurrency investors have chased in recent months in the hopes of profits. As Fundstrats Thomas Lee notes, that interest is enough for tokens with upcoming forks to maybe do well. Notably, Lee calls for investors to generally stay out of smaller cryptocurrencies, and stick with giants of the space. Tokens with upcoming forks and airdrops have outperformed bitcoin by 4.8% since the peak of altcoins, wrote Lee in a note Thursday. We identify six major forks/airdrops in next 90 days, which could support interest in these tokens. Here are the scheduled forks and airdrops Lee highlighted: Continue reading >>
New Hard Fork: United Bitcoin (ubtc) Launched At Block 498,777
A Bitcoin Fork You Probably Havent Heard of Date Written: February 14 2018 Written By: George Miller There have been a number of controversial forks in Bitcoins history that youre probably well aware of by now, but there was a recent hard fork that you probably had no idea about. A new cryptocurrency called United Bitcoin was forked from the Bitcoin blockchain at block height #498,777. Unlike other crypto projects that were forked from the Bitcoin blockchain, such as Bitcoin Cash or Bitcoin Gold , United Bitcoin (UBTC) received very little media attention and most Bitcoin holders dont even know it exists. The idea for United Bitcoin was thought up by the software engineer and entrepreneur, Jeff Garzik, after SegWit2x didnt reach consensus and failed to be implemented. This new cryptocurrency will utilize proof of work, and have a larger block size, new security features, and feature several other improvements. One of the main benefits of UBTC is that it will support smart contract functionality, which means it will be able to add virtually unlimited application scenarios. It will also have the Lightning Network which will allow for nearly instant everyday transactions to be processed with 10 minute blocks. A snapshot of the blockchain was taken at block 498,777, so anyone who owned BTC at that time is entitled to an equal amount of UBTC coins. The main hurdle facing United Bitcoin is that to create a UBTC wallet address, you need to first verify your identity and provide an email address & phone number. One of the major benefits of vanilla Bitcoin is its pseudonymous nature, so many holders of BTC are hesitant to provide this level of personally identifying information. It is unclear why this controversial hard fork was not covered by big media outlets, but many of the Continue reading >>
United Bitcoin Is Facing A Lot Of Hurdles: United Bitcoin May Be The Most Controversial Fork To Date
United Bitcoin is facing a lot of hurdles: United Bitcoin May Be the Most Controversial Fork to Date In the last one year, there have been plenty of forks in Bitcoin. They have also generated enormous wealth for most of the holders. However, one such fork is united Bitcoin which is actually proving to be a headache for most of the Bitcoin holders. United Bitcoin was created after the failure of the Segwit2x fork. The problem is that, claiming the United Bitcoin token is actually much difficult as compared to some of the other Bitcoins. Also, it is facing network and mining issues as well. The fork was created by Jeff Garzik. However, due to the improper allotment or claiming of the United Bitcoin, users are facing a lot of problems. According to the development team, a credit-based currency will soon be launched which can work against various Fiat currencies. Smart contracts system will also be initiated. The users of United Bitcoin will be able to receive this in their wallets at the rate of 1:1. The main purpose due to which the development team has created this fork is to make Bitcoin much more robust. According to him, the United Bitcoin technology combines community as well as tokenomics, which will, in turn, help innovation. Another problem which United Bitcoin is facing is that the total number of minors is pretty less at just 2. Out of this, one minor control 70% of the hash rate in the network. Thus, if the mines move away from the network, it will be very difficult to process the transactions. Also, with increasing popularity, the number of transactions will also increase which will slow down the network. This is another problem which is being faced by United Bitcoin. SEE ALSO: Ethereum Founder Vitalik Buterin, Uncovers New Idea On The Ethereum Blockchain -Su Continue reading >>