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 'first mover' advantage, a position which a fork cannot easily overturn. Nonetheless, with a new business model, UnitedBitcoin has the chance to make a difference.
The goal of UnitedBitcoin (UB) is to honor Bitcoin owner's holdings, meaning all active addresses will receive UnitedBitcoin balances of the equivalent amount. Inactive balances will be transferred to multi-signature wallets controlled by the UB Foundation.
Part of the remaining UnitedBitcoin will be used for distributing rewards to other entities in the ecosystem, such as Ethereum (the first smart contract), QTUM (the first smart contract on top of Bitcoin), Litecoin (the first major alt-coin), HSR (the first alt-coin with an algorithm that has anti-quantum attack properties) and other major chains.
All remaining UnitedBitcoins will be used as a credit guarantee pegged to fiat currencies similar to USDT.
In other words, there is no pre-mining, no reservations and the whole blockchain is participating.
Firstly, based on the number of participants, UnitedBitcoin is definitely the furthest in reaching. Previously, only Bitcoin holders can be rewarded the forked coins, but now it is possible to get UnitedBitcoins if you hold one of more than 10 currencies (such as ETH, QTUM, LTC, HSR, etc.). As a result, when all holders of mainstream cryptocurrencies as well as their respective trading platforms go to ub.com to get UnitedBitcoin, it will result in an unprecedented level of participation.
In terms of preserving value, UnitedBitcoin' s fork will expectedly cause busy activities, and UBTC will spread across all active participants in cryptocurrency spaces around the world. As a result of the dispersal, the forking will not cause any drastic sell-offs.
All of these improvements are possible because Bitcoin has established itself as a globally recognized credit system and we can use the lessons learned by others to adapt and improve.
Of all UnitedBitcoin's implementation plans, the best and most sophisticated idea is to re-utilize inactive Bitcoin balance to benefit the world.
The number of inactive Bitcoins may be higher than those in circulation. However, UnitedBitcoin does not merely distribute the inactive Bitcoins; it locks them up as credit carrier pegged to fiat currencies worldwide.
Both UnitedBitcoin and its reserve pegged against fiat currencies supports smart contracts, which provides infinite possibilities for the circulation of cryptocurrencies. Imagine the size of the pegged fiat currency system, endorsed by the value of half of the existing UnitedBitcoins.
The circulation of these digital currencies pegged against fiat currencies will, in turn, bring added-value to UnitedBitcoin, which will also bring the world more available digital currencies pegged against fiat currencies. This cycle, just as Bitcoin's fork that brought about a rise in Bitcoin price, will be a real boost to the cryptocurrency ecosystem. Systemically, none of the UnitedBitcoins will be in a sell-pressure position.
Although there may be imitators copying UnitedBitcoin's forking procedure, the asset allocation procedure introduced by UnitedBitcoin should prevent Bitcoin's price from being influenced too much by all the rather eventful forks.
Additional Bitcoin forks, or their derivatives, may divert attention away from Bitcoin. However, UnitedBitcoin will continue to lead the development of the next generation of Bitcoin.
UnitedBitcoin has outstanding developers and excellent business partners to bolster its position. They plan to fork Bitcoin to UnitedBitcoin on December 12, 2017, and finish the manual distribution on 3 January 2018, when it will be the 9th anniversary of Bitcoin. You can visit the official website of UnitedBitcoin at www.ub.com.
SOURCE: United Bitcoin