United Bitcoin

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United BitCoin Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of United Bitcoin consists of three chapters: origin & background, future technology, Bitcoin forks and pros & cons.

Origin & Background

United Bitcoin, or UBTC, is a new bitcoin-based project that appeared online at UB.com. The project intends to upgrade Bitcoin through implementing smart contracts, among other features.

Jeff Garzik launched the United Bitcoin. He is famous 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, offering a superior scaling elucidation.

Future Technology

Ethereum was the first blockchain to execute smart contracts. Bitcoin (BTC) does not have smart contracts. Moreover, we do not know of any Bitcoin hard fork that has productively added smart contracts to the Bitcoin network.

Regardless of these challenges, United Bitcoin believes it can achieve the objective of adding smart contracts to the Bitcoin network. The team also desires to add Lightning Network support. United Bitcoin launched with an official hard divergence on 12 December 2017.

Bitcoin Forks

Presently, there are a large number of Bitcoin hard forks on the market. Let’s take a closer look at how United Bitcoin works to observe if there’s any factual substance behind the project.

One of the most exceptional aspects about United Bitcoin is the distribution procedure. Any Bitcoin core (BTC) users who transferred their funds would have been entitled to obtain their UBTC balances. If they transferred any Bitcoin between block 494000 and block 498777. You must tether the receiving address to one of the input addresses, and it could not be a fresh new address. In the meantime, the output address must contain a balance of more than 0.01 BTC.

Under this system, eligible Bitcoin addresses would have been credited UB 1:1 for every BTC they hold. If you hold 5 BTC in your entitled wallet, then you would have obtained 5 UBTC.

Pros

  • Lightning Network support for quicker and reasonable transactions
  • Accessible at a rate of 1 BTC = 1 UBTC if you hold your own Bitcoin private keys at the time of fork
  • No pre-mining, established system with fiat currency pegged reserves
  • UTXO data model
  • SHA256 PoW mining model
  • Same number of coins as Bitcoin (21 million total supply)
  • SegWit support
  • Replay fortification to make sure that transactions on one chain cannot be replayed on another chain
  • Asset activation

Cons

We have not identified any obvious cons with United Bitcoin.

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