The Bitcoin forks are contributing to Bitcoin’s price surge. The Bitcoin Cash fork has spawned many additional forks in the industry dividing the community, causing a lot of uproar.
Meanwhile, many others hold bitcoin and are waiting for forks to get free tokens without thinking of either the concept, or the technology. However, the UnitedBitcoin fork is very different, not only in concept, but also in implementation as well as the developed technology.
UnitedBitcoin is referred to as UB (official website: ub.com) whose currency unit is UBTC. The total volume, block-speed and halving time are exactly same as Bitcoin’s. Also, UnitedBitcoin’ s PoW mechanism is the same as Bitcoin, only initial difficulty is lowered.
UnitedBitcoin supports SegWit and 8MB block-sizes to improve on-chain scalability, adds new smart contract features and plans to support the Lightning Network.
Implementing Lightning Network and Smart Contract functionality on top of the Bitcoin’s UXTO model is very exciting and not easy to implement. Technically, QTUM has been able to accomplish that and create a large world-wide technical support community which can be used for reference.
UnitedBitcoin’ s smart contract system is a newly developed technology showcasing the capabilities of the development team. The number of teams around the world that can independently develop virtual machines for smart contracts is limited.
Having said that, Bitcoin has the advantages of being globally recognized for their stable monetary system, and having the first mover advantage, a position which a fork cannot easily overturn. However, looking at its business model, UnitedBitcoin has a chance to make a difference.
The goal of UnitedBitcoin is to 100% respect Bitcoin, meaning all active addresses will receive UnitedBitcoin balances of the equivalent amount. Inactive balances are transferred to multi-signature wallets controlled by the UB foundation.
Part of these remaining UnitedBitcoin’ s is used for distributing rewards to others in the eco-system, such as Ethereum (the first smart contract), QTUM (the first smart contract on top of Bitcoin), Litecoin (the first major alt-coin), HSR (an algorithm with anti-quantum attack properties) and other major chains.
All the remaining UnitedBitcoin 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.
First, based on the number of participants, UnitedBitcoin is definitely the furthest reaching. Before, only Bitcoin holders can be rewarded the forked coins, now it is possible to get UnitedBitcoin if you hold one of more than 10 currencies (such as ETH, QTUM, LTC, HSR, etc.). As a result, all the holders of mainstream currencies as well as the trading platforms will go to ub.com to get UnitedBitcoin, which will result in an unprecedented level of participation.
In terms of value, UnitedBitcoin’ s fork will cause extreme activity and UBTC will be spread across all active participants in the crypto-currency space around the world. As a result of the dispersal, this will not cause 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, adapt and improve.
Of all UnitedBitcoin’ s ideas, UnitedBitcoin’ s best and most sophisticated idea is to re-utilize the inactive Bitcoin credit to benefit the world.
The quantity of inactive Bitcoins may be higher than those in circulation, however UnitedBitcoin does not simply distribute the inactive Bitcoins, she 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. Image 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 in turn will 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. Looking at the whole system, none of the UnitedBitcoins will be in a sell-pressure position.
Although there may be imitators copying UnitedBitcoin’ forking procedure, the asset allocation procedure introduced by UnitedBitcoin should prevent Bitcoin’s price to be influenced too much as a result of all the (crazy) forks.
Additional Bitcoin forks (or derivates) 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, just keep an eye on that. Their plan is to fork Bitcoin to UnitedBitcoin on December 12, 2017, and finish manual distribution on 3 January 2018, when it will be the 9th anniversary of Bitcoin. You may wish to visit the official website of UnitedBitcoin:
www.ub.com.
