{"id":38960,"title":"United Bitcoin May Be the Most Controversial Fork to Date","publisher":"Share Talk","author":"sharetalk","published":"2018-02-13T18:39:19+00:00","modified":"2018-02-13T18:39:19+00:00","canonical_url":"https://www.share-talk.com/united-bitcoin-may-be-the-most-controversial-fork-to-date/","markdown_url":"https://www.share-talk.com/united-bitcoin-may-be-the-most-controversial-fork-to-date.md","json_url":"https://www.share-talk.com/united-bitcoin-may-be-the-most-controversial-fork-to-date.json","category":"Fintech","categories":["Fintech"],"tags":["Bitcoin","UBTC project"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2022/03/st-holder.jpg?fit=1536%2C1024&quality=89&ssl=1","format":"news","language":"en-GB","content":"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\n\n## The Promises of United Bitcoin\n\n![United Bitcoin Maybe the Most Controversial Fork to Date](https://news.bitcoin.com/wp-content/uploads/2018/02/Unknown-300x67.png)A few months ago we reported on the [UBTC project](https://www.ub.com/#page1) created by Jeff Garzik, his partner at the blockchain company, Bloq, chairman Matthew Roszak, and Bitbank Group’s 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.\n\nOver the past few weeks, the UBTC team have made some videos detailing their project’s goals to be serious cryptocurrency contender. One particular [documentary](https://www.youtube.com/watch?time_continue=171&v=k3iMVpMbSKc)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.\n\n![United Bitcoin: Jeff Garzik](https://news.bitcoin.com/wp-content/uploads/2018/02/UBBA.jpg)\n\n## One Out of Only Two Miners Controls 70% of the Network’s Hashrate\n\n![United Bitcoin: Jeff Garzik](https://news.bitcoin.com/wp-content/uploads/2018/02/JJyertwa-300x300.jpg)So far the network has minimal infrastructure and community support. At the time of publication, there are only two miners who are processing UBTC blocks; an unknown entity and the mining pool [BW.com](http://bw.com/). The mining pool [BW.com](http://bw.com/) has more than 70 percent of the network’s hashrate. The network’s total hashrate is only 50,811.47 TH/s and block intervals can range from an hour and a half, to occasional sporadic 20-40 minute blocks. The network has an extremely low amount of users as there are only 20 pending transactions right now. Blocks are averaging roughly 20-100 transactions, and most block sizes are well below 1MB even though UBTC has the capacity for 8MB blocks.\n\nUBTC has its own full node wallet client for Linux, Windows, and Macintosh operating systems and the source code is available for review. According to the distribution repository, there will also be a lightweight client release soon. There are three other wallets that support the UBTC protocol. As far as exchanges most of them are based in Asia, and a great majority of them are unknown and exchange very little trade volume besides the exchange Okex. At the moment, according to Coinmarketcap statistics, one UBTC is worth $82 USD.\n\n## Required Identity Verification and Claiming Inactive Addresses: United Bitcoin Is the Most Controversial Fork to Date\n\nThe most controversial part of the project is the opt-in airdrop feature which basically means a bitcoin holder must give up some form of identification to obtain UBTC. In order to even get started with UBTC, a user must supply a valid email address and a mobile phone number. After this process, the registrant has to have a valid bitcoin address as well to receive the 1:1 distribution. Another contentious issue with UBTC is the Foundation’s claiming of “unused addresses” which means after a period of time inactive addresses will be used for future development. At the moment the team has added a “grace period” which has extended the timeframe so bitcoin holders can claim their UBTC.\n\nBecause of the ‘KYC-like’ requirements and the fact that the development team will claim Satoshi Nakamoto’s and the inactive addresses of many [whales](https://news.bitcoin.com/the-65-percent-price-dip-has-made-bitcoin-whales-a-lot-more-btc/), makes UBTC one of the most vexed bitcoin forks to date. These two tendentious issues plus the fact that the network has very little infrastructure may have a hard time gaining the crypto-community it hopes to progress.\n\n**[Original Article Link via bitcoin.com](https://news.bitcoin.com/united-bitcoin-may-be-the-most-controversial-fork-to-date/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications)**\n\n![](https://news.bitcoin.com/wp-content/uploads/2016/12/1234.jpg)\n\nBy Jamie Redman – financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.\n\n "}