UnitedBitcoin

UnitedBitcoin is a joint credit carrier focused on establishing a global network to support the cryptocurrency ecosystem and enhance collaboration through the use of credit from the UB foundation. The UnitedBitcoin platform's objective is to improve Bitcoin by locating a purpose for lost bitcoin and inactive bitcoin wallets. It is a fork of Bitcoin alongside its virtual machine and smart contract implementations to develop a stable cryptocurrency system.

The bitcoin-based fork happened when developer Jeff Garzik and his team made changes to the existing set of rules on the blockchain. Whenever changes are made, the chain splits, and another blockchain is developed. It was created with the underlying idea of repurposing bitcoins. As such, the mission was to find a purpose for bitcoin.

In the project’s whitepaper, UnitedBitcoin utilizes pressure-tested mechanics of bitcoin. Related to technology, the difference between bitcoin and UnitedBitcoin is the block sizes, smart contracts, and SegWit (Segregated Witness) implementation. The block sizes were increased to 8MB. Additionally, the smart contracts will redistribute and reclaim old bitcoins.

The UBTC project was developed by Jeff Garzik, a bitcoin developer; chairman Matthew Roszak, Garzik's partner at Bloq blockchain company; and Songxiu Hua, from Bitbank Group. The team plans to develop a credit currency system pegged against different fiat currencies alongside a native smart contract feature. The network is modeled after the bitcoin core blockchain before December 12, 2017, and active wallet holders are supposed to get UBTC at a 1:1 rate.

UnitedBitcoin smart contracts are Turing complete and provide statefulness. Its smart contract technology does not require utilizing a sole programming language with specific limitations. It supports generic programming languages such as C#, Java, Kotlin, and LUA.

Apart from UBTC, UnitedBitcoin planned to launch another stablecoin that will be pegged to the US dollar at a 1:1 ratio. This was announced because certain people in the platform's community requested something with more reliability and transparency. The stablecoin is to be referred to as “UUSD.” It is to be audited by a third-party firm for transparency, regardless of what is viewable on the blockchain. The stablecoin is to be 300% collateralized by UBTC. That is, for every one USD issued, there will be three USD collateral in UBTC. Over time, the collateral could change, but its ratio is not intended to go under 300%.

Inactive wallets will go toward the UB Foundation and support blockchain development. Matthew Roszak, Board Member and Chief strategy officer of UnitedBitcoin, says it will encompass three vital pieces: technology, community, and tokenomics via reliance on cross-industry innovation.

UBTC possesses a full-node wallet client for Linux, Windows, and Macintosh operating systems. The source code is also available for review. According to the distribution repository, there are plans for a lightweight client release. There are three wallets that support the UBTC protocol. Most of them are located in Asia, and others are unknown and exchange little trade volume aside the exchange Okex. In 2018, according to Coinmarketcap statistics, one UBTC was worth $82 USD.

Another controversial part of UnitedBitcoin is the opt-in airdrop feature, in which a bitcoin holder is required to offer some kind of identification in to obtain UBTC. A user is also required to provide a valid email address, a mobile phone number, and a valid bitcoin address to get the 1:1 distribution.

Another criticism of UBTC is the Foundation claiming “unused addresses” This means that after a time-lapse, inactive addresses will be utilized for future development. The team added a grace period to extend the timeframe, allowing bitcoin holders to claim their UBTC.

UnitedBitcoin Documentary - Episode 1