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.
The Promises of United Bitcoin
A few months ago we reported on the UBTC project 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.
Over the past few weeks, the UBTC team have made some videos detailing their project’s goals to be serious cryptocurrency contender. One particular documentary 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.
One Out of Only Two Miners Controls 70% of the Network’s Hashrate
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. The mining pool 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