Many more words: Jeff garzik’s announces United Bitcoin

The number of projects with the word Bitcoin continues to grow — in the end, harsh words will always be much more than ideas. Jeff garzik’s — formerly one of the leading developers of Bitcoin, and later head of development of the project SegWit2X produces their own fork UnitedBitcoin (UBTC, or UB — BU reverse acronym, that is Bitcoin Unlimited). As with other fork, coins United Bitcoin will be able to all holders of bitcoin.

This fork is planned to collect just about all the innovations that have emerged over the last two years — as accepted and rejected in the original blockchain. United Bitcoin promises to add smart contracts using model UTXO, support Lightning Network, SegWit, blocks of 8 MB and protection from replay transactions (replay protection).

According to garzik’s, holders of 10% of the mining power in the bitcoin network already support UnitedBitcoin in connection with the reduction in the yield of production of the first cryptocurrencies. He noted that UB already supported on the stock exchanges ZB and EXX.

White paper UB describes that the developers also plan to release the coins for unavailable / lost the addresses of the main blockchain and redistribute them in the United Bitcoin Foundation. 30% of them will go to support other innovation networks in the ecosystem, in particular Ethereum, Qtum, Litecoin and Hshare.

The process of dissemination of UB is not quite classic, tokens will not be realized with the help of private keys — they will spread the developers own algorithm. In particular, they tend to only give them to active users. UB will receive users of BTC that are actively transferred its funds: tokens will be given to those locations that participated in the transaction after the block 494000 (11 November 2017). Those addresses that did not make the transaction after this block will be marked inactive, for whatever reason. A second chance to earn tokens there are those who will hold the transaction between the blocks 498777 (12 December 2017) and 501 878 (about 3 January 2018). The output address should contain a balance greater than 0.01 BTC.

However, you should consider the privacy issue, which is that in order to «proactive» require UB tokens, the Protocol forces users to re-use your addresses. This action jeopardizes the confidentiality and, unless addressed, can bind many coins users together.

«It’s not the only provocative criticism of part of the mechanism of distribution. The initial distribution of coins is not determined by consensus. This means that even if you have to run full software unit UB (which is not necessary), you will have no way to know how many coins you get. Conversely, if you already have bitcoins, you will not know how many of your coins will not be taken into account. You just need to trust the promise of the developers to properly distribute the coins,» – said one of the developers.

There is one more thing — encouraging users to be active between these dates will increase the number of transactions in the network and will lead to an increase in fees, which now cost a lot. However, community reaction to the release of United Bitcoin may not be too active, as the prospects of this fork not too specific.

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