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The initial idea of the project is a credit cryptocurrency system bound to various types of traditional currencies, on a par with smart contract feature. The project is based on Bitcoin’s blockchain and allows BTC owners to get UnitedBitcoin at 1:1 rate. The inactive BTC wallets will serve as a financial support for this new blockchain project.
The UBTC developers strive to unite the cryptocurrency ecosystem, maintaining the most important aspects like community, technology, and tokenomics. UBTC is perceived as a cross-industry solution.
Currently, the UnitedBitcoin network is small in terms of community and infrastructure. Now, there is a minimal number of active miners working on UnitedBitcoin blockchain and most of them are based in the mining pool BW.com, which has 70% of the entire hashrate. The total hashrate is about 50,811.47 TH/s. At the moment of launch, the time intervals of block processing varied from 20-40 minutes to half an hour. However, today UBTC’s website claims that blocks are created every 10 seconds. The number of active users and pending transactions is low, too. The block sizes are lower than 1MB, while UBTC’s network allows 8MB blocks.
UnitedBitcoin has a native wallet available for Windows, Mac, and Linux. The source code is open and available for users. UBTC is traded on Asian exchanges and most of them are unknown and have low trading volume (besides Okex). According to Coinmarketcap, the current UBTC’s price is $5,30 USD and the total coin supply is 21 000 000.
UnitedBitcoin’s team is dedicated to making smart contract programming available by supporting programming languages like LUA, Java, C#, and Kotlin.
The network’s consensus mechanism is DPOS (delegated proof-of-stake).
The project is controversial since it requires BTC users to give up personal information like email address and phone number to get UBTC. BTC users are encouraged to change BTC for UBTC (1:1), using their individual bitcoin address. Also, the idea of using inactive wallets for UBTC’s development gives rise to doubt among the community members.
These personal info requirements, small network, weak infrastructures as well as the usage of inactive BTC addresses makes UBTC the most disputable Bitcoin fork.