Jeff Garzik Launches a Smart Contracts Bitcoin Chain-Split Fork

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One of bitcoin’s earliest developer is now launching his own forkcoin called UnitedBitcoin (Ticker: UBTC) which gives all current bitcoin holders one UBTC per BTC.

They are further to unfreeze lost coins that have gone to inaccessible bitcoin addresses, with these forkcoins going to the UnitedBitcoin Foundation, which will distribute 30% towards rewarding:

“Other innovative chains in the ecosystem, such as Ethereum (the first smart contract), Qtum (the first smart contract on top of Bitcoin), Litecoin (the first major altcoin), Hshare (an algorithm with anti-quantum attack properties) and more,” Trustnodes is told in a statement.

The project’s barebones whitepaper does not detail what exactly they’ll determine as being an inactive address, with Nakamoto’s one million bitcoins potentially falling under such definition.

That would give the project a substantial amount of forkcoins, and even though they say it’s not a pre-mine, conceptually there might not be much of a difference.

Another unclear aspects is smart contracts. They say UB is to be incorporated with a UVM, which they don’t spell out but we presume stands for a Universal Virtual Machine. However, the whitepaper gives as good as no detail regarding this UVM.

United Bitcoin launch plan

A third aspect is a fiat pegged currency, with some of the inactive bitcoins turned forkcoins used towards it, but how exactly remains a bit of a mystery.

The project is, nonetheless, noteworthy because Jeff Garzik is Chief Scientist, so seemingly now leading his own public blockchain after falling out with current bitcoin developers, or at least appearing to do so.

“UB is not looking to replace Bitcoin, but rather is looking to support the progression of the ecosystem by introducing new technologies faster,” Jeff Garzik says. “We look forward to this exciting next phase in Bitcoin’s evolution.”

A new phase that can potentially be exciting because suddenly bitcoin forks are proliferating after the chain-split fork of Bitcoin Cash on August 1st 2017.

BCH rose to instantly gain a market cap of $5 billion at the time, and now is not far off from around $30 billion, so seemingly leading other coders to think there might be some easy money to be made.

Such as Bitcoin Gold, which pre-mined 100,000 BTG for a GPU bitcoin, with it too instantly gaining a market cap of $5 billion, but is currently falling down the ranks.

Now, we keep hearing about all these other bitcoins, with one of them not even bothering to find a name, calling itself just Bitcoin X.

And why not, as bitcoin and other public blockchains, such as ethereum, are open source, decentralized, without copyrights, any individual can just fork them and launch a chain-split coin from their basement.

“This ecosystem is a movie, not a static picture – the pace of innovations being developed in this industry is incredible,” Matthew Roszak, part of UB’s team, says.

And what a movie it is. The greatest play ever non written, but experienced by a new generation, with the story line constantly developing, now, potentially, from ICOs to forkcoins.

 

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