UnitedBitcoin implements first cross-chain distribution following a fork

Community airdrop will distribute UBTC to blockchain communities, forums, and organizations recognized by the UnitedBitcoin Foundation

United Bitcoin, the Bitcoin fork launched by pioneers Jeff Garzik and Matthew Roszak, today announced a community airdrop. UnitedBitcoin’s airdrop marks the first cross-chain distribution following a fork. UBTC is now listed on 18 exchanges, and its Hong Kong team has grown to 12 people.

Upon completion of UBTC’s phase 1 and phase 2 distribution to the Bitcoin community, 30 percent of the remaining UBTC will be deposited into UB Labs. UB Labs safeguards UBTC, which will be distributed to active holders of other communities in the future. Initially, this will include ETH, HSR, INK, LTC, and QTUM. Coins must be in circulation and not controlled by a foundation. The intention is to distribute UBTC to blockchain communities, forums, and other organizations recognized by the UnitedBitcoin Foundation.

UnitedBitcoin advocates for the entire ecosystem of blockchain innovation, and our cross-chain distribution supports this mission,” said Jeff Garzik. “We look forward to introducing UnitedBitcoin to a broader audience and promoting global adoption.

The purpose of UnitedBitcoin (UB) is to establish a credit currency system pegged against fiat currencies, and also to support smart contracts that can serve society. UB’s network is 100 percent inherited from Bitcoin. Following the fork, active addresses received UBTC at a rate of 1:1. The UBTC balances of inactive wallets go to the UnitedBitcoin Foundation, which will use UBTC to support high-quality blockchain projects. UnitedBitcoin will use the pressure-tested mechanics of Bitcoin, while making improvements such as on-chain scalability (increasing the block size to 8mb), adding smart contract support based on UVM, adding Lightning Network support for faster payments, and implementing SegWit. Distributions will be completed on February 10, 2018.

UB retains many of the mechanics of Bitcoin, such as the total supply, block-speed, halving scheduled, SegWit integration and PoW algorithm, with an initial lowered difficulty. Where UB differs is the 8mb block size to improve on-chain scalability, the addition of new smart contract features, and plans to support the Lightning Network in 2018. UB’s smart contract system uses the UTXO model, a newly developed technology adding massive potential to its utility. Replay protection is also native.

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