UnitedBitcoin: new Bitcoin fork scheduled for December

More and more Bitcoin hard forks are appearing and one of them, UnitedBitcoin, is scheduled to occur on December 12 of 2017
11 December 2017   2322

A lot of people who hold Bitcoin cryptocurrency are waiting for forks to happen to receive new coins for free. The new hard fork under the name UnitedBitcoin is announced to occur on December 12.

unitedBitcoin hard forkUnitedBitcoin hard fork logo

UnitedBitcoins’ s philosophy is to fork Bitcoin and upgrade the resulting network. All active Bitcoin addresses will receive corresponding balances on UnitedBitcoin’s chain. Balances of inactive addresses will be collected and used to serve the community.

UnitedBitcoin is stated to be the upgrade of Bitcoin implementing smart contracts. The features are listed as follows:

  • Proof-of-Work inherited from Bitcoin with brand new high-speed smart contracts
  • Faster transactions through the Lightning network
  • Asset Allocation of active addresses (1 Bitcoin = 1 UnitedBitcoin)
  • No-premining, stable system with fiat currency pegged reserves 
  • Block-size increase to 8 MB and support for SegWit
  • The fork will take place at BTC block height #498777
  • It will be possible to get UnitedBitcoins not only for Bitcoin holders, but also for the holders of one of more than 10 currencies (such as ETH, QTUM, LTC, HSR, etc.)

Blueprint of Bitcoin forks UnitedBitcoinThe blueprint of Bitcoin forks

BIS to Issue Research on Bitcoin Problems

Researcher from the Bank of International Settlements believes BTC should abadon PoW
22 January 2019   82

Researchers from the Bank for International Settlements published a report in which they stated that only by abandoning the Proof-of-Work mechanism of consensus, Bitcoin could get rid of its current and future problems.

According to them, in the future, when the size of the rewards for mining drops to zero, transaction processing fees alone will not be enough to justify the miners' activities. Consequently, the Bitcoin network will become so slow that it will be impossible to use it, the authors argue.

Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality. 

Raphael Auer

Principal Economist, BIS

The BIS admits that second-level solutions such as the Lightning Network can ease the task, but “only fundamental remedy would be to depart from proof-of-work.” According to the report, the transition to alternative consensus mechanisms “require some form of social coordination or institutionalisation”.

The Bank for International Settlements contributes to the cooperation of 60 central banks from various countries of the world, which account for 95% of global GDP.

Earlier this month, the agency disclosed statistics on central bank initiatives in the field of state digital currencies. According to him, about 70% of central banks conduct research related to the issuance of national digital currencies, but plans for their implementation and the perception of the issue vary considerably in different countries