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Highlights
- United Bitcoin is a forked bitcoin
- United Bitcoin is more complex than the existing bitcoin network
- Trading volume in UBTC has increased by 495.67% to around US$1.3 million.
The crypto market is witnessing some pullback on Friday (20 May) after a roller-coaster rise earlier this week. According to CoinMarketCap, the market has gained 5.64% in the last 24 hours, with a market capitalisation of US$1.29 trillion. The most popular cryptocurrency, Bitcoin, also surged by 5.48% to US$30,336.59. The digital asset has been under significant selling pressure lately. At the time of drafting this piece, the total trading volume of the crypto market was more than US$84.66 billion in the last 24hrs.
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On Friday, the United Bitcoin (UBTC) came out as a star performer as it was up by 743.44% in the last 24 hours at 12:33 PM AEST, trading at US$0.3055. Trading volume in this crypto has also increased by 495.67% to around US$1.3 million.
There is no specific reason to justify today’s surge in United Bitcoin price. However, today’s gains can be considered as a pullback of the selloff that the crypto witnessed in the last two months. Worth mentioning here is that, despite today’s gains in UBTC, the crypto is way below its 52-week high of US$4.06 and all-time high of US$698.43, seen on 24 December 2017. This crypto has lost almost 65% of its value since 1 April 2022, falling from over US$1 per token mark.
Now, let us understand what United Bitcoin is and why was it created.
About United Bitcoin
Image source: © Phamawat | Megapixl.com
UBTC is a bitcoin-based fork. A bitcoin fork happens when a group of people or individuals makes changes to the existing set of rules on a blockchain. When changes are made, the chain splits, and a new blockchain is created.
It was created by Jeff Garzik and the team with the idea that bitcoins need to be repurposed. The mission was to find a purpose for bitcoin. As per the project’s whitepaper, UB uses pressure-tested mechanics of bitcoin.
In terms of technology, the difference between bitcoin and United Bitcoins is the block sizes, smart contracts and SegWit (Segregated Witness) implementation. The block sizes have increased to 8MB. In addition to this, the smart contracts will redistribute and reclaim the old bitcoins.
The whitepaper of United Bitcoin highlighted two main components, stablecoins and smart contracts. As per the whitepaper, UB smart contracts offer rich and complete statefulness. Briefly, UB is making smart contracts accessible to all by employing generic programming languages.
Talking about the stable coin, the whitepaper mentioned that the company is working on launching a new stable coin which will be pegged against the US dollar in 1:1 ratio. The UB stable coins will be termed as UUSD.
UBTC is traded on several crypto exchanges, including YoBitr, Hoo and OKX. The maximum supply of UBTC is 21,000,000, but there is no data available on its circulating supply, according to CoinMarketCap.
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