Unit Bitcoin

What is uBTC (UBTC)?

uBTC (UBTC), also known as United Bitcoin, is a Bitcoin fork that emerged in December 2017. UBTC was created with the goal of improving upon Bitcoin's technology by implementing smart contract functionality, larger block sizes, and a more energy-efficient consensus mechanism. As a Bitcoin fork, UBTC shares part of Bitcoin's transaction history but introduces its own unique features and tokenomics to address what its developers perceived as limitations in the original Bitcoin protocol.

How Does uBTC (UBTC) Work?

uBTC (UBTC) operates on its own blockchain that initially forked from the Bitcoin blockchain. However, UBTC incorporates several technical modifications that differentiate it from Bitcoin:

• Smart contract functionality to enable more complex transactions
• Increased block size (8MB compared to Bitcoin's 1MB at the time of the fork)
• Lightning Network integration for faster transaction processing
• Compatibility with the Ethereum Virtual Machine (EVM)

The UBTC network uses a hybrid consensus mechanism that combines elements of Proof-of-Work (PoW) and Proof-of-Stake (PoS) to validate transactions and secure the network, making it more energy-efficient than pure PoW systems while maintaining robust security.

UBTC Mining and Staking

UBTC (UBTC) offers both mining and staking opportunities for participants in its ecosystem:

UBTC Mining

UBTC can be mined through a modified version of Bitcoin's Proof-of-Work algorithm. Miners compete to solve complex mathematical problems, and successful miners receive UBTC rewards for validating blocks of transactions. Unlike Bitcoin, UBTC's mining algorithm was designed to be more energy-efficient while still maintaining the decentralized security benefits of PoW systems.

UBTC Staking

In addition to traditional mining, UBTC also supports staking through its Proof-of-Stake component. UBTC holders can lock their tokens in a staking wallet to support network operations and earn staking rewards in return. The annual staking yield for UBTC varies based on the total number of tokens being staked across the network. Staking not only provides passive income for UBTC holders but also contributes to the network's security and governance.

What is UBTC Used For?

UBTC (UBTC) serves multiple purposes within its ecosystem:

• Medium of exchange for fast and low-cost transactions
• Platform currency for deploying and executing smart contracts
• Governance token allowing holders to vote on protocol updates and changes
• Store of value that aims to address Bitcoin's scalability issues
• Fuel for decentralized applications built on the UBTC network

UBTC Distribution and Launch

When UBTC (UBTC) launched in December 2017, the distribution followed a unique model:

• UBTC was distributed to existing Bitcoin holders at a 1:1 ratio at the time of the fork (block height 498,777)
• Only active Bitcoin addresses (those that had transaction activity) received the UBTC allocation
• A portion of unclaimed UBTC from inactive addresses was allocated to a foundation for ecosystem development
• The development team reserved a percentage of the total supply for continued development, marketing, and partnerships

The total supply of UBTC was capped at 21 million tokens, mirroring Bitcoin's maximum supply to maintain the scarcity principle that underpins much of Bitcoin's value proposition.

Additional Information About UBTC

UBTC (UBTC) has established partnerships with various financial institutions and technology companies to expand its use cases and adoption. The project emphasizes cross-chain compatibility, allowing for easier integration with other blockchain networks and facilitating a more connected blockchain ecosystem.

Trading UBTC with Cryptohopper

Anyone can trade UBTC (UBTC) on supported cryptocurrency exchanges using Cryptohopper's automated trading bot. Cryptohopper provides advanced trading tools and strategies that can help both beginners and experienced traders optimize their UBTC trading. The platform's automated nature allows for 24/7 trading without requiring constant manual monitoring, potentially maximizing profit opportunities in the volatile cryptocurrency market.

Whether you're looking to add UBTC to your long-term portfolio or engage in more active trading strategies, Cryptohopper's customizable bots can be configured to align with your specific UBTC trading goals and risk tolerance.