Detail Whitepaper GitHub Comment Analysis

WebSite	http://ub.com/
GitHub	UnitedBitcoin/UnitedBitcoin
Update Date	2018 Sep 03 10:09:38

Circulating Supply	0
Total Supply	21,000,000
Max Supply	21,000,000
Price	$4.60741
Volume 24h	$275,117
Market Cap	$0
Change 24h	+6.21%
Update Date	September 26th 2018, 2:40:23 am

v1

The mission of UB is to find a purpose for lost Bitcoin and inactive wallets, and create a stable cryptocurrency system (UB Stable Coin) through an association of joint credit and smart contracts. UB will use the pressure-tested mechanics of Bitcoin, while it upgrades areas to accommodate for larger social demands. These improvements will be an increase in block size to 8mb, the addition of smart contract support based on UVM, and Segregated Witness (SegWit) implementation.

SHA256 PoW Mining Model UB keeps the mining algorithm of Bitcoin. Although energy consumption is a concern with PoW (proof of work), it has a very solid track record and has demonstrated itself to be very secure. A hybrid consensus model where mining will be partially based on PoW and partially on PoS (proof of stake) is being explored.

Types of Contract Transactions

The ScriptPubKey lock script area of the transaction can increase the contract related operators to trigger registration of the contract, invoke the contract, upgrade the contract, and/or cancel the contract.

Transactions with these operators will trigger the smart contract virtual machine to perform the associated contract bytecode.

The operator of the registration of the contract will execute the contract bytecode to register on the chain as a new smart contract, and once successful a new smart contract address will be assigned.

The operator that invokes the contract on the chain, executes the corresponding bytecode, and generates certain execution results, such as transfer or contract status changes.

The operator that upgrades a contract can assign a unique name to an un-upgraded and unwritten contract on the blockchain and mark the contract as un-cancellable. This smart contract is invoked by the user or other contract by the contract name.

The operator that cancels a contract can mark an un-upgraded and unwritten contract on the user-created blockchain as cancelled. The cancelled contract will not disappear from the blockchain, but cannot be called again, only the relevant historical data can be queried.

Smart Contracts

UB’s smart contracts allow users to write customized behaviors and use them in the blockchain, rather than having to do several (manual) predefined operations. By using smart contracts, users can easily configure complex transaction logic, as well as execute complex financial contracts. At the same time, users can extend functionality, add restrictions or add dynamic controls, without modifying or upgrading the blockchain. Smart contracts allow users to register customized contract bytecode in the blockchain and invoke transactions in UB’s chain. The bytecode is executed in a Turing-complete virtual machine for blockchain. Developers can write smart contracts using a programming language with friendly syntax (C#, Java, LUA or Kotlin), which is then compiled into contract bytecode and stored in the blockchain. Each node of UB synchronizes the blockchain and invokes a virtual machine to perform and verify the relevant contract bytecode.

Contract State Storage

Each smart contract has an isolated storage area for housekeeping, and to record the status data of the smart contract. When the contract is executed, it can modify or query the storage of the contract. Changes to the storage can only be submitted to the blockchain if execution succeeds. When retroversion of a block of blockchain occurs, the storage of the contract needs to revert back to its previous state, based on the history of the storage.