UnitedCorp Launches Suit against Bitmain, Bitcoin.com, Roger Ver, Kraken Bitcoin Exchange and others Alleging Hijacking of the
December 06 2018 - 10:00AM
InvestorsHub NewsWire
UnitedCorp Launches Suit against
Bitmain, Bitcoin.com, Roger Ver,
Kraken Bitcoin Exchange
and others Alleging Hijacking of the Bitcoin Cash
Network
UnitedCorp alleges collusion
for the purpose of control of the
network and is seeking
injunctive relief
MIAMI, FL
-- December
06,
2018 -- InvestorsHub
NewsWire -- Miami-based
United American
Corp ("UnitedCorp")
(OTC:
UAMA) announced today that it has
launched a suit for damages and injunctive relief
against
Bitmain,
Bitcoin.com, Roger Ver, the Kraken Bitcoin Exchange and other
individuals that
are related to what is
alleged to
have been a well-planned scheme
to take control
of the Bitcoin Cash network for personal gain and
which
caused a global capitalization
meltdown of the Bitcoin Cash network at the expense of
others.
The suit launched
today
in the US
District Court for the Southern District of Florida
alleges that
the defendants collectively
engaged in unfair methods of competition and through a series of
unconscionable, deceptive and unfair practices, manipulated the Bitcoin
Cash network for their benefit and to the
detriment of UnitedCorp and other Bitcoin Cash stakeholders.
UnitedCorp
believes that the defendants colluded to effectively hijack the
Bitcoin Cash network after the November 15, 2018
scheduled
software update with the intent of
centralizing
the network - all in violation of the
accepted standards and protocols associated with Bitcoin since its
inception.
The suit seeks
injunctive relief
against the defendants to prevent them
from continuing ongoing actions against the Bitcoin Cash network
and to prevent them from doing so in the future. It
also seeks compensatory damages with a quantum to be determined at
trial.
Bitcoin Cash is one of
the most
important cryptocurrency
networks
that has been established in recent
years. It
is used for peer-to-peer electronic cash system between parties on the
Bitcoin Cash network which are executed through a network of
decentralized public ledgers which confirm and maintain the records
of these digital transactions on a blockchain in a highly
cryptographic environment. The integrity and confidence
in the network is in part based on this decentralization
as well as the
operating principle that no single person or
entity is
able to control the majority of the network.
Since confirmation and recording of transactions on the blockchain
is undertaken by "consensus" of network nodes and since
transaction ledgers are continuously being checked against each
other, tampering with the ledgers is extremely difficult if not
impossible since multiple ledgers would have to be tampered with in
the same way and simultaneously. However if an entity controls more
than 51% of a blockchain network, the network becomes susceptible
to fraud including reversal of transactions and what is known as
"double spending" or spending the same cryptocurrency more than
once.
On November 15, 2018
the Bitcoin Cash network
underwent an upgrade
using
the
Bitcoin ABC
0.18.4 implementation.
UnitedCorp
alleges that the defendants took control of the Bitcoin Cash
network immediately after the
November 15th software upgrade against all
principles and
protocols of the blockchain, through the use of "rented
hashing" the process of artificially and
temporarily deploying or redirecting computing power to take
control of the network and used this computer power to
favor
the
adoption of the Bitcoin ABC
new rule sets
over other implantations that would have maintained democratic rule
sets. Once
the Bitcoin ABC rule set was established, it
became the dominant chain and the rented hashing was
withdrawn and was no longer
contributing
to
the
Bitcoin
Cash network. UnitedCorp
alleges
that the use of
computational hashing power that did not contribute
to the network
just prior and then was withdrawn shortly after the network
upgrade was put in place
for the
sole purpose of maintaining an artificially longer
chain
over the existing
rule sets and amounted to human manipulation
for the
purpose decentralizing the
autonomous
network
and
that
this
was
orchestrated by a
small group of individuals and corporations.
UnitedCorp
also alleges
that a few
days later on November
20th, the ABC development
team planted a "poison pill" into
the blockchain in
the form of a "Deep Reorg
Prevention" as well as
other
functionality in order to
cement
the
control of the
blockchain ledger. This intervention
allows
maintenance of control on future implementations
and
any
related rule
sets
for future
network upgrades.
"We are bringing this suit on
behalf of UnitedCorp because we believe strongly
in the value and integrity of democratic, distributed and
decentralized blockchain networks which will become more important
with time," stated Benoit Laliberte, President
of UnitedCorp, "In order to maintain confidence
in cryptocurrencies such as Bitcoin Cash, no
person or entity can be allowed to control them."
About United
American Corp
Established in 1992, United
American Corp is a Florida-based development and management company
focusing on telecommunications and information technologies. The
company currently holds the rights to manage a portfolio of patents
and proprietary technology in telecommunications, social media and
Blockchain technology, and owns and operates the BlockchainDomes
which are designed to provide heat for agricultural operations
using computer equipment in naturally cooled data centers where
efficiency and low-cost operations are a priority.
This news release
contains forward-looking statements that are subject to various
risks and uncertainties. The Company's actual results could differ
materially from those anticipated in such forward-looking
statements as a result of numerous factors that may be beyond the
Company's control. Forward-looking statements are based on the
expectations and opinions of the Company's management on the date
the statements are made, and the Company assumes no obligation to
update forward-looking statements should circumstances in
management's expectations or opinions change.
Source:
United American Corp
Contact:
investorrelations@unitedcorp.com
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