Opinions

UnitedCorp Files Lawsuit Against Few Bitcoin Operating Organizations

According to reports emerging on the 6th of December, UnitedCorp has stepped up against an in-process scheme by Bitmain, Roger Ver, Kraken and a few other Bitcoin operating organizations to take charge of the bitcoin network but that thought has been intervened by UnitedCorp as it launched a lawsuit against these organizations.

UnitedCorp operates in various fields related to technology and also actively participates in blockchain activities as it owns and manages the BlockchainDomes stations, heat station for agricultural applications. The company intends to take progressive steps to increase its bitcoin related activities which derived the will for the company to stand up against any misdeed related to the bitcoin network.

The lawsuit filed in the U.S. District Court for the Southern District of Florida states that the alleged parties collaboratively took part in planning a plot against other blockchain operating corporations that would alternatively benefit the alleged parties, with intentions to take control of the bitcoin network. The report also mentions that:

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 report outlines the issue and the cause of the issue that was the driving force for the lawsuit. As highlighted earlier, UnitedCorp filed a lawsuit against a few bitcoin operating organizations as a result of suspicion against these organizations but what gave rise to this suspicion? What made UnitedCorp think that the bitcoin network was a target of some plot?

This suspicion was driven from an attempted invasion on the bitcoin network on November 15th, 2018 when the alleged companies tried to manipulate the purpose of the network, launching updates to centralize the bitcoin network.

Since its invention almost a decade ago, bitcoin has always been thought to be a decentralized network where anyone can buy or sell shares. However, the companies against which a lawsuit has been filed by UnitedCorp attempted to centralize the system to disrupt the protocols and basic existing standards of the network in order to get hold of it and financially damage other bitcoin operating organizations.

The Bitcoin Cash has recently been divided into two rival factions as Bitcoin Cash ABC and Bitcoin Cash SV. This split of the BTC has prompted two visions with different rule sets and both the rivals kept fighting for implementations of their rule sets, however, one of the two crossed a line according to some, updating BTC to make it a centralized system and getting control of it to implement the desired rule set.
Roger Ver and a few other Bitmain contributors were in support of the Bitcoin Cash ABC while Craig Steven Wright and billionaire Calvin Ayre supported the Bitcoin Cash SV camp, where one worked for bringing in changes that would eventually benefit them only, the other camp focused on building on the foundations of BTC, respectively.

UnitedCorp firmly believes that the Bitcoin Cash ABC camp supporters are infecting the blockchain network to gain control of the system that would help them enable maintenance of control on implementations for network updates in the future, reason being for all the allegations against these bitcoin operating organizations.

To protect the bitcoin network, UnitedCorp has stepped up against these organizations to prevent them from further injecting their rule sets in the world of crypto. Moreover, the company has also urged for compensation for the damages that companies have faced due to the intervention by Bitmain and other Bitcoin Cash ABC supporting corporations in the bitcoin network.

Furthermore, in recent times, Bitcoin Cash SV has seen growth in the cryptocurrency industry recording market capitalization at $1.9 billion. In contrary, due to these rising allegations against Bitcoin Cash ABC supporting organizations, the Bitcoin Cash ABC has devalued.

Hence, serious considerations must be given to the allegations put by UnitedCorp on the corporations running the Bitcoin ABC camp in order to develop as a community in the bitcoin network rather than one gaining at the cost of loss to others. The decentralized system that allows transparent data sharing was one of the major cause of the success of the bitcoin network in the world of trade and anything different might put the growing industry in to a vulnerable state. Let’s hope not.

 

Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Contact the editor at editor.opinions@blockpublisher.com

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