NEWS UnitedCorp launches lawsuit against Bitmain, Roger Ver | FUTURE TIMES
NEWS
UnitedCorp launches lawsuit against Bitmain, Roger Ver, and Kraken
United American Corp (UnitedCorp), a digital technologies company, has filed a lawsuit against Bitmain, Bitcoin.com, Roger Ver, Kraken, and other individuals involved in, what United Corp claims is, a “well-planned scheme to take control of the Bitcoin Cash network.” UnitedCorp alleged that the defendants caused the “global capitalization meltdown of the Bitcoin Cash network” for their personal gains at the expense of others. This suit revolves around the November 15th, Bitcoin Cash hard fork that effectively split the network in two. After the split, UnitedCorp alleged that the defendants took control of the Bitcoin Cash network violating the “Nakamoto Whitepaper and consensus rules,” creating “significant uncertainty and a lack of confidence in the network.”
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Once the Bitcoin ABC rule set was established, it became the dominant chain and the rented hashing was withdrawn and was no longer contributing to the Bitcoin Cash network.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alleges that the use of computational hashing power that did not contribute to the network just prior and then was withdrawn shortly after the network upgrade was put in place for the sole purpose of maintaining an artificially longer chain over the existing rule sets and amounted to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.”
