UMI Top - umi.top

[UMI Top]

UMI Blockchain Six-Level Security

As you likely know from our website and Whitepaper, the UMI network fully uses the blockchain technology to ensure its users with supreme security and transparency as well as to secure itself against unauthorized access. The UMI network cannot be hacked. No transaction can be canceled or forged.

As compared to other cryptos, the UMI network is known for a unique implementation of blockchain technology. Like other cryptocurrencies, UMI is also based on a decentralized blockchain rather than traditional servers and databases controlled by specific organizations. But the 6-level security of the blockchain distinguishes UMI from other coins and makes it the safest cryptocurrency.

Level 1 — a seed phrase is fully secured

All popular cryptocurrencies have a common downside: to run a transaction, their official nodes require you to import your private keys (wallet.dat file if you want to send BTC) or a seed phrase (if you want to send NXT or PRIZM).

This way, when using a node, your mnemonic phrase/private keys are transmitted to the network. It means that if there's a network attack or node holders' conspiracy, your private keys can be compromised, which undermines the key idea behind the blockchain technology –– no trust of others

In this regard, the UMI network applies an alternative solution. To ensure the maximum security possible, the UMI node does not require a mnemonic phrase to complete a transaction. In real fact, moreover, the network doesn't allow for executing transactions directly through a node. There are libraries/SDKs created specifically for this purpose. These tools, which are available free, significantly simplify the process of wallet and other UMI-based apps development

Thus, UMI nodes never transmit a seed phrase to the network, in whatever form. Secret data does not leave your device and are always kept secured. We should also remind you, just in case, UMI uses the encryption algorithm which protects the mnemonic phrase you enter to log into your UMI wallet

Level 2 — invalid and trash transactions are absolutely rejected

By using libraries, anyone can create a transaction in the UMI network, but not all transactions are approved. UMI libraries are designed to support specific standards and automatically reject, for example, invalid or trash transactions, cluttering up the network for spam purposes.

Imagine that

- there is a transaction "address A transfers 100 coins to address B". This transaction is correct and means that one person will receive a transfer from another one.

- But there might be another scenario: someone can send an unfair transaction (for example, send coins from an account with non-sufficient funds on it to cover the transaction) or an absolutely invalid one (jumble of symbols), which makes no sense and is not based on a programming command.

UMI libraries try to secure the network against the last-mentioned types of transactions by checking them against only specific standards and automatically rejecting every transaction that does not comply with the rules.

Level 3 — validator nodes verify all transactions

Unfortunately, sometimes people intending to ruin something can't be stopped. Hackers can set out to find security holes to send an invalid transaction. With this in mind, the UMI team set verifying the correctness of transactions as a key function of validator nodes.

In fact, this is their key task –– to verify incoming transactions against basic blockchain requirements. Therefore, if a fake or invalid transaction reaches the network in some way, a validator node will automatically reject it and won't allow it to get into the mempool, and consequently the blockchain. All “trash” that reaches the node is immediately weeded out.

Level 4 — master nodes re-verify transactions

Only after validator nodes carefully have carefully verified transactions against the basic requirements, the transactions are sent to the mempool to be checked by master nodes. Despite being part of the same network, master nodes, which are responsible for the network security, won't rely on validator nodes. They double-check each (!) transaction against all the requirements.

Even if bad faith users somehow compromise validator nodes, they still won't be able to trick the system. Only those transactions that are validated triply –– by the libraries, validator nodes, and master nodes –– are collected into blocks and sent to the UMI network.

Level 5 — master nodes check blocks

Even after blocks have been added to the network, they are double-checked again by master nodes. Only after a block goes through the final verification of all parameters, it "gets approval" and included in the network.

Level 6 — unique security model detects malicious master nodes

Master nodes ensure the correctness of a block and all the transactions it includes. However, in theory at least, the keys granting access to master nodes may fall into the wrong hands. For example, they may be stolen or whatever else may happen to them. Therefore, there are a lot of master nodes on the network. They are located around the world on different continents, while access keys to them are distributed amongst different people.

Other cryptocurrencies use the tactic of trusting the majority master nodes to secure themselves against being compromised. Assume that:

- There are 100 master nodes in total.
- Those approved by at least 51 master nodes (51%) are considered valid.

The idea is that with the proper functioning of most master nodes, a loss of several keys will be not crucial. Nonetheless, that system has a significant downside –– the network risks falling victim to 51% attack. Decide for yourself: if attackers access and control most master nodes, they could relay invalid or falsified transactions to the network.

UMI uses a disparate approach. Not only a few, but even most of the master node keys lost do not pose any threat to the network. Because each (!) master node checks an incoming block against all (!) of the rules. In other words, if someone obtains the secret keys to most master nodes, creates an incorrect block, and tries to send it to the network, the block will be immediately rejected and blacklisted, while the nodes that signed it will be blocked. Thus, an incorrect and fake transaction can get into the UMI network only if approved by ALL master nodes (100%) instead of 51% as in the case with other cryptocurrencies.

Six-level security of the UMI blockchain provides this cryptocurrency with the best ever protection which has never been seen before. That is because the UMI team considers the security of users' coins as a priority.

We wish you a pleasant experience using our product.
Sincerely yours, UMI team

 

[UMI Top]

Speed
(number of transactions per second):

BTC — 10
UMI — 1000-4000

Transfer fees
(average):

BTC — 1-5 $

UMI — no commissions

Waiting for secure transfer
(average)

BTC — 30 min-2 hours
UMI — a few seconds

Security

BTC — very high
UMI — maximum

Lack of verification

BTC — yes
UMI — yes

Decentralization

BTC — yes
UMI — yes

Ability to create coins
(mining / staking)

BTC — yes
UMI — yes

Simple scalability

BTC — no
UMI — yes

Transparency
(open source)

BTC — yes
UMI — yes

High tech
(smart contracts)

BTC — no
UMI — yes

Convenience

BTC — no
UMI — yes

 

[UMI Top]

Traditional Mining vs Green Staking: How UMI Cares for the Planet

Cryptocurrencies are about a major contribution to the transformation of the existing financial system. They can dramatically change the world and be of great benefit to humankind. But looking for benefits mustn't do harm to the environment.

We've taken up this theme for a reason. It is indeed possible to do harm. In fact, harm is already being done. Do you want to know in what way? By traditional mining, which is necessary to maintain the Bitcoin network, and thousands of other Proof-of-Work-based cryptocurrencies.

Negative impact of traditional mining

In order to maintain the Bitcoin network or other PoW-based cryptocurrencies, miners have to solve complex computational math problems — by doing so they verify the authenticity of transactions and add valid ones to the blockchain. This process is dubbed mining and requires extensive computing resources.

The need to compete to solve a mathematical puzzle and receive a reward makes people use more and more powerful equipment. This is how new bitcoins are generated. With the cryptocurrency boom, harmless mining on computers turned into an endless race among miners. Today miners not only buy high-performance computers. Some miners create farms consisting of energy-consuming ASIC devices while others use huge plants to mine bitcoins.

A mining farm consisting of thousands of ASIC devices. Source.

As you know, intensive computing power requires elevated power expenses and leads to air pollution and a waste of natural resources. This poses a serious problem. Nowadays electric power stations, which are thermal power plants (TPP), burn fossil fuel, such as coal or natural gas, to produce electricity.

This process causes CO2 (carbon dioxide) emissions which adversely affect the biosphere — mining contributes to the greenhouse effect which heats the planet up. This consequently causes a global warming effect with its associated impacts on the environment and may pose threats to life on the planet. What is more, every minute we are breathing the same polluted air, thereby being at risk of a bunch of diseases and complications. All these factors shorten life expectancy for us and our children. Air pollution cause a great deal of premature deaths

The more carbon dioxide gets into the environment, the more harm it does. Carbon dioxide is a harmful by-product of industrial activity. The biting irony is that we use natural resources to generate these emissions, and these resources have limits too. Traditional mining significantly exacerbates the global problem and the situation has been deteriorating in recent years.

The effects of carbon footprint are already being felt

There are, undoubtedly, a lot of other factors that cause global environmental degradation, but the impact of mining should never be ignored. Bitcoin mining is estimated to produce as much carbon dioxide as that produced by industries of Estonia, Switzerland, the Czech Republic, Jordan, or Sri Lanka.

The entire bitcoin network is responsible for 22-22.9 million tons of CO2 per year — just think and try to imagine how much it is. Chinese miners represent about half (47%) of emissions. In China energy is cheap as it's produced by coal-fired thermal power plants. Once we add emissions produced by mining other cryptos, the numbers will double!

Powerful mining equipment. Source.

Two years ago, Nature Research journal published an article regarding Bitcoin emissions. It said: "We cannot predict the future of Bitcoin, but projected Bitcoin usage, should it follow the rate of adoption of other broadly adopted technologies, could alone produce enough CO2 emissions to push warming above 2 °C within less than three decades." Two years later, we can see the researchers' concerns had the ground — digital gold keeps to be mined with the same enthusiasm as well as the planet keeps to be polluted. "It [Bitcoin] alone could produce enough emissions to raise global temperatures as soon as 2033, " warn a group of researchers.

As an alternate solution, miners are encouraged to use renewable energy (wind, solar, etc.) — which can make bitcoin mining more environmentally friendly. Unfortunately, renewable energy sources account for just a small share of global energy which makes them impossible to be used widely. Moreover, in the pursuit of profit, miners don't seem particularly eager to get rid of profitable equipment which cost them a fortune.

Nonetheless, the fact that modern cryptocurrencies disapprove environment-damaging mining lets us hope for the early improvement of the situation. UMI is one of these cryptocurrencies.

UMI is a green cryptocurrency based on smart contract

Not all cryptocurrencies use computing power to generate new coins. For example, there are cryptocurrencies based on Proof-of-Stake (PoS) and Proof-of-Authority (PoA) technology. UMI is just like that.
As a substitute for mining and to incite users, UMI uses Staking Smart Contract which allows generating new coins with no energy expenses and powerful equipment. No waste of natural resources. Staking technology is perfectly safe for the planet. This is the latest technological development loop of crypto industry.

UMI can be definitely called an environmentally friendly cryptocurrency as it has no negative impact on the environment. Today this is of greatest importance for all of us. UMI staking neither endangers human health nor harms the environment. In other words, we are protecting the planet and all the people that inhabit it. This is something we can be really proud of. Because the environment influences our health, and good health is the most important thing in life.

As a final note, we would like to say that adhering closely to their ideology, the UMI team collaborates only with environmentally conscious partners who are concerned with the protection of the natural world. This was the main reason for choosing the ROY Club as our partner. We are certain this will be productive cooperation which will make this world a better place.

Join in and invite all your friends — together we can create new UMI coins using eco-friendly staking and care for our planet!

Best regards, UMI Team!

 

[UMI Top]

UMI stands for «Universal Money Instrument».

Universal — because it provides the user with a whole bank in his pocket.

Cash — because using the coin is as easy as fiat money.

Tool — because it allows you not only to make transfers, but also to create coins through a smart contract.

 

[UMI Top]

A Glance at the Heart: Proof-of-Authority Technology in the UMI Network

Greetings from the UMI Team! Our Whitepaper describes in detail the key pros and cons of the two mechanisms which the great majority of other cryptocurrencies are based on:

● Proof-of-Work (PoW) — mining technology. Used in Bitcoin, Ethereum, Litecoin, Monero, etc.

● Proof-of-Stake (PoS) and its derivatives — forging technology. Used in Nxt, PeerCoin, NEO, PRIZM, etc.

As a result of a careful analysis of PoW and PoS, which are designed to fight against centralization, there came a conclusion that they both fail to perform their main mission and, in the long run, they lead to the network centralization and poor performance. For this reason, we took a different approach. We use Proof-of-Authority (PoA) algorithm coupled with master nodes, which can ensure the UMI network with decentralization and maximum speed.

The Whitepaper allows you to understand the obvious things. This article will give you a clear and detailed explanation of the technology implemented in the UMI network. Let's glance at the heart of the network right now.

Proof-of-Authority: How and Why It Emerged

It's been over a decade since the first transaction in the Bitcoin network. Over this time, the blockchain technology has undergone some qualitative changes. It's down to the fact that the cryptocurrency world seeing the emerging Proof-of-Work defects in the Bitcoin network year after year has actively searched for ways to eliminate them.

PoW decentralization and reliability has an underside of low capacity and scalability problem that prevents the network from rectifying this shortcoming. Moreover, with the growing popularity of Bitcoin, greed of miners who benefit from high fees resulting from the low network throughput has become a serious problem. Miners have also started to create pools making the network more and more centralized. The “human factor” that purposefully slowed down the network and undermined its security could never be eliminated. All this essentially limits the potential for using PoW-based cryptocurrencies on a bigger scale.

Since PoW upgrade ideas came to nothing, crypto community activists have suggested cardinally new solutions and started to develop other protocols. This is how the Proof-of-Stake technology emerged. However, it proved to be excellent in theory rather than in practice. Overall, PoS-based cryptocurrencies do demonstrate a higher capacity, but the difference is not as striking. Moreover, PoS could not fully solve the scalability issue.

In the hope that it could cope with the disaster plaguing all cryptocurrencies, the community came up with brand new algorithms based on alternative operating principles. One of them is the Proof-of-Authority technology. It was meant to be an effective alternative with a high capacity and a solution to the scalability problem. The idea of using PoA in cryptocurrencies was offered by Gavin Wood — a high-profile blockchain programmer and Ethereum co-founder.

Proof-of-Authority Major Features

PoA's major difference from PoW and PoS lies in the elimination of miner or forger races. Network users do not fight for the right to be the first to create a block and receive an award, as it happens with cryptocurrencies based on other technologies. In this case blockchain's operating principle is substantially different — Proof-of-Authority uses the “reputation system” and only allows trusted nodes to create blocks.

It solves the scalability problem allowing to considerably increase capacity and handle transactions almost instantly without wasting time on unnecessary calculations made by miners and forgers. Moreover, trusted nodes must meet the strict capacity requirements. This is one the main reasons why we have selected PoA since this is the only technology allowing to fully use super-fast nodes.

Due to these features, the Proof-of-Authority algorithm is seen as one of the most effective and promising options for bringing blockchain to various business sectors. For instance, its model perfectly fits the logistics and supply chain management sectors. As an outstanding example, PoA is effectively used by the Microsoft Azure cloud platform to offer various tools for bringing blockchain solutions to businesses.

How the UMI Network Gets Rid of the Defects and Incorporates the Benefits of Proof-of-Authority Method

Any system has both drawbacks and advantages — so does PoA. According to the original PoA model, each trusted node can create a block, while it is technically impossible for ordinary users to interfere with the system operation. This makes PoA-based cryptocurrencies a lot more centralized than those based on PoW or PoS. This has always been the main reason for criticizing the PoA technology.

We understood that only a completely decentralized product could translate our vision of a "hard-to-hit", secure and transparent monetary instrument into reality. Therefore, we started with upgrading its basic operating principle in order to create a product that will incorporate all the best features while eliminating the defects. What we’ve got is a decentralized PoA method. We will try to explain at the elementary level:

- We've divided the nodes in the UMI network into two types: master nodes and validator nodes.

- Only master nodes have the right to create blocks and confirm transactions. Among master node holders there's the UMI team and their trusted partners from across the world. Moreover, we deliberately keep some of our partners — those who hold master nodes — in secret in order to secure ourselves against potential negative influence, manipulation, and threats from third parties. This way we ensure maximum coherent and reliable system operation.

- However, since the core idea behind a decentralized cryptocurrency rules out any kind of trust, the blockchain is secured to prevent master nodes from harming the network in the event of sabotage or collusion. It might happen to Bitcoin or other PoW- or PoS-based cryptocurrencies if, for example, several large mining pools unite and perform a 51% attack. But it can’t happen to UMI. First, the worst that bad faith master node holders can do is to negligibly slow down the network. But the UMI network will automatically respond to it by banning such nodes. Thus, master nodes will prevent any partner from doing intentional harm to the network. Moreover, it will not be able to do this, even if most other partners support it. Nothing — not even quantum computers — will help hackers. Read our post "UMI Blockchain Six-Level Security" for more details.

- A validator node can be launched by any participant. Validator nodes maintain the network by verifying the correctness of blocks and excluding the possibility of fakes. In doing so they increase the overall network security and help master nodes carry out their functions. More importantly, those who hold validator nodes control those who hold master nodes and confirm that the latter don't violate anything and comply with the rules. You can find more details about validator nodes in the article we mentioned above.

- Finally, the network allows all interested users to launch light nodes (SPV), which enables viewing and sending transactions without having to download the blockchain and maintain the network. With light nodes, any network user can make sure if the system is operating properly and doesn't have to download the blockchain to do this.

- In addition, we are developing the ability to protect the network in case 100% of the master nodes (10,000 master nodes in total) are "disabled" for some reason. Even this is virtually impossible, we've thought ahead and in the worst-case scenario, the system will automatically move to PoS. By doing so, it will be able to continue processing transactions. We're going to tell you about this in our next publications.

Thus, the UMI network uses an upgraded version of this technology which possesses all its advantages with drawbacks eliminated. This model is truly decentralized and maximum secured.

Another major drawback of PoA-based cryptos is no possibility to grant incentives to users. PoA doesn't imply forging or mining which allow users to earn cryptocurrency while generating new coins. No reward for maintaining the network is the main reason why the crypto community is not interested in PoA. This is, of course, unfair. With this in mind, the UMI team has found the best solution — the unique staking smart-contract. It allows you to increase the number of your coins up to 40% per month even with no mining or forging meaning the human factor cannot have a negative impact on the decentralization and network performance.

New-Generation Proof-of-Authority

The UMI network uses an upgraded version of PoA technology which possesses all its advantages with drawbacks virtually eliminated. This makes UMI a decentralized, easily scalable, and yet the most secure, productive, profitable and fair cryptocurrency, working for the sake of all people.

The widespread use of UMI can change most aspects of society in different areas, including production, commerce, logistics, and all financial arrangements. We are just beginning this journey and thrilled to have you with us. Let's change the world together!

Best regards, UMI Team!

 

[UMI Top]

Dear users, here comes a new stage in UMI’s development - full-featured UMI trading is available now. In addition to the SIGEN.pro P2P platform, our coin has also been added to the SIGEN.pro exchange and its «Fast Buy/Sell» service.

Now you can easily buy and sell UMI:

via SIGEN’s exchange for other cryptocurrencies in UMI/BTC and UMI/PRIZM pairs.

Via SIGEN’s P2P platform for the world’s fiat currencies.

Via SIGEN’s «Fast Buy/Sell» service for BTC or PRIZM - in a single click with no registration.

From now on all the three mentioned directions will see a lot of offers to buy/sell UMI in different volumes and at a good price.

Congratulations to all our users on this wonderful event! Now you can easily buy UMI and enjoy convenient transfers, earn up to 40% per month, or create your own staking structure.

Buy/sell UMI at

Sigen.pro

sigen.pro

Sincerely yours, UMI team The future is already here!

 

[UMI Top]

C UMI, only you manage your coins. You don’t owe anyone anything. Nobody will freeze your account. You do not need to report to anyone and explain anything.

With UMI, you don’t have to pay anyone or wait for anything. All transfers are instant and are not subject to commission.

It doesn’t matter to whom, when and where you send coins. Even a person on the other side of the planet will receive UMI immediately, and you will not pay a dime for the transfer. And no queues, no «trips» to banks.

You feel safe with UMI️

No transaction can be compromised.
None can be changed or canceled.
Decentralized blockchain network is not susceptible to hacking.
Nobody knows your personal data except you.

 

[UMI Top]

Glance at the Heart: Proof-of-Authority Technology in the UMI Network

Greetings from the UMI Team! Our Whitepaper describes in detail the key pros and cons of the two mechanisms which the great majority of other cryptocurrencies are based on:

● Proof-of-Work (PoW) — mining technology. Used in Bitcoin, Ethereum, Litecoin, Monero, etc.
● Proof-of-Stake (PoS) and its derivatives — forging technology. Used in Nxt, PeerCoin, NEO, PRIZM, etc.

As a result of a careful analysis of PoW and PoS, which are designed to fight against centralization, there came a conclusion that they both fail to perform their main mission and, in the long run, they lead to the network centralization and poor performance. For this reason, we took a different approach. We use Proof-of-Authority (PoA) algorithm coupled with master nodes, which can ensure the UMI network with decentralization and maximum speed.

The Whitepaper allows you to understand the obvious things. This article will give you a clear and detailed explanation of the technology implemented in the UMI network. Let's glance at the heart of the network right now.

Proof-of-Authority: How and Why It Emerged

It's been over a decade since the first transaction in the Bitcoin network. Over this time, the blockchain technology has undergone some qualitative changes. It's down to the fact that the cryptocurrency world seeing the emerging Proof-of-Work defects in the Bitcoin network year after year has actively searched for ways to eliminate them.

PoW decentralization and reliability has an underside of low capacity and scalability problem that prevents the network from rectifying this shortcoming. Moreover, with the growing popularity of Bitcoin, greed of miners who benefit from high fees resulting from the low network throughput has become a serious problem. Miners have also started to create pools making the network more and more centralized. The “human factor” that purposefully slowed down the network and undermined its security could never be eliminated. All this essentially limits the potential for using PoW-based cryptocurrencies on a bigger scale.

Since PoW upgrade ideas came to nothing, crypto community activists have suggested cardinally new solutions and started to develop other protocols. This is how the Proof-of-Stake technology emerged. However, it proved to be excellent in theory rather than in practice. Overall, PoS-based cryptocurrencies do demonstrate a higher capacity, but the difference is not as striking. Moreover, PoS could not fully solve the scalability issue.

In the hope that it could cope with the disaster plaguing all cryptocurrencies, the community came up with brand new algorithms based on alternative operating principles. One of them is the Proof-of-Authority technology. It was meant to be an effective alternative with a high capacity and a solution to the scalability problem. The idea of using PoA in cryptocurrencies was offered by Gavin Wood — a high-profile blockchain programmer and Ethereum co-founder.

Proof-of-Authority Major Features

PoA's major difference from PoW and PoS lies in the elimination of miner or forger races. Network users do not fight for the right to be the first to create a block and receive an award, as it happens with cryptocurrencies based on other technologies. In this case blockchain's operating principle is substantially different — Proof-of-Authority uses the “reputation system” and only allows trusted nodes to create blocks.

It solves the scalability problem allowing to considerably increase capacity and handle transactions almost instantly without wasting time on unnecessary calculations made by miners and forgers. Moreover, trusted nodes must meet the strict capacity requirements. This is one the main reasons why we have selected PoA since this is the only technology allowing to fully use super-fast nodes.

Due to these features, the Proof-of-Authority algorithm is seen as one of the most effective and promising options for bringing blockchain to various business sectors. For instance, its model perfectly fits the logistics and supply chain management sectors. As an outstanding example, PoA is effectively used by the Microsoft Azure cloud platform to offer various tools for bringing blockchain solutions to businesses.

How the UMI Network Gets Rid of the Defects and Incorporates the Benefits of Proof-of-Authority Method

Any system has both drawbacks and advantages — so does PoA. According to the original PoA model, each trusted node can create a block, while it is technically impossible for ordinary users to interfere with the system operation. This makes PoA-based cryptocurrencies a lot more centralized than those based on PoW or PoS. This has always been the main reason for criticizing the PoA technology.

We understood that only a completely decentralized product could translate our vision of a "hard-to-hit", secure and transparent monetary instrument into reality. Therefore, we started with upgrading its basic operating principle in order to create a product that will incorporate all the best features while eliminating the defects. What we’ve got is a decentralized PoA method. We will try to explain at the elementary level:

- We've divided the nodes in the UMI network into two types: master nodes and validator nodes.

- Only master nodes have the right to create blocks and confirm transactions. Among master node holders there's the UMI team and their trusted partners from across the world. Moreover, we deliberately keep some of our partners — those who hold master nodes — in secret in order to secure ourselves against potential negative influence, manipulation, and threats from third parties. This way we ensure maximum coherent and reliable system operation.

- However, since the core idea behind a decentralized cryptocurrency rules out any kind of trust, the blockchain is secured to prevent master nodes from harming the network in the event of sabotage or collusion. It might happen to Bitcoin or other PoW- or PoS-based cryptocurrencies if, for example, several large mining pools unite and perform a 51% attack. But it can’t happen to UMI. First, the worst that bad faith master node holders can do is to negligibly slow down the network. But the UMI network will automatically respond to it by banning such nodes. Thus, master nodes will prevent any partner from doing intentional harm to the network. Moreover, it will not be able to do this, even if most other partners support it. Nothing — not even quantum computers — will help hackers. Read our post "UMI Blockchain Six-Level Security" for more details.

- A validator node can be launched by any participant. Validator nodes maintain the network by verifying the correctness of blocks and excluding the possibility of fakes. In doing so they increase the overall network security and help master nodes carry out their functions. More importantly, those who hold validator nodes control those who hold master nodes and confirm that the latter don't violate anything and comply with the rules. You can find more details about validator nodes in the article we mentioned above.

- Finally, the network allows all interested users to launch light nodes (SPV), which enables viewing and sending transactions without having to download the blockchain and maintain the network. With light nodes, any network user can make sure if the system is operating properly and doesn't have to download the blockchain to do this.

- In addition, we are developing the ability to protect the network in case 100% of the master nodes (10,000 master nodes in total) are "disabled" for some reason. Even this is virtually impossible, we've thought ahead and in the worst-case scenario, the system will automatically move to PoS. By doing so, it will be able to continue processing transactions. We're going to tell you about this in our next publications.

Thus, the UMI network uses an upgraded version of this technology which possesses all its advantages with drawbacks eliminated. This model is truly decentralized and maximum secured.

Another major drawback of PoA-based cryptos is no possibility to grant incentives to users. PoA doesn't imply forging or mining which allow users to earn cryptocurrency while generating new coins. No reward for maintaining the network is the main reason why the crypto community is not interested in PoA. This is, of course, unfair. With this in mind, the UMI team has found the best solution — the unique staking smart-contract. It allows you to increase the number of your coins up to 40% per month even with no mining or forging meaning the human factor cannot have a negative impact on the decentralization and network performance.

New-Generation Proof-of-Authority

The UMI network uses an upgraded version of PoA technology which possesses all its advantages with drawbacks virtually eliminated. This makes UMI a decentralized, easily scalable, and yet the most secure, productive, profitable and fair cryptocurrency, working for the sake of all people.

The widespread use of UMI can change most aspects of society in different areas, including production, commerce, logistics, and all financial arrangements. We are just beginning this journey and thrilled to have you with us. Let's change the world together!

Best regards, UMI Team!

 

[UMI Top]

Why UMI Will Not Fall Victim to Inflation: Dispelling Myths of “Deadly Issue”

With UMI staking, anyone anywhere in the world can generate new coins at the rate of up to 40 % a month, or up to 5,669 % a year, with no risk of falling victim to fraudsters. It means new opportunities for humanity which never existed before. However, many people who are used to miserable interests on bank deposits and financial pyramids that last a few months at most cannot understand what makes this possible. How can you safely earn up to 40 % a month with no risk of losing it all?

Sceptics cannot wrap their minds around this which makes them suspect there’s a catch to it. Therefore, it should come as no surprise that you can find various myths about UMI's “deadly issue” on forums and social networks. The most popular among them say that you simply cannot ensure long-term operation with this kind of “super-high income” and no one has any idea what will happen to this cryptocurrency in 10 or more years. Here's a forecast from sceptics, briefly: “deposits” with this percentage are simply impossible, it will inevitably cause hyperinflation, UMI cryptocurrency will devalue, and will share the fate of currencies in some of the less fortunate countries, such as Zimbabwe or Venezuela.

To counter these allegations, we've prepared a detailed article with arguments dispelling all these myths, nullifying all “forecasts” and putting the lid on this issue. Here we go!

What's the value behind the forecasts?

First of all, 10 or more years is too much of a long term, and forecasting so far in advance is simply impossible. Don't take us wrong here: it's not just about cryptocurrencies; it's about anything in the world. There was a time when people thought pagers, faxes, and landline phones had cheerful prospects, but look at what happened to them. They have been replaced by smartphones and the Internet accessible to all which no one believed was possible in the first place. New technologies emerge out of the blue and transform the world beyond recognition. The old — something everyone is used to — is replaced with something new and more convenient. Something better.

10 years ago people believed in developing bank technologies, but then, all of a sudden, Bitcoin was created and transformed people's understanding of financial payments. It turned out anyone in the world can make payments with no intermediaries and generate new digital money. It's true that Bitcoin is not perfect, but millions use it all over the world. This number is also growing fast with each passing day.

Do you remember forecasts made for Bitcoin when it first appeared? Both ordinary people and respected world-class experts predicted it would soon die. No one believed it could last for even 10 years.

Typical article predicting the end of Bitcoin from respected mass media.

Here're some graphic examples from the leading world-class mass media:

“That's the End of Bitcoin.” Forbes, 2011, BTC price — $15.

“Bitcoin is headed to the ash heap.” USA Today, 2015, BTC price — $208.

“R.I.P., Bitcoin. It’s time to move on.” The Washington Post, 2016, BTC price — $382.

“Stay away from bitcoin and ethereum — they are complete garbage.” This is garbage." MarketWatch, 2017, BTC price — $2,345.

“Is Bitcoin Going To Zero?” Forbes, 2018, BTC price — $3,432.

In 2020, the BTC price is almost $12,000. The respected mass media have “declared Bitcoin dead” over 400 times (!!!) referring to its lack of backing, high issue rate, super-high price growth, and the like — just like the skeptics “declaring UMI dead” right now. However, despite all the discouraging forecasts, Bitcoin continues to successfully grow and rapidly gain in popularity.

Over 12 years, Bitcoin has been declared dead 381 times, but it only grows stronger with each passing year.

All of the above is proof that you shouldn't put blind trust in various forecasts, even coming from respected sources. Forecasts are mere opinions and arguments, but no one can know for

sure what will happen in 10, 100, or 1,000 years. No expert can know that. Similarly, no one knows what will happen to UMI many years from now.

UMI can solve any issues on the fly

We cannot know the future, but we did all we could to make our coin last forever. Most existing cryptocurrencies have a very important problem — they cannot support high-quality growth and rapidly become obsolete.

To explain this, we'd like to quote our Whitepaper:

"Despite the apparition of new technology solutions, the Bitcoin blockchain still holds only about 2,000 transactions, and it takes about 10 minutes to create a block. In 11 years, developers still did not manage to come to an agreement and implement a solution that would allow scaling the system and upgrade performance.

Most other cryptocurrencies face a similar problem. They are launched and keep operating in an almost initial state even after numerous innovative solutions become available. For example, the Ethereum network has been attempting to switch to the PoS algorithm for over two years now, but due to code complexity, security threats, and issues of reaching consensus, this causes great inconvenience."

Screenshot of a page in the UMI Whitepaper. Have you read it? It answers a lot of questions.

Bitcoin itself is technically obsolete. This is besides the fact that it has a load of other problems. For instance, BTC is supposed to completely stop coin mining in 2140, meaning miners will lose motivation to support the network. What happens then? The hope is that the main source of income for miners will be transfer fees, but will they want to maintain powerful equipment for a reward in the form of small fees? If fees are big, will people want to pay those? Will they find a different solution? Will users just leave the Bitcoin ecosystem and join more high-tech cryptocurrencies like UMI?

When we designed UMI, we accounted for all these issues and launched a promising project with a conveniently scalable ecosystem. Even if UMI faces some challenges in the future, we will make amendments as the network grows. We will act as appropriate judging from the project's current status. They will be based on the situation and the current state of the project.

It's true that upgrade decisions have been and are being made by all leading crypto projects, including Bitcoin and Ethereum, but UMI supports really safe and rapid innovation. The network can be easily modified and scaled with cutting edge technology solutions. While other cryptocurrencies simply become obsolete, we can handle all kinds of challenges on the fly. The UMI network will grow and improve to be always up to date, keep up with the times, and prevent problems in 10, 100, or 1,000 years.

At this point, the UMI network is in excellent shape, and the smart contract offers you relevant and actionable staking opportunities. We've thought out every detail, and the brisk growth of our community proves it best of all.

There is no "deadly inflation"

And, lastly, let's bring an issue with supposedly too-high emission to a close. UMI is typically accused of paying a too high reward for staking — as much as 40% a month, or 5,669% a year — which no one and nothing else in this world can pay. Eventually, it might end up with inflation as it happened in Zimbabwe and Venezuela, etc.,

Let us look at real facts. Those who consider a 40% monthly growth impossible should look at bitcoin again as the most outstanding example which has proven that nothing is impossible. Imagine how many times your deposit would have grown if 10 years ago you had bought bitcoins or inexpensive mining equipment producing a reward of 50 BTC several times a day.

Please consider the following:

In March 2010, BitcoinMarket.com started operating as the first bitcoin exchange, and 1 BTC cost a lot less than a cent — $0.003.

At the time of writing this article, the price for 1BTC was about $12,000.

It means those who bought bitcoins 10 years ago have increased their "deposit" by nearly 400,000,000% (!!!). Four hundred million percent in ten years! This is a real fact.

Those who bought bitcoins when the price was a few cents or dollars also achieved the perfect result by increasing their "deposit" by thousand or million times.

Well, now the percentage in UMI staking doesn't seem so crazy, does it? The only difference

is that BTC "deposit" grows in line with the BTC price while UMI deposit growth is ensured the growth of the number of UMI coins, which in turn doesn't prevent the price from surging. In fact, both cases demonstrate a multiple growth of the "deposit".

All of the above is proof that the reason for inflation in Zimbabwe, Venezuela, etc is a bad economy, not a high emission. In late March. roughly speaking, in one day, the FED (U.S. Federal Reserve System) released 2.2 trillion dollars to support the economy during the coronavirus pandemic. Similar financial injections are regular in the USA, the country which is the most advanced world's economy.

These facts indicate that UMI has no "deadly issue" at all and, unlike the USA, it doesn't "print" anything.

Here is bare statistics form the UMI blockchain:

The UMI cryptocurrency was launched on June 1. Since the launch, it's been 3 months.

18,000,000 UMI coins were initially issued.

In total, there are now about 18,800,000 UMI coins.

In other words, in three months, the total number of UMI coins increased by only 4.4%. Does it look like "deadly inflation"?

In 3 months, the number of UMI coins has shown a few percent increase.

Let's move on:

We'd like to reiterate that the total number of UMI coins is almost 18,800,000.

There are about 14,500,000 coins on the genesis address today.

Almost 4,000,000 coins are involved in staking.

Thus, only 300,000 UMI (!)are freely circulated on the market. The remaining 18,500,000 coins are either used in staking or have not yet been released to the market.

The number of coins stored on the genesis address at the time of writing the article.

In real fact, UMI has no super-high emission. This fact has been proven. For a three-month period, which is a quarter of a year, the number of UMI has hardly changed and equals about 1.5% of the total number of coins on the market.

The truth is that UMI economy depends on a lot of factors. For example, burning 50,000 coins to create a structure. However, from a more general point of view, the UMI economic model itself is designed to encourage people to "save" rather than sell UMI coins. This is a crucial point that allows us to make progress, even with a high emission.

Moreover, it will take a billion-dollar staking structure that will be able to provide the highest possible emission on the UMI network a lot of years to appear. While it doesn't happen, all these forecasts can be regarded as irrelevant for today. Keep in mind that a 40% monthly profit will be available to the most successful structures and only after many years of development. To have your coins increased by 40% per month, your structure must have over 50 (!) times more coins than the number of coins initially generated by the network. And since this structure will do everything possible for the benefit of the UMI cryptocurrency, even 40% per month will not pose a risk to UMI's sustainable development.

Conclusions are as follows:

UMI offers no kind of "killing sky-high returns". Please don't take this myth seriously. UMI is growing. The current smart contract offers reasonable and up-to-date opportunities for UMI staking and poses no problem. If, however, a problem arises — we have all the tools to find an immediate solution. All these negative forecasts are not worth a brass farthing. They always have been and always will be. At all times and in all places. But they are highly unlikely to come true. Bitcoin outsmarted the most reputable and shrewd financial analysts. Why don't UMI, which is a lot more advanced than bitcoin, try to do the same?

UMI is a decentralized, strong, and high-tech network. It can exist the way it is now forever. But as it grows, it will improve to be always up to date, keep up with the times and prevent any problems. We are contributing to a great thing — we're creating a free economic system that will profitable for the entire human family. This is an opportunity to overcome social inequality and make regular people financially independent. So let's make every effort to make things go well. Ignore all evil-wishers and their predictions. Just join other users and go towards your dream. Then we will certainly succeed in it all.

Sincerely yours, UMI team

 

[UMI Top]

UMI Source Code Fully Available Again!

Dear users, we've got some wonderful news. But first, a little prequel for you.

Just before the second airdrop wave for the ROY Club was complete, our GitHub account with the source code for UMI and staking smart contract was locked. The reason was both simple and comic — super-high activity in the account was interpreted as “suspicious” by GitHub employees. As a reminder, the airdrop caused a real surge in the number of our subscribers. Representatives of the service might have thought we were using some kind of account gouging via bots or something else.

In real fact, we broke no rules since all our subscribers were real people with real IP and e-mail addresses who simply followed Telegram bot guidelines. We immediately contacted the technical support service asking them to unlock our account, but GitHub was not willing to meet us half-way. It's worth noting we're not the only ones to have this problem. The crypto community massively complains about GitHub problems after the repository was bought by Microsoft. Alas, we were no exception.

️Since we firmly and clearly stand for total freedom and transparency, we're convinced that UMI source code must be completely open and publicly accessible. As GitHub refused to unlock our previous account, we created a new one and uploaded the code again. We also created UMI accounts in two alternative repositories that are swiftly growing in popularity with the crypto community amid GitHub issues.️

Today, we've successfully completed uploading the code. The source code for UMI and staking smart contract is now fully uploaded to three most popular repositories:

GitHub — https://github.com/umitop

GitLab — https://gitlab.com/umitop

Bitbucket — https://bitbucket.org/umitop

In each repository, the code is fully accessible, open and transparent. We've prevailed over all differences, and the same copy is now available on all services and is uploaded automatically. It means that in case of any changes the code is simultaneously auto-updated on all resources — you'll always have access to its latest version. Now you can freely review the full source code in one of the three repositories, whichever is more convenient to use, and share it with your partners.

Lastly, the UMI Team has never and will never conceal information about network operations from its users. No one can put spokes in our wheels. We will always prevail. Everything's gonna be UMI!

Sincerely yours, UMI Team!