UMI Cryptocurrency Celebrating 4-Month Anniversary!
Dear friends! UMI has a big and important date today. Our coin has been around for precisely 4 months. It's been four months of joy, growth and success. Over this time, we've become a big and close-knit family who always keep in step and understand each other without words. Thank you for this!
Thanks to our closeness, a powerful ecosystem has formed around UMI — its size making 90% of other crypto projects jealous:
- Today, the network comprises over 54,000 UMI addresses and, additionally, over 40,000 staking addresses. All in all, the UMI network has over 90,000 various addresses.
- Overall, we've completed over 690,000 transactions and formed over 290,000 blocks. These values would take other emerging crypto projects years to achieve — we achieved them in just a few months.
- Our daily trading volume on all platforms SIGEN and Crypto-By-Card) totals $70,000 to $110,000 or 5–9 mln rubles. These are actual values people buy/sell UMI for on a daily basis proving huge demand and sound liquidity.
- UMI's liquidity has grown to an impressive value. The order book supporting UMI price on SIGEN now has orders totaling about $600,000; additionally, the p2p-platform also has UMI buy offers amounting to over $300,000. Thus, in total we have orders worth of $900,000 supporting UMI price.
- We have a total of 20,100,000 UMI, with 6,700,000 coins used for staking and over 13,100,000 UMI stored on the genesis address. It's strange but only 300,000 UMI is in free circulation. All the other coins are either used in staking or stored on the initial address.
Once again — these values would be impossible to achieve for most cryptocurrencies, and we've done in in just 4 months. Most importantly, we don't stop working on the project and its development — not for a second. Today, UMI has grand ambitions and plans. Specially for you, we've prepared a detailed official article on our future plans to be published really soon.
Spoiler alert: ahead is the growing UMI liquidity, large-scale market entry, setting up of new staking structures, network optimization in order to achieve the capacity of 1 mln transactions per second, release of a desktop wallet (validator node), complete cryptocurrency legalization and source code audit, design of new DeFi, DApps, DAO, DEX products and many-many other things. Be patient — we'll put all chips on the table really soon.
UMI is still a four-month old “baby”, but already an infant prodigy. Just imagine what it can achieve once it's grown up. Today we're starting a new stage of project development, and it's sure to be legendary!
Congratulations to all our users on this festive day!
Sincerely yours, UMI Team!
Topic: [UMI] UMI — Universal Money Instrument - page 10. (Read 3288 times)
- UMI is an open source universal monetary instrument. All network operation is visible at a glance.
- UMI is protected from third-party interference, hacking and even blockchain technology vulnerabilities.
- UMI is instant and absolutely free blockchain transfers. No more waiting for confirmations and paying commissions.
- UMI is 300 times faster than Bitcoin and processes up to 4,369 transactions per second, aiming to outperform VISA and MasterCard.
- UMI is an innovative smart contract staking that allows you to increase coins up to 40% per month just by keeping them in your wallet. Without energy consumption and software installation.
- Join existing staking structures or create your own to get even more coins!
- Change the world with UMI
Read more about UMI features in the Whitepaper: https://umi.top/about
- UMI is protected from third-party interference, hacking and even blockchain technology vulnerabilities.
- UMI is instant and absolutely free blockchain transfers. No more waiting for confirmations and paying commissions.
- UMI is 300 times faster than Bitcoin and processes up to 4,369 transactions per second, aiming to outperform VISA and MasterCard.
- UMI is an innovative smart contract staking that allows you to increase coins up to 40% per month just by keeping them in your wallet. Without energy consumption and software installation.
- Join existing staking structures or create your own to get even more coins!
- Change the world with UMI
Read more about UMI features in the Whitepaper: https://umi.top/about
Why UMI is a Step toward a Free Financial World
Quite recently, the world has seen a remarkable event — an anonymous bitcoin whale sent a total of $2.24 billion in a series of transactions. Large transactions are certainly not uncommon for the bitcoin network. Whale Alert — blockchain tracker and analytics system — regularly reports large and interesting transactions. Although $2.24 billion is the largest ever cryptocurrency transfer, the most remarkable thing about this event is not the transfer amount but the incredibly little fee the sender paid for the transaction — less than $1. With no checkups and intermediaries.
If such a transfer had happened a few years ago, it would have considered abnormal and unreal. Today it is a matter of fact. With each passing day, using cryptocurrency for making transfers is getting more attractive than bank transfers. The UMI network, which enables instant payments with no fees, fits in best with new realities. Let's explore this issue.
Freedom from Bank Charges
The BTC whale sent the above-mentioned amount in seven successive transactions within one hour. The total amount was 241,500 BTC, which was equivalent to $2.24 bln. Each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers.
Let's compare now how much you would be charged for an identical transfer in a bank.
In big banks, the international transfer fee is at least 1% of the amount, but it is often higher than that depending on the conditions. For instance, the VISA system charges 1 to 10% of the transaction amount for an international transfer (minimum of $10). Therefore, the more you transfer, the more you pay for it. To transfer the above-mentioned amount via a bank, a customer would have to part with as much as $22.4 mln (!!!), in the best-case scenario — that is if the fee is the minimum 1%. In other words, a bank would make a fortune — virtually at the drop of a hat, making no effort whatsoever — by simply taking someone's money. What makes it more absurd is that banks intend to further raise their fees amid coronavirus pandemic.
Cryptocurrencies are a completely different story. In most cryptocurrency networks, fees do not depend on the transaction amount — the same fee could be charged for transferring $1 or $1 bln. In the cryptocurrency world, it doesn't matter how much money you transfer. If you make a big transfer, no one makes you pay the “tithe”. With UMI, you don't have to pay anything to anyone — not a dime. But we'll get back to this a little later.
Freedom from Excessive Limits and Unneeded Checkups
First, let's consider another important factor — the very possibility to make unhindered transfers of large amounts via bank especially foreign transfers. The irony is that even if someone chooses to pay this multi-million dollar fee, the transfer would far from being 100% successful.
In most countries, including the Russian Federation, a $22 bln transaction would be virtually impossible to run in a state-owned bank, let alone private banks. Even going through a bunch of mandatory procedures as well as wasting lots of nerves and time wouldn't save the day. This is why a payment of this size is virtually impossible:
1. The overwhelming majority of the world's banks just don't happen to have such large amounts on their correspondent accounts. Even if we assume they do have sufficient funds on the books, this money doesn't just sit idle — bankers use it in their own favor, for instance, to grant loans, make deposit payments, etc. No bank would agree to send all its reserve funds to another bank on your orders. Moreover, banks have no right to violate the law in terms of reserve requirements, including currency norms. And processing such a large amount contradicts the established rules and regulations. So, even if money is technically recorded on the customer's account, transferring it to another bank, especially in a foreign country, is still a virtually impossible task.
2. In almost all states transactions of this scale are only allowed on the level of governments, the International Monetary Fund, the World Bank, or mega-tycoons with a declared multi-billion dollar income, such as Bill Gates, Warren Buffett, and the like. In other words, only customers with a special status can make especially large transfers without restrictions. Any “abnormal” transactions fall under suspicion and automatically frozen. If you have always run $500 transactions on a monthly basis, any incoming or outgoing $10,000 transfer would most probably be frozen. Let alone billions of dollars. An average owner of a large business will only be allowed to transfer billions of dollars after they get approval from FATF on an individual basis. Obviously, they must also be verified using KYC (Know Your Customer) and AML (Anti-money laundering) procedures and must establish the provenance of each dime they transfer. They have to do all this to transfer THEIR money, with a huge fee of billions of dollars.
3. The situation is even worse because it is equally true for receiving monetary transfers. In other words, if you have a large amount successfully transferred to you, there is no guarantee that you can use this money. Sadly, even if the money leaves the sender's bank, the recipient's bank can instantly freeze it. On the very same day, you could get a visit from bank or government officials along with the state security service and a special interrogation. If you cannot provide provenance data for the funds, the transfer could easily remain frozen for good. Naturally, this system opens the doors for various types of abuse of power and manipulation by bankers, governments, and state services.
For the existing banking system, any big transaction makes you a suspect of some manipulations resulting in a frozen transfer. More importantly, it isn't only true for multi-billion or multi-million transfers. Any transaction involving hundreds of thousands, dozens of thousands, or simply thousands of dollars may be deemed suspicious and sanctioned. It means that anyone who runs relatively big transactions runs the risk of encountering certain problems at any time.
Cryptocurrencies are a step toward free transfers
The above-described situation proves that digital money helps people get rid of many problems related to bank transfers: high fees, payment amount limits, specification of personal data, verification procedures. With digital money, you don't have to prove or explain anything. This is a real revolution that makes people free from fees and manipulation. Cryptocurrencies allow people to be a master of their funds and no one has the power to change this. No one charges you crazy fees and no one can steal your coins.
With each passing minute, cryptocurrencies are becoming part of our life, and rather than profit from trading, investment, mining, or staking, they are regarded as a convenient way of sending funds. Only cryptocurrencies make people feel completely safe and allow them to transfer whatever amount wherever they want. This is a huge step towards changing the existing financial system, and it has already been made.
But UMI Goes Even Further
It may appear that problem with bank fees concerns only large businessmen. In real fact, regular people living live paycheck to paycheck are more sensitive to this issue. Being on a tight budget, most people have to pay for any bank transaction.
You always pay fees charged by banks — when you pay utility bills, buy online, deposit money to your bank card, receive money, transfer money between your accounts or withdraw cash from an ATM. Overall, bank fees cost people a lot of money. It's curious to know how much your pay banks every year for mediation.
Now let's see how you can make transactions using UMI.
In terms of fees, UMI is more profitable than banks and even more profitable than most of the other cryptocurrencies, including bitcoin. There are no fees in the UMI network at all, even hidden ones. All transactions are instant. That is, if you sent $2.24 billion through the UMI network, it would be instant and completely free. There are no limits, verifications, and other nervous procedures. Instant, free, and secure — here and now.
This is the key advantage of UMI as a payment instrument. Our cryptocurrency empowers all people — from large businessmen to factory workers — with profitable and absolutely safe funds transfers. UMI gives all people around the globe equal opportunities. This is the next step toward a free financial world. We are the first to make it.
Sincerely yours, UMI team
Quite recently, the world has seen a remarkable event — an anonymous bitcoin whale sent a total of $2.24 billion in a series of transactions. Large transactions are certainly not uncommon for the bitcoin network. Whale Alert — blockchain tracker and analytics system — regularly reports large and interesting transactions. Although $2.24 billion is the largest ever cryptocurrency transfer, the most remarkable thing about this event is not the transfer amount but the incredibly little fee the sender paid for the transaction — less than $1. With no checkups and intermediaries.
If such a transfer had happened a few years ago, it would have considered abnormal and unreal. Today it is a matter of fact. With each passing day, using cryptocurrency for making transfers is getting more attractive than bank transfers. The UMI network, which enables instant payments with no fees, fits in best with new realities. Let's explore this issue.
Freedom from Bank Charges
The BTC whale sent the above-mentioned amount in seven successive transactions within one hour. The total amount was 241,500 BTC, which was equivalent to $2.24 bln. Each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers.
Let's compare now how much you would be charged for an identical transfer in a bank.
In big banks, the international transfer fee is at least 1% of the amount, but it is often higher than that depending on the conditions. For instance, the VISA system charges 1 to 10% of the transaction amount for an international transfer (minimum of $10). Therefore, the more you transfer, the more you pay for it. To transfer the above-mentioned amount via a bank, a customer would have to part with as much as $22.4 mln (!!!), in the best-case scenario — that is if the fee is the minimum 1%. In other words, a bank would make a fortune — virtually at the drop of a hat, making no effort whatsoever — by simply taking someone's money. What makes it more absurd is that banks intend to further raise their fees amid coronavirus pandemic.
Cryptocurrencies are a completely different story. In most cryptocurrency networks, fees do not depend on the transaction amount — the same fee could be charged for transferring $1 or $1 bln. In the cryptocurrency world, it doesn't matter how much money you transfer. If you make a big transfer, no one makes you pay the “tithe”. With UMI, you don't have to pay anything to anyone — not a dime. But we'll get back to this a little later.
Freedom from Excessive Limits and Unneeded Checkups
First, let's consider another important factor — the very possibility to make unhindered transfers of large amounts via bank especially foreign transfers. The irony is that even if someone chooses to pay this multi-million dollar fee, the transfer would far from being 100% successful.
In most countries, including the Russian Federation, a $22 bln transaction would be virtually impossible to run in a state-owned bank, let alone private banks. Even going through a bunch of mandatory procedures as well as wasting lots of nerves and time wouldn't save the day. This is why a payment of this size is virtually impossible:
1. The overwhelming majority of the world's banks just don't happen to have such large amounts on their correspondent accounts. Even if we assume they do have sufficient funds on the books, this money doesn't just sit idle — bankers use it in their own favor, for instance, to grant loans, make deposit payments, etc. No bank would agree to send all its reserve funds to another bank on your orders. Moreover, banks have no right to violate the law in terms of reserve requirements, including currency norms. And processing such a large amount contradicts the established rules and regulations. So, even if money is technically recorded on the customer's account, transferring it to another bank, especially in a foreign country, is still a virtually impossible task.
2. In almost all states transactions of this scale are only allowed on the level of governments, the International Monetary Fund, the World Bank, or mega-tycoons with a declared multi-billion dollar income, such as Bill Gates, Warren Buffett, and the like. In other words, only customers with a special status can make especially large transfers without restrictions. Any “abnormal” transactions fall under suspicion and automatically frozen. If you have always run $500 transactions on a monthly basis, any incoming or outgoing $10,000 transfer would most probably be frozen. Let alone billions of dollars. An average owner of a large business will only be allowed to transfer billions of dollars after they get approval from FATF on an individual basis. Obviously, they must also be verified using KYC (Know Your Customer) and AML (Anti-money laundering) procedures and must establish the provenance of each dime they transfer. They have to do all this to transfer THEIR money, with a huge fee of billions of dollars.
3. The situation is even worse because it is equally true for receiving monetary transfers. In other words, if you have a large amount successfully transferred to you, there is no guarantee that you can use this money. Sadly, even if the money leaves the sender's bank, the recipient's bank can instantly freeze it. On the very same day, you could get a visit from bank or government officials along with the state security service and a special interrogation. If you cannot provide provenance data for the funds, the transfer could easily remain frozen for good. Naturally, this system opens the doors for various types of abuse of power and manipulation by bankers, governments, and state services.
For the existing banking system, any big transaction makes you a suspect of some manipulations resulting in a frozen transfer. More importantly, it isn't only true for multi-billion or multi-million transfers. Any transaction involving hundreds of thousands, dozens of thousands, or simply thousands of dollars may be deemed suspicious and sanctioned. It means that anyone who runs relatively big transactions runs the risk of encountering certain problems at any time.
Cryptocurrencies are a step toward free transfers
The above-described situation proves that digital money helps people get rid of many problems related to bank transfers: high fees, payment amount limits, specification of personal data, verification procedures. With digital money, you don't have to prove or explain anything. This is a real revolution that makes people free from fees and manipulation. Cryptocurrencies allow people to be a master of their funds and no one has the power to change this. No one charges you crazy fees and no one can steal your coins.
With each passing minute, cryptocurrencies are becoming part of our life, and rather than profit from trading, investment, mining, or staking, they are regarded as a convenient way of sending funds. Only cryptocurrencies make people feel completely safe and allow them to transfer whatever amount wherever they want. This is a huge step towards changing the existing financial system, and it has already been made.
But UMI Goes Even Further
It may appear that problem with bank fees concerns only large businessmen. In real fact, regular people living live paycheck to paycheck are more sensitive to this issue. Being on a tight budget, most people have to pay for any bank transaction.
You always pay fees charged by banks — when you pay utility bills, buy online, deposit money to your bank card, receive money, transfer money between your accounts or withdraw cash from an ATM. Overall, bank fees cost people a lot of money. It's curious to know how much your pay banks every year for mediation.
Now let's see how you can make transactions using UMI.
In terms of fees, UMI is more profitable than banks and even more profitable than most of the other cryptocurrencies, including bitcoin. There are no fees in the UMI network at all, even hidden ones. All transactions are instant. That is, if you sent $2.24 billion through the UMI network, it would be instant and completely free. There are no limits, verifications, and other nervous procedures. Instant, free, and secure — here and now.
This is the key advantage of UMI as a payment instrument. Our cryptocurrency empowers all people — from large businessmen to factory workers — with profitable and absolutely safe funds transfers. UMI gives all people around the globe equal opportunities. This is the next step toward a free financial world. We are the first to make it.
Sincerely yours, UMI team
UMI Staking is Your Rock in an Era of Global Economic Crisis
The global economic crisis has been growing on the planet’s body as a huge and painful furuncle for a few years now, but it couldn’t rupture. However, events of the last few months have drastically changed the situation. This year’s coronavirus pandemic became a catalyst of sorts that helped the furuncle finally burst. The global quarantine with its severe restrictions instantaneously brought to light all weaknesses of the global economy — the crisis made dramatically worse and still ripping round all sectors and industries.
According to Standard&Poor’s forecasts, the global GDP is set to shrink by 3.8% in 2020 which is a lot worse than the previously expected 2.4%. On the surface, these numbers may seem quite insignificant, but it’s far from being so. In monetary terms, it translates into trillions (not even billions!) of dollars in losses to be suffered by the world’s companies and the ordinary public.
An economic slump of this scale is an unfortunate event for the most powerful states while for emerging economies it’s a disaster. Even though today analysts predict some economic recovery following relaxation of quarantine measures, they are certain the recovery to at least previous levels will be extremely slow and fraught with difficulties.
To better understand today’s economic climate in the world, let’s look at some graphic examples. These demonstrate the financial insolvency of seemingly stable and successful manufacturing and trading companies. You may be surprised to know it’s the companies everyone has been looking up to.
- Zara, Bershka, Pull&Bear and Massimo Dutti are the trademarks owned by Inditex, a large distribution company and the world’s leading apparel retailer. Due to quarantine measures, the company’s earnings in Q1 2020 fell by as much as 44%, or EUR 3.3 bln. Consequently, Inditex intends to close 1,000–1,200 stores in Europe and Asia. In addition, the company’s management made another strategic decision — that of boosting online sales — and even drafted a two-year plan. It should be noted, however, that online sales do not require as many sales people and support staff as conventional stores. This, in its turn, will contribute to growing unemployment.
- Starbucks Corporation — the world’s most popular US-based coffeehouse chain — also plans to close 400 stores in the US and Canada over the next 18 months. At the same time, the number of carryout stores will grow. Yet again, it means that thousands of wait staff (waiters, bartenders, janitors, etc.) are bound to lose their jobs as this new format has nearly zero demand for this kind of labor.
- Hertz — one of the world’s largest car rental firms owned by the Hertz Corporation — filed for bankruptcy protection back in May. Since the start of the year, demand for the firm’s services plummeted while its debts grew considerably.
- Nike — an American multinational corporation engaged in the manufacturing of sports apparel and footwear — is currently in a deplorable financial condition despite being highly popular all over the world. Based on Q4 2019 data, its net loss amounted to 790 (!) mln US dollars. However, Nike CEO John Donahoe refrained from pointing fingers at COVID-19. The problems were caused by the “overburdened matrix” — this is what Donahoe said while emphasizing that Nike had to simplify its work and increase its speed and responsiveness for the market of the future. To resolve the issue, the corporation would be restructured, with layoffs scheduled to happen in phases. Even though the company’s management “do not yet know how many jobs will be reduced, nor who will be specifically impacted”, a huge number of people will be left unemployed and will hardly be able to easily find new jobs amid a global crisis.
- JCPenney Company (JCP) — one the biggest US retail chains existing since 1902 — has also filed for bankruptcy protection. The company direly needs restructuring of debt resulting in closing of 242 stores all over the United States. This strategy was selected as a way out of the crisis by reducing the amount of debt. It should be noted that the company has been in trouble since 2011, having closed 20% of all stores and laid off about 40% of its staff. It is rumored Amazon intends to purchase the company. However,the goal is not breathing new life into it — Amazon just needs sales premises for new-generation offline stores — such as Amazon Go — that operate with a minimum number of employees, thus contributing to growing global unemployment.
- Berkshire Hathaway Investment Firm founded by Warren Buffett, one of the most famous and affluent players on the stock market, reported $50 bln losses in the previous quarter. The firm said it was due to the coronavirus pandemic “hitting common stock investments”. However, rather than being the reason, it’s most likely the consequence of the global economy being unable to adapt to the current situation.
Also, one of clear signs of the aggravation of the economic recession is a global surge in unemployment. Let’s take the USA, the world’s major economy, as an example. The U.S. unemployment rate jumped to 14.7% in April. That is reported to be the highest level since the Great Depression (that number peaked at 25.6% in May 1933.) Moreover, in late March, the Federal Reserve System (the FED, the U.S. central bank) officially warned of 32% unemployment — meaning that high would be far worse than that during the Great Depression. At that rate hundreds of millions of Americans are at risk losing their jobs.
By now the situation has seen a slight improvement. According to the U.S. Bureau of Labor Statistics, the unemployment rate fell to 11.1%. Nonetheless, that is three times as high as the pre-pandemic rate of 3.5%. With the thorough research of the economic situation in the country, Bloomberg economist warn of a possibility of long-lasting or even permanent unemployment in the USA
Conclusions are as follows:
- First, most of the world’s popular and well-established brands, having billions of employees worldwide, are now facing huge financial issues. The debts they have are huge too. In other words, all their wealth can be called phantom, or bubble — in fact, they are just debtors who in the worst-case scenario may lose everything. In reality creditors — banks, credit unions, investment companies, and other entities owning a great deal of money — rule the world.
- Second, many manufacturing and trading companies began to understand that it’s time to change. In the hope of staying afloat and with the coronavirus-inflicted situation in mind, they are discovering new ways of selling goods — switching form face-to-face interaction to e-commerce or takeaway service. On the one hand, this is a step into the future. On the other hand, these changes involve trading support staff redundancy. The present-day economy is about people losing their job every minute and even more job cuts in the future.
UMI staking provides people with new opportunities that shouldn’t be missed.
The existing economic model, now more than ever before, has completely failed. It needs change, and people need new sources of income.
While the powerful keep producing oil, even with losses, ordinary people join UMI staking to produce cryptocurrency. This is a chance for the entire humanity to resolve economic problems and start a new life. This is an opportunity that allows people to be independent and “create new digital money” on their own.
UMI takes the economy from bankers and gives it to the ordinary public. Our mission is to make people feel happy, even when all around go bankrupt and when human work is no longer valued as it should be, or it becomes unnecessary.
Don’t miss this chance and join UMI staking right away. Despite crises, multiply your coins up to 40% per month!
We care about each of you,
UMI Team
The global economic crisis has been growing on the planet’s body as a huge and painful furuncle for a few years now, but it couldn’t rupture. However, events of the last few months have drastically changed the situation. This year’s coronavirus pandemic became a catalyst of sorts that helped the furuncle finally burst. The global quarantine with its severe restrictions instantaneously brought to light all weaknesses of the global economy — the crisis made dramatically worse and still ripping round all sectors and industries.
According to Standard&Poor’s forecasts, the global GDP is set to shrink by 3.8% in 2020 which is a lot worse than the previously expected 2.4%. On the surface, these numbers may seem quite insignificant, but it’s far from being so. In monetary terms, it translates into trillions (not even billions!) of dollars in losses to be suffered by the world’s companies and the ordinary public.
An economic slump of this scale is an unfortunate event for the most powerful states while for emerging economies it’s a disaster. Even though today analysts predict some economic recovery following relaxation of quarantine measures, they are certain the recovery to at least previous levels will be extremely slow and fraught with difficulties.
To better understand today’s economic climate in the world, let’s look at some graphic examples. These demonstrate the financial insolvency of seemingly stable and successful manufacturing and trading companies. You may be surprised to know it’s the companies everyone has been looking up to.
- Zara, Bershka, Pull&Bear and Massimo Dutti are the trademarks owned by Inditex, a large distribution company and the world’s leading apparel retailer. Due to quarantine measures, the company’s earnings in Q1 2020 fell by as much as 44%, or EUR 3.3 bln. Consequently, Inditex intends to close 1,000–1,200 stores in Europe and Asia. In addition, the company’s management made another strategic decision — that of boosting online sales — and even drafted a two-year plan. It should be noted, however, that online sales do not require as many sales people and support staff as conventional stores. This, in its turn, will contribute to growing unemployment.
- Starbucks Corporation — the world’s most popular US-based coffeehouse chain — also plans to close 400 stores in the US and Canada over the next 18 months. At the same time, the number of carryout stores will grow. Yet again, it means that thousands of wait staff (waiters, bartenders, janitors, etc.) are bound to lose their jobs as this new format has nearly zero demand for this kind of labor.
- Hertz — one of the world’s largest car rental firms owned by the Hertz Corporation — filed for bankruptcy protection back in May. Since the start of the year, demand for the firm’s services plummeted while its debts grew considerably.
- Nike — an American multinational corporation engaged in the manufacturing of sports apparel and footwear — is currently in a deplorable financial condition despite being highly popular all over the world. Based on Q4 2019 data, its net loss amounted to 790 (!) mln US dollars. However, Nike CEO John Donahoe refrained from pointing fingers at COVID-19. The problems were caused by the “overburdened matrix” — this is what Donahoe said while emphasizing that Nike had to simplify its work and increase its speed and responsiveness for the market of the future. To resolve the issue, the corporation would be restructured, with layoffs scheduled to happen in phases. Even though the company’s management “do not yet know how many jobs will be reduced, nor who will be specifically impacted”, a huge number of people will be left unemployed and will hardly be able to easily find new jobs amid a global crisis.
- JCPenney Company (JCP) — one the biggest US retail chains existing since 1902 — has also filed for bankruptcy protection. The company direly needs restructuring of debt resulting in closing of 242 stores all over the United States. This strategy was selected as a way out of the crisis by reducing the amount of debt. It should be noted that the company has been in trouble since 2011, having closed 20% of all stores and laid off about 40% of its staff. It is rumored Amazon intends to purchase the company. However,the goal is not breathing new life into it — Amazon just needs sales premises for new-generation offline stores — such as Amazon Go — that operate with a minimum number of employees, thus contributing to growing global unemployment.
- Berkshire Hathaway Investment Firm founded by Warren Buffett, one of the most famous and affluent players on the stock market, reported $50 bln losses in the previous quarter. The firm said it was due to the coronavirus pandemic “hitting common stock investments”. However, rather than being the reason, it’s most likely the consequence of the global economy being unable to adapt to the current situation.
Also, one of clear signs of the aggravation of the economic recession is a global surge in unemployment. Let’s take the USA, the world’s major economy, as an example. The U.S. unemployment rate jumped to 14.7% in April. That is reported to be the highest level since the Great Depression (that number peaked at 25.6% in May 1933.) Moreover, in late March, the Federal Reserve System (the FED, the U.S. central bank) officially warned of 32% unemployment — meaning that high would be far worse than that during the Great Depression. At that rate hundreds of millions of Americans are at risk losing their jobs.
By now the situation has seen a slight improvement. According to the U.S. Bureau of Labor Statistics, the unemployment rate fell to 11.1%. Nonetheless, that is three times as high as the pre-pandemic rate of 3.5%. With the thorough research of the economic situation in the country, Bloomberg economist warn of a possibility of long-lasting or even permanent unemployment in the USA
Conclusions are as follows:
- First, most of the world’s popular and well-established brands, having billions of employees worldwide, are now facing huge financial issues. The debts they have are huge too. In other words, all their wealth can be called phantom, or bubble — in fact, they are just debtors who in the worst-case scenario may lose everything. In reality creditors — banks, credit unions, investment companies, and other entities owning a great deal of money — rule the world.
- Second, many manufacturing and trading companies began to understand that it’s time to change. In the hope of staying afloat and with the coronavirus-inflicted situation in mind, they are discovering new ways of selling goods — switching form face-to-face interaction to e-commerce or takeaway service. On the one hand, this is a step into the future. On the other hand, these changes involve trading support staff redundancy. The present-day economy is about people losing their job every minute and even more job cuts in the future.
UMI staking provides people with new opportunities that shouldn’t be missed.
The existing economic model, now more than ever before, has completely failed. It needs change, and people need new sources of income.
While the powerful keep producing oil, even with losses, ordinary people join UMI staking to produce cryptocurrency. This is a chance for the entire humanity to resolve economic problems and start a new life. This is an opportunity that allows people to be independent and “create new digital money” on their own.
UMI takes the economy from bankers and gives it to the ordinary public. Our mission is to make people feel happy, even when all around go bankrupt and when human work is no longer valued as it should be, or it becomes unnecessary.
Don’t miss this chance and join UMI staking right away. Despite crises, multiply your coins up to 40% per month!
We care about each of you,
UMI Team
🔥 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! 🤝
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! 🤝
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.
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.
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."
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"?
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.
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
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.
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.
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."
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"?
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.
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
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.
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.
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!
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.
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.
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!
⭐ 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 UMI❗️
☑️ 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.
⭐ 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 UMI❗️
☑️ 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.
Dear users, here comes a new stage in UMI’s development - full-featured UMI trading is available now. In addition to the SIGEN P2P platform, our coin has also been added to the SIGEN 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
Sincerely yours, UMI team The future is already here!
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
Sincerely yours, UMI team The future is already here!
I don't think your project will be successful. Because your project requires users to buy your coins in order to participate. This is equivalent to keeping a lot of people out of the door. The really promising block company project is to allow users to participate free of charge. Thus forming a huge biosphere.
Hello! Our team organizes regular raffles and keeps offering gifts. Just recently we finished a large airdrop campaign for the ROY Club, the first UMI staking structure. As a result more than 30 000 people received their first UMI coins as a gift. In the future, we are planning many more different gifts that will help our community grow around the world. We also believe that cryptocurrency trading is an integral part of their development. Therefore, we will try our best to make sure that anyone can buy or sell UMI with ease.
I don't think your project will be successful. Because your project requires users to buy your coins in order to participate. This is equivalent to keeping a lot of people out of the door. The really promising block company project is to allow users to participate free of charge. Thus forming a huge biosphere.
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!
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 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.
- 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.
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.
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!
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!
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.
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!
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 vs Bitcoin
- 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 ✅
- 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 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
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
New Structure for UMI Staking – ISP Club ✅
Dear Community! The UMI ecosystem and infrastructure continue to grow exponentially. We're happy to announce yet another landmark event. A new structure for UMI staking has emerged – ISP Club! 🙌
What is ISP Club❓
It's UMI's strategically crucial partner. The Club was founded by a group of experienced entrepreneurs from IT, cryptocurrency and real business sectors.
✅ ISP Club helps you buy UMI coins for staking and start earning up to 40% a month in a matter of seconds – using an automated Telegram bot. You can then use the same bot to monitor how coin price grows and bonuses for building your own team are accumulated – in real time. ISP Club is about maximum convenience and minimum time input.
✅ Moreover, the ISP Club Team intends to run integration with various payment systems and issue UMI debit cards in the near future. It means users will be able to freely pay for any goods and services in UMI all over the world just like they do with conventional bank cards!
✅ ISP Club will also launch a Training Academy to teach users cost-efficient strategies of using UMI and building partner structures online. The Academy is a tool ensuring long-term passive growth of UMI coins, wherever you are. Training will be free of charge for all users!
Our community is growing in numbers and strength – with each passing day, minute, and second. UMI intends to conquer the entire world. Nothing's more enjoyable than seeing how we successfully advance to our goal.
Sincerely yours, UMI team ❤️
Dear Community! The UMI ecosystem and infrastructure continue to grow exponentially. We're happy to announce yet another landmark event. A new structure for UMI staking has emerged – ISP Club! 🙌
What is ISP Club❓
It's UMI's strategically crucial partner. The Club was founded by a group of experienced entrepreneurs from IT, cryptocurrency and real business sectors.
✅ ISP Club helps you buy UMI coins for staking and start earning up to 40% a month in a matter of seconds – using an automated Telegram bot. You can then use the same bot to monitor how coin price grows and bonuses for building your own team are accumulated – in real time. ISP Club is about maximum convenience and minimum time input.
✅ Moreover, the ISP Club Team intends to run integration with various payment systems and issue UMI debit cards in the near future. It means users will be able to freely pay for any goods and services in UMI all over the world just like they do with conventional bank cards!
✅ ISP Club will also launch a Training Academy to teach users cost-efficient strategies of using UMI and building partner structures online. The Academy is a tool ensuring long-term passive growth of UMI coins, wherever you are. Training will be free of charge for all users!
Our community is growing in numbers and strength – with each passing day, minute, and second. UMI intends to conquer the entire world. Nothing's more enjoyable than seeing how we successfully advance to our goal.
Sincerely yours, UMI team ❤️
UMI – the Best of Cryptocurrencies and Fiat Payment Systems
Greetings from the UMI Team!
The UMI cryptocurrency has been repeatedly described as a revolution in the payment system market. Most interestingly, in this case, a revolution isn't about the development of any new technologies or formulas. We just selected the best and well-tried technologies and incorporated them into something new. UMI is the best of cryptocurrencies and fiat payment systems––it has comprised all the best features and got rid of the disadvantages.
UMI vs banks
We won't compare the ways UMI and banks operate in detail in order not to get into complex technical issues, which are of no interest to us. Instead, let's have a look at the impact banks have on people on a daily basis and those of fundamental changes UMI makes to the services we regularly use.
There are banks that allow you to make financial transfers. Banks have savings accounts where money grows at a certain interest rate. Banks also have a range of mobile apps and online banking systems. All of that may appear pretty convenient. But keep in mind, the banking infrastructure, as well as VISA and MasterCard payment systems, were created long ago and based on old technologies. They are not conforming to present-day developments, mostly because they cannot ensure their users a sufficient security level.
With this in mind, instead of inventing something new, UMI improves the things that everyone is accustomed to. The result is a digital payment tool working in an absolutely familiar way. Conducting transfers with UMI is similar to making them via a bank. And even the format of UMI is much alike to conventional money––UMI and UMI-cents are the equivalent of the dollar and cents.
In UMI, just as in a bank, you have a current account (standard UMI address) and savings account––addresses used by structures for UMI staking. You can transfer money from one account to the other one in one click. The difference is that, in most banks, you receive your interest in a month at the earliest. In other words, you can get your money back with interest if you kiss it goodbye for 30 days, minimum. In UMI, earnings are accrued every second––you don't have to wait a long time for "your funds to be unlocked".
But what is the most significant is dividends. UMI staking allows any network user to earn up to 40% per month. Holding your money in a savings account even for a year, much less for a month, you will never make this profit. Why?
1. Because banks make good money on your deposits, instead of paying higher interests, they take the lion's share of what they could pay you into their pocket.
2. Secondly, a large part of your deposits is used to maintain the banking infrastructure: salaries for staff, rental payments, maintenance of offices, utility bills, and other various expenses.
3. Third, banks are not interested in making people rich, because otherwise, they will not be able to make money on loans and control people.
Let's not spout out empty rhetoric, but move on instead. The VISA and MasterCard payment systems declare their ability to process thousands of transactions per second, but in real fact, even if received funds are displayed instantly in your account, you receive a transfer after a few days only. Especially if it concerns international money transfers or ATM transfers. The truth is that VISA and MasterCard transfers are delayed by a series of confirmations required by banks and actually reach a recipient's account only in a few days.
After having been sent, any transaction can be blocked or canceled, and funds in your account can be frozen on the slightest suspicion. Even if before receiving all the confirmations required by banks, you have already withdrawn the funds via an ATM or transferred them to someone, the bank may take this amount from your account a few days later. Thus, you may surprisingly find out that your balance is negative. Keep in mind that banks charge transaction fees. Fees for oversea transfers may range from $10 up to 10% of the transaction amount. Thus, instead of $1,000, a recipient receives only $900.
The UMI network uses validator nodes which in a couple of seconds verify the correctness of transactions and allow users to check their balance for the sufficiency of funds. All transactions are instant. A transfer cannot be canceled or blocked, as well as money in your account cannot be frozen. Unlike VISA and MasterCard, transferred funds are available straight after a transaction has been added to the blockchain. Moreover, no fees are charged for that. Each and every transaction, international or not, is completely free.
Don't forget about permanent internet connection, which is required for conducting transactions with VISA and MasterCard. A validator node used by the UMI network can create any transaction, even offline one, with no Internet connection. You can send a transaction to the network via Wi-Fi, Bluetooth, or even a radio wave. Therefore, if there were a sudden cataclysm and people from all over the globe lost internet connection, the UMI network would easily adapt to new conditions and keep working.
UMI vs Bitcoin
Now let's compare the UMI network with the first-ever created cryptocurrency––Bitcoin. It has proved itself to be a reliable payment system, with a number of significant disadvantages, though. Let's focus on the most essential ones.
1. The transaction processing capacity of the bitcoin network is limited by the network itself. In the best-case scenario, it takes users several tens of minutes to receive their funds. However, quite often there is a several-hour, or even several-day, delay.
2. High fees. When the network is experiencing an increased load, transfer fees can skyrocket immensely. In 2017, there were cases where Bitcoin transaction fee reached a high of around $40. Under normal conditions, it's not that bad. A few-dollar fees are common for Bitcoin users.
3. Centralized mining pools. In the pursuit of profit from mining, greed-driven participants join mining pools thus undermining the idea behind decentralization and leading to centralization. The reality is that if several leading pools unite, they will control most of the hashing power and will be able to perform a 51% attack. The attackers will be able to send nonexistent bitcoins, confirm invalid transactions, and roughly speaking, manipulate the network as they like.
Bitcoin Mining Pools Statistics Source.
The reality is that we have a slow network that creates problems for itself. Moreover, if we talk about Bitcoin in terms of programming, the Bitcoin network is more similar to physical fiat money. For this reason, any actions with the code, including the development of wallets and applications, are a tough non-typical task that only the most advanced blockchain specialists can cope with.
While using the same technologies that Bitcoin is based on, UMI betters its disadvantages and incorporates only benefits. The network doesn't limit the block processing time, but instead, do everything to shorten the processing time and increase the network capacity. Modern cryptography algorithms reduce the load on nodes, thus allowing them to process more transactions with spending less computing power. The UMI network can process 500 million transactions carried out in the Bitcoin network over 12 years in less than a week. Each transaction will be completely free.
The concept of balances UMI uses is different from that of fiat money, but has a lot in common with the idea of digital money. For this reason, using UMI is so extremely easy. In a similar way, it simplifies the process of developing and maintaining new wallets and other applications. Contributing to the UMI ecosystem's growth is extremely convenient.
So, what's the most essential? Over its 10-year history, Bitcoin has demonstrated that its implementation of the idea of decentralization doesn't work at all. This is why UMI is based on decentralization implemented in a different way. Unlike Bitcoin mining pools, users join structures that help the network grow and support its effective functioning, with no threat to its security.
UMI is something that we all already use, but much better.
Consequently, UMI is not about anything super-unique, beyond understanding and comprehension. This is about the same old money that we use on a day-to-day basis. The same financial transfers, the same deposits that we have in banks, and the same blockchain technology and decentralization that Bitcoin is based on. The only difference is that UMI implements all the above-mentioned features in a lot better and higher performing way –– which is more convenient, secure, and higher-quality. UMI is a twenty-first-century universal money tool working for the sake of all people!
Greetings from the UMI Team!
The UMI cryptocurrency has been repeatedly described as a revolution in the payment system market. Most interestingly, in this case, a revolution isn't about the development of any new technologies or formulas. We just selected the best and well-tried technologies and incorporated them into something new. UMI is the best of cryptocurrencies and fiat payment systems––it has comprised all the best features and got rid of the disadvantages.
UMI vs banks
We won't compare the ways UMI and banks operate in detail in order not to get into complex technical issues, which are of no interest to us. Instead, let's have a look at the impact banks have on people on a daily basis and those of fundamental changes UMI makes to the services we regularly use.
There are banks that allow you to make financial transfers. Banks have savings accounts where money grows at a certain interest rate. Banks also have a range of mobile apps and online banking systems. All of that may appear pretty convenient. But keep in mind, the banking infrastructure, as well as VISA and MasterCard payment systems, were created long ago and based on old technologies. They are not conforming to present-day developments, mostly because they cannot ensure their users a sufficient security level.
With this in mind, instead of inventing something new, UMI improves the things that everyone is accustomed to. The result is a digital payment tool working in an absolutely familiar way. Conducting transfers with UMI is similar to making them via a bank. And even the format of UMI is much alike to conventional money––UMI and UMI-cents are the equivalent of the dollar and cents.
In UMI, just as in a bank, you have a current account (standard UMI address) and savings account––addresses used by structures for UMI staking. You can transfer money from one account to the other one in one click. The difference is that, in most banks, you receive your interest in a month at the earliest. In other words, you can get your money back with interest if you kiss it goodbye for 30 days, minimum. In UMI, earnings are accrued every second––you don't have to wait a long time for "your funds to be unlocked".
But what is the most significant is dividends. UMI staking allows any network user to earn up to 40% per month. Holding your money in a savings account even for a year, much less for a month, you will never make this profit. Why?
1. Because banks make good money on your deposits, instead of paying higher interests, they take the lion's share of what they could pay you into their pocket.
2. Secondly, a large part of your deposits is used to maintain the banking infrastructure: salaries for staff, rental payments, maintenance of offices, utility bills, and other various expenses.
3. Third, banks are not interested in making people rich, because otherwise, they will not be able to make money on loans and control people.
Let's not spout out empty rhetoric, but move on instead. The VISA and MasterCard payment systems declare their ability to process thousands of transactions per second, but in real fact, even if received funds are displayed instantly in your account, you receive a transfer after a few days only. Especially if it concerns international money transfers or ATM transfers. The truth is that VISA and MasterCard transfers are delayed by a series of confirmations required by banks and actually reach a recipient's account only in a few days.
After having been sent, any transaction can be blocked or canceled, and funds in your account can be frozen on the slightest suspicion. Even if before receiving all the confirmations required by banks, you have already withdrawn the funds via an ATM or transferred them to someone, the bank may take this amount from your account a few days later. Thus, you may surprisingly find out that your balance is negative. Keep in mind that banks charge transaction fees. Fees for oversea transfers may range from $10 up to 10% of the transaction amount. Thus, instead of $1,000, a recipient receives only $900.
The UMI network uses validator nodes which in a couple of seconds verify the correctness of transactions and allow users to check their balance for the sufficiency of funds. All transactions are instant. A transfer cannot be canceled or blocked, as well as money in your account cannot be frozen. Unlike VISA and MasterCard, transferred funds are available straight after a transaction has been added to the blockchain. Moreover, no fees are charged for that. Each and every transaction, international or not, is completely free.
Don't forget about permanent internet connection, which is required for conducting transactions with VISA and MasterCard. A validator node used by the UMI network can create any transaction, even offline one, with no Internet connection. You can send a transaction to the network via Wi-Fi, Bluetooth, or even a radio wave. Therefore, if there were a sudden cataclysm and people from all over the globe lost internet connection, the UMI network would easily adapt to new conditions and keep working.
UMI vs Bitcoin
Now let's compare the UMI network with the first-ever created cryptocurrency––Bitcoin. It has proved itself to be a reliable payment system, with a number of significant disadvantages, though. Let's focus on the most essential ones.
1. The transaction processing capacity of the bitcoin network is limited by the network itself. In the best-case scenario, it takes users several tens of minutes to receive their funds. However, quite often there is a several-hour, or even several-day, delay.
2. High fees. When the network is experiencing an increased load, transfer fees can skyrocket immensely. In 2017, there were cases where Bitcoin transaction fee reached a high of around $40. Under normal conditions, it's not that bad. A few-dollar fees are common for Bitcoin users.
3. Centralized mining pools. In the pursuit of profit from mining, greed-driven participants join mining pools thus undermining the idea behind decentralization and leading to centralization. The reality is that if several leading pools unite, they will control most of the hashing power and will be able to perform a 51% attack. The attackers will be able to send nonexistent bitcoins, confirm invalid transactions, and roughly speaking, manipulate the network as they like.
Bitcoin Mining Pools Statistics Source.
The reality is that we have a slow network that creates problems for itself. Moreover, if we talk about Bitcoin in terms of programming, the Bitcoin network is more similar to physical fiat money. For this reason, any actions with the code, including the development of wallets and applications, are a tough non-typical task that only the most advanced blockchain specialists can cope with.
While using the same technologies that Bitcoin is based on, UMI betters its disadvantages and incorporates only benefits. The network doesn't limit the block processing time, but instead, do everything to shorten the processing time and increase the network capacity. Modern cryptography algorithms reduce the load on nodes, thus allowing them to process more transactions with spending less computing power. The UMI network can process 500 million transactions carried out in the Bitcoin network over 12 years in less than a week. Each transaction will be completely free.
The concept of balances UMI uses is different from that of fiat money, but has a lot in common with the idea of digital money. For this reason, using UMI is so extremely easy. In a similar way, it simplifies the process of developing and maintaining new wallets and other applications. Contributing to the UMI ecosystem's growth is extremely convenient.
So, what's the most essential? Over its 10-year history, Bitcoin has demonstrated that its implementation of the idea of decentralization doesn't work at all. This is why UMI is based on decentralization implemented in a different way. Unlike Bitcoin mining pools, users join structures that help the network grow and support its effective functioning, with no threat to its security.
UMI is something that we all already use, but much better.
Consequently, UMI is not about anything super-unique, beyond understanding and comprehension. This is about the same old money that we use on a day-to-day basis. The same financial transfers, the same deposits that we have in banks, and the same blockchain technology and decentralization that Bitcoin is based on. The only difference is that UMI implements all the above-mentioned features in a lot better and higher performing way –– which is more convenient, secure, and higher-quality. UMI is a twenty-first-century universal money tool working for the sake of all people!
Maximum convenience for all generations 👍
Bitcoin appeared in 2009, Ethereum — in 2015. By 2017, the world saw hundreds of coins, tokens and all kinds of ICO projects. By 2020, projects in the field of decentralized finance (DeFi) are actively used, and the leading countries of the world are thinking about launching national cryptocurrencies (CBDC).
However, the crypto community is still wondering: when will cryptocurrencies for the majority of the population cease to be something “complex” and “incomprehensible” ❓ When it will be possible to go out on the street and exchange some passers-by with a couple of phrases about digital money without waiting for someone to look at you how about some alien?
Thanks to UMI, this day has come❗️
⭐️ The goal of the network is to unite the entire planet under one wing, and this cannot be done with the help of something “complex” and “incomprehensible”. The cryptocurrency is so convenient that it is mastered without problems not only by the young and technically savvy generation of millennials (generation Y) and zoomers (generation Z), but also by representatives of generation X (born 1960–1979) and even baby boomers (1940–1959 .).
In other words, even grandparents, who find it difficult to get modern technology, can use UMI without problems.
Bitcoin appeared in 2009, Ethereum — in 2015. By 2017, the world saw hundreds of coins, tokens and all kinds of ICO projects. By 2020, projects in the field of decentralized finance (DeFi) are actively used, and the leading countries of the world are thinking about launching national cryptocurrencies (CBDC).
However, the crypto community is still wondering: when will cryptocurrencies for the majority of the population cease to be something “complex” and “incomprehensible” ❓ When it will be possible to go out on the street and exchange some passers-by with a couple of phrases about digital money without waiting for someone to look at you how about some alien?
Thanks to UMI, this day has come❗️
⭐️ The goal of the network is to unite the entire planet under one wing, and this cannot be done with the help of something “complex” and “incomprehensible”. The cryptocurrency is so convenient that it is mastered without problems not only by the young and technically savvy generation of millennials (generation Y) and zoomers (generation Z), but also by representatives of generation X (born 1960–1979) and even baby boomers (1940–1959 .).
In other words, even grandparents, who find it difficult to get modern technology, can use UMI without problems.
UMI Marketing: Top Cryptocurrency Marketing Strategies
When UMI was launched, people acquired a universal money instrument that allows for instant and secure transactions charged with no fees and independent generation of new digital money — with neither energy expenses nor powerful equipment. It has the potential to fundamentally change the financial system by making it more profitable and convenient for the entire human family.
The more people will learn about this cryptocurrency, the faster this idea will spread around the world. In other words, like any new product, UMI needs mass and maximum effective advertising.
UMI allows using the most efficient strategies, established by the crypto industry. This post is about marketing strategies we prefer and why.
Nonstandard approach to advertising
Over the years of its existence crypto industry has proved to be a unique field whose promotion requires unconventional methods — you can’t present cryptocurrency as primitively as, for example, you present a bottle of soda or a chocolate bar. It’s a lot more complicated than that. Users need deep insight into the idea. For this reason, numerous educational resources, the ability to test the product, and support from those who know how it works are of great significance.
This is why the UMI Team, like many other top representatives of the crypto industry, use strategies and options which are different from traditional media coverage and internet advertising. They are based on four pillars:
1. Interact directly with opinion leaders — the so-called influence agents/influencers/bloggers.
2. Apply referral marketing principles and award users with various bonuses.
3. Hold all kinds of contests and events with cool prizes and gifts.
4. Work closely with the community and actively contribute the development of the product.
CoinDesk, an authoritative crypto news platform, mentioned the above-mentioned strategies as the ones gaining more popularity with major crypto companies, while conventional advertising tactics see a gradual slide.
Experts attribute this trend to the similarity between crypto marketing model and the beauty industry like those of Faberlic, Oriflame and Avon. These world-known companies are based on well-developed referral programs which worked for decades for them. Moreover, the beauty industry is based on the same four pillars that we mentioned above. In other words, both crypto and beauty communities apply the same techniques. Thus, beauty blogger Michelle Phan, who has over 1 mln YouTube subscribers, promotes cosmetics and bitcoin in a similar way. She’s confident that most crypto companies are following the same marketing strategies as the beauty industry does — even if they don’t know about it.
Let’s review the strategies the UMI Team wants to use to promote the coin.
Direct-to-Customer model — work directly with the community
Top cryptocurrencies are currently shifting to DTC (Direct-to-Customer) sales model, which refers to close cooperation with the community and direct sales. With this model, a company produces a product or service in its own facility, as well as distributes it among customers with its own channels. For example, these channels may be social media and an e-commerce platform (marketplace), like Amazon or eBay.
The UMI team also bases its promotion strategy on this model. To spread information about UMI, we use social media, forums, blogs, and influencer partnership, while remaining as open as possible to the community. We also consider using social media and popular marketplaces to sell our trademark products. For instance, we can sell NFC wallets and various branded products there.
This strategy is believed to be one of the most effective ones, able to reach different social groups, even from emerging countries. CoinDesk mentions Livia as a country where social media and chat rooms are the most widely used ways to promote crypto-related goods and services.
Partnership with influencers
A person, who doesn’t know much about UMI, should first understand what it is about and why they need it, and only then they will start using it. Such conventional methods as newspaper advertising or social media ads, don’t work here. As we said before, the most essential thing is to explain the idea behind UMI to audience; demonstrate the role and potential of cryptocurrencies in the twenty-first-century world. Close, efficient and individual work with each user, including guidance on all issues at every stage, will be truly helpful.
One of the best solutions in accomplishing this is to cooperate with popular personalities, who have a lot of subscribers and an authority, which allow them to affect purchase decisions of their audience. They are known as influencers, opinion leaders, or simply bloggers. People have more trust in figures of authority rather than traditional timeworn ads. Subscribers understand that a reputable blogger will not place their reputation at risk for the sake of money — they will first thoroughly research a product before introducing it to their audiences.
Our team is collaborating closely with popular bloggers on various social media, like Instagram, YouTube and others. The information about UMI must reach as many people worldwide as possible. Only then it will gain massive acceptance. As UMI grows, we plan to get more active with advertising UMI through different platforms and engaging more influencers.
Coindesk reports about many well-known crypto companies using a similar strategy:
- The Kraken crypto exchange. Its CEO focuses on sponsoring content creators that monetize their personal brands. Kraken sponsors Reckless VR startup, founded by virtual reality meetup organizer Udi Wertheimer, and podcaster Peter McCormack, who launched his media brand Defiance last year.
- Crypto․com platform. Thanks to their influencer strategies, the startup’s user base doubled to 2 million people over the past six months.
Referral marketing (MLM marketing)
The MLM marketing strategy is based on the referral program. This strategy encourages existing users to recruit new ones who are paid a percentage of their recruits’ sales.
Binance and Gemini crypto exchanges have already proved successful with the referral model. These two giants of the crypto industry offer their customers a reward for bringing in new users. The result is remarkable: they both are the most successful trading platforms over the globe.
We have applied an “outside the box” approach. Instead of somehow integrating the referral program into the UMI network, we have developed a smart contract that allows users to join communities themselves and create structures for staking UMI. As for structures, they can apply any MLM strategy they like.
For example, ROY Club — the structure created by a partner of ours — offers a 9-level bonus program which successfully promotes not only the ROY Club itself but the UMI network. The flexibility of the smart contract will allow other structures to develop and use a different referral program to engage a new audience. All this has a positive impact on the growth and popularization of our cryptocurrency.
As our Whitepaper says, “At the moment, MLM is one of the most efficient ways of promoting crypto technologies as it involves an audience that will be really using the cryptocurrency, not only speculate on currency rates.”
Gifts, giveaways, and contests
Even a small gift is always appreciated. When it comes to cryptos, a gift could mean a lot more. Receiving UMI coins as a gift means a great opportunity to learn more about this cryptocurrency: try out instant transfers, take part in staking, etc. This strategy will engage and encourage potential users to use coins for their personal needs. The UMI team is perfectly aware of this and is always generous with their gifts.
Two weeks after the network launch, we arranged an airdrop for members of the first staking structure — Roy Club. A total number of 357,664 UMI was airdropped in two tranches:
1. The first tranche amounted to 221,504 UMI. The transaction URL:
https://blockchain.umi.top/transaction/3eb0ae61b435fb576e67344b14e535e6dda8120b6ef0ab17164f52f88ca9c394
2. The second tranche totaled 136,160 UMI. The transaction URL:
https://blockchain.umi.top/transaction/a443003b443c61d997347dad1f68d3e29da9eeab7eeadcedcf8f54e1786a43ba
The ROY Club team distributes coins among its active users in accordance with certain terms. In doing so the UMI Team allowed over 7,500 people to join UMI staking for free and build their own team.
We have also organized several contests. Anyone who wanted could take part in them and receive cool prizes. The ROY club likewise holds contests and giveaways for its members. We consider giveaway a powerful strategy which we are planning to use for UMI’s further promotion. This method is regularly used by other crypto-related fields to engage and reward new users.
UMI intends to embrace the entire world.
If used alone, each of the methods described above can produce a required effect. But to achieve greater efficiency, your promotion plan should comprise a complex of strategies. This is why we use the “4 in 1” tactic, where all the four strategies complement and enhance one another: we work closely with the community, as well as opinion leaders, apply MLM strategies, and organize contests and giveaways.
The progress is evident. For example, a little over a month ago, we released the official UMI video. During this time, it has received over 30,000 views. Another video about the partnership with ROY Club has more than 110,000 views. In addition, the number of our social media subscribers, especially on YouTube and Telegram, is increasing rapidly. Moreover, community members themselves take the initiative to record awesome videos and spread information about the cryptocurrency within their immediate circle. All this is only the beginning of the path. UMI intends to embrace the entire world.
Close interaction with the community is the most productive and fair way to promote UMI. Everyone has a right to “create new digital money” as well as to use a convenient, secure and efficient payment tool. We are confident that the strategies we use will achieve great results and all the world will learn about UMI. This process has begun. It cannot be stopped. With each passing day, our community will grow, set the trend and take the entire planet to the world of the future.
Thank you for being with us!
Best regards, UMI Team!
When UMI was launched, people acquired a universal money instrument that allows for instant and secure transactions charged with no fees and independent generation of new digital money — with neither energy expenses nor powerful equipment. It has the potential to fundamentally change the financial system by making it more profitable and convenient for the entire human family.
The more people will learn about this cryptocurrency, the faster this idea will spread around the world. In other words, like any new product, UMI needs mass and maximum effective advertising.
UMI allows using the most efficient strategies, established by the crypto industry. This post is about marketing strategies we prefer and why.
Nonstandard approach to advertising
Over the years of its existence crypto industry has proved to be a unique field whose promotion requires unconventional methods — you can’t present cryptocurrency as primitively as, for example, you present a bottle of soda or a chocolate bar. It’s a lot more complicated than that. Users need deep insight into the idea. For this reason, numerous educational resources, the ability to test the product, and support from those who know how it works are of great significance.
This is why the UMI Team, like many other top representatives of the crypto industry, use strategies and options which are different from traditional media coverage and internet advertising. They are based on four pillars:
1. Interact directly with opinion leaders — the so-called influence agents/influencers/bloggers.
2. Apply referral marketing principles and award users with various bonuses.
3. Hold all kinds of contests and events with cool prizes and gifts.
4. Work closely with the community and actively contribute the development of the product.
CoinDesk, an authoritative crypto news platform, mentioned the above-mentioned strategies as the ones gaining more popularity with major crypto companies, while conventional advertising tactics see a gradual slide.
Experts attribute this trend to the similarity between crypto marketing model and the beauty industry like those of Faberlic, Oriflame and Avon. These world-known companies are based on well-developed referral programs which worked for decades for them. Moreover, the beauty industry is based on the same four pillars that we mentioned above. In other words, both crypto and beauty communities apply the same techniques. Thus, beauty blogger Michelle Phan, who has over 1 mln YouTube subscribers, promotes cosmetics and bitcoin in a similar way. She’s confident that most crypto companies are following the same marketing strategies as the beauty industry does — even if they don’t know about it.
Let’s review the strategies the UMI Team wants to use to promote the coin.
Direct-to-Customer model — work directly with the community
Top cryptocurrencies are currently shifting to DTC (Direct-to-Customer) sales model, which refers to close cooperation with the community and direct sales. With this model, a company produces a product or service in its own facility, as well as distributes it among customers with its own channels. For example, these channels may be social media and an e-commerce platform (marketplace), like Amazon or eBay.
The UMI team also bases its promotion strategy on this model. To spread information about UMI, we use social media, forums, blogs, and influencer partnership, while remaining as open as possible to the community. We also consider using social media and popular marketplaces to sell our trademark products. For instance, we can sell NFC wallets and various branded products there.
This strategy is believed to be one of the most effective ones, able to reach different social groups, even from emerging countries. CoinDesk mentions Livia as a country where social media and chat rooms are the most widely used ways to promote crypto-related goods and services.
Partnership with influencers
A person, who doesn’t know much about UMI, should first understand what it is about and why they need it, and only then they will start using it. Such conventional methods as newspaper advertising or social media ads, don’t work here. As we said before, the most essential thing is to explain the idea behind UMI to audience; demonstrate the role and potential of cryptocurrencies in the twenty-first-century world. Close, efficient and individual work with each user, including guidance on all issues at every stage, will be truly helpful.
One of the best solutions in accomplishing this is to cooperate with popular personalities, who have a lot of subscribers and an authority, which allow them to affect purchase decisions of their audience. They are known as influencers, opinion leaders, or simply bloggers. People have more trust in figures of authority rather than traditional timeworn ads. Subscribers understand that a reputable blogger will not place their reputation at risk for the sake of money — they will first thoroughly research a product before introducing it to their audiences.
Our team is collaborating closely with popular bloggers on various social media, like Instagram, YouTube and others. The information about UMI must reach as many people worldwide as possible. Only then it will gain massive acceptance. As UMI grows, we plan to get more active with advertising UMI through different platforms and engaging more influencers.
Coindesk reports about many well-known crypto companies using a similar strategy:
- The Kraken crypto exchange. Its CEO focuses on sponsoring content creators that monetize their personal brands. Kraken sponsors Reckless VR startup, founded by virtual reality meetup organizer Udi Wertheimer, and podcaster Peter McCormack, who launched his media brand Defiance last year.
- Crypto․com platform. Thanks to their influencer strategies, the startup’s user base doubled to 2 million people over the past six months.
Referral marketing (MLM marketing)
The MLM marketing strategy is based on the referral program. This strategy encourages existing users to recruit new ones who are paid a percentage of their recruits’ sales.
Binance and Gemini crypto exchanges have already proved successful with the referral model. These two giants of the crypto industry offer their customers a reward for bringing in new users. The result is remarkable: they both are the most successful trading platforms over the globe.
We have applied an “outside the box” approach. Instead of somehow integrating the referral program into the UMI network, we have developed a smart contract that allows users to join communities themselves and create structures for staking UMI. As for structures, they can apply any MLM strategy they like.
For example, ROY Club — the structure created by a partner of ours — offers a 9-level bonus program which successfully promotes not only the ROY Club itself but the UMI network. The flexibility of the smart contract will allow other structures to develop and use a different referral program to engage a new audience. All this has a positive impact on the growth and popularization of our cryptocurrency.
As our Whitepaper says, “At the moment, MLM is one of the most efficient ways of promoting crypto technologies as it involves an audience that will be really using the cryptocurrency, not only speculate on currency rates.”
Gifts, giveaways, and contests
Even a small gift is always appreciated. When it comes to cryptos, a gift could mean a lot more. Receiving UMI coins as a gift means a great opportunity to learn more about this cryptocurrency: try out instant transfers, take part in staking, etc. This strategy will engage and encourage potential users to use coins for their personal needs. The UMI team is perfectly aware of this and is always generous with their gifts.
Two weeks after the network launch, we arranged an airdrop for members of the first staking structure — Roy Club. A total number of 357,664 UMI was airdropped in two tranches:
1. The first tranche amounted to 221,504 UMI. The transaction URL:
https://blockchain.umi.top/transaction/3eb0ae61b435fb576e67344b14e535e6dda8120b6ef0ab17164f52f88ca9c394
2. The second tranche totaled 136,160 UMI. The transaction URL:
https://blockchain.umi.top/transaction/a443003b443c61d997347dad1f68d3e29da9eeab7eeadcedcf8f54e1786a43ba
The ROY Club team distributes coins among its active users in accordance with certain terms. In doing so the UMI Team allowed over 7,500 people to join UMI staking for free and build their own team.
We have also organized several contests. Anyone who wanted could take part in them and receive cool prizes. The ROY club likewise holds contests and giveaways for its members. We consider giveaway a powerful strategy which we are planning to use for UMI’s further promotion. This method is regularly used by other crypto-related fields to engage and reward new users.
UMI intends to embrace the entire world.
If used alone, each of the methods described above can produce a required effect. But to achieve greater efficiency, your promotion plan should comprise a complex of strategies. This is why we use the “4 in 1” tactic, where all the four strategies complement and enhance one another: we work closely with the community, as well as opinion leaders, apply MLM strategies, and organize contests and giveaways.
The progress is evident. For example, a little over a month ago, we released the official UMI video. During this time, it has received over 30,000 views. Another video about the partnership with ROY Club has more than 110,000 views. In addition, the number of our social media subscribers, especially on YouTube and Telegram, is increasing rapidly. Moreover, community members themselves take the initiative to record awesome videos and spread information about the cryptocurrency within their immediate circle. All this is only the beginning of the path. UMI intends to embrace the entire world.
Close interaction with the community is the most productive and fair way to promote UMI. Everyone has a right to “create new digital money” as well as to use a convenient, secure and efficient payment tool. We are confident that the strategies we use will achieve great results and all the world will learn about UMI. This process has begun. It cannot be stopped. With each passing day, our community will grow, set the trend and take the entire planet to the world of the future.
Thank you for being with us!
Best regards, UMI Team!
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