UMI smart contracts – safe, fast and convenient
When designing the UMI blockchain platform, our main goal was making the product convenient, fast and secure in all respects. Therefore, we decided to use the model of embedded smart contracts which are managed using special transactions. This allows us to get the following:
Very high speed of operation at a low cost. All UMI smart contracts are optimized to work at max speed while consuming minimum resources. The speed of UMI smart contracts is comparable to the speed of the blockchain itself — 65,535 TPS.
High level of security. UMI smart contracts are pre-tested and verified at all possible levels. This allows us to ensure there are no annoying errors leading to the loss of tokens that users of DeFi protocols sometimes have to deal with.
Ease of use. To use all the advantages of the UMI blockchain platform, technical knowledge is not a requirement. This makes UMI the most attractive ecosystem for a wide audience.
However, there is no limit to perfection! We will soon tell you about scaling up of the UMI blockchain platform.
Topic: [UMI] UMI — Universal Money Instrument - page 3. (Read 3271 times)
UMI strives for maximum reliability and independence, and we are actively looking for ways to achieve this
As we told you in our latest post, complete decentralization is impossible today because the Internet is fully controlled by the government. But we strive to create a truly reliable and independent system. To achieve this goal, we have considered a few interesting ideas that we would like to share with you today:
- Using the CloudFlare geo-distributed load balancing solution. The idea is to optimally distribute traffic – if one of the data centers fails, the user will automatically connect to another, the nearest one. However, this approach has a key drawback – dependence on CloudFlare and the DNS system.
- Using the Tor network. Tor is currently the most convenient option for creating a decentralized network. However, it has certain limitations. Thus, the Tor network speed is quite low and is about 2% to 5% of the maximum node speed in the UMI network. It should also be noted that Russian has been attempting to block Tor since December 1, 2021. This has significantly reduced the number of users of this network.
- Using the CJDNS protocol. This protocol resembles the Tor network in many ways and even allows you to work without an Internet connection. However, it is much harder to use which will negatively affect the user experience.
- Launching a DHT network. This solution proved to be quite good during the tests, but it could allow hackers to deanonymize users and carry out certain types of attacks on the UMI network.
Summing up, we have not yet found an ideal solution for our network, but we are actively continuing to study this issue and will regularly update you on our successes in this area. Most importantly, our work will not stop until a solution is found.
As we told you in our latest post, complete decentralization is impossible today because the Internet is fully controlled by the government. But we strive to create a truly reliable and independent system. To achieve this goal, we have considered a few interesting ideas that we would like to share with you today:
- Using the CloudFlare geo-distributed load balancing solution. The idea is to optimally distribute traffic – if one of the data centers fails, the user will automatically connect to another, the nearest one. However, this approach has a key drawback – dependence on CloudFlare and the DNS system.
- Using the Tor network. Tor is currently the most convenient option for creating a decentralized network. However, it has certain limitations. Thus, the Tor network speed is quite low and is about 2% to 5% of the maximum node speed in the UMI network. It should also be noted that Russian has been attempting to block Tor since December 1, 2021. This has significantly reduced the number of users of this network.
- Using the CJDNS protocol. This protocol resembles the Tor network in many ways and even allows you to work without an Internet connection. However, it is much harder to use which will negatively affect the user experience.
- Launching a DHT network. This solution proved to be quite good during the tests, but it could allow hackers to deanonymize users and carry out certain types of attacks on the UMI network.
Summing up, we have not yet found an ideal solution for our network, but we are actively continuing to study this issue and will regularly update you on our successes in this area. Most importantly, our work will not stop until a solution is found.
UMI – lightning speed, security, reliability and usability
Last time we talked about the reasons for choosing the existing two-layer model of the UMI network. Now let’s look at the advantages of this architecture.
- High operating speed. UMI is capable of processing 65 535 transactions per second, which has been successfully proven in practice on the core network. Fast communication channels allow to launch complete validator nodes and quickly synchronize the blockchain. And nothing prevents average users from receiving balance and transaction information without delay via a blockchain browser or wallet, without installing nodes at all.
- High reliability. A two-layer system eliminates the possibility of third-party impact on master nodes. And in the case of increased load, allows traffic to be distributed among a large number of running servers. Also, protection is integrated to eliminate the possibility of DDoS attacks.
- Security and privacy. To interact with the UMI network, you don’t need to share your public IP address. Therefore, attackers have no way to identify and attack node holders and ordinary users.
- Usability. Node is easy to install, you don’t need any specialized knowledge to do this.
Thus, we managed to create a unique system that combines safety, reliability, high speed and great usability. But it can be improved and that’s what we are doing now. We will tell you about it in our next publications.
Always yours UMI team!
Last time we talked about the reasons for choosing the existing two-layer model of the UMI network. Now let’s look at the advantages of this architecture.
- High operating speed. UMI is capable of processing 65 535 transactions per second, which has been successfully proven in practice on the core network. Fast communication channels allow to launch complete validator nodes and quickly synchronize the blockchain. And nothing prevents average users from receiving balance and transaction information without delay via a blockchain browser or wallet, without installing nodes at all.
- High reliability. A two-layer system eliminates the possibility of third-party impact on master nodes. And in the case of increased load, allows traffic to be distributed among a large number of running servers. Also, protection is integrated to eliminate the possibility of DDoS attacks.
- Security and privacy. To interact with the UMI network, you don’t need to share your public IP address. Therefore, attackers have no way to identify and attack node holders and ordinary users.
- Usability. Node is easy to install, you don’t need any specialized knowledge to do this.
Thus, we managed to create a unique system that combines safety, reliability, high speed and great usability. But it can be improved and that’s what we are doing now. We will tell you about it in our next publications.
Always yours UMI team!
Why is the UMI cryptocurrency so fast?
As you well know, a chain is only as strong as its weakest link. Similarly, in the blockchain, the operation speed of a decentralized network is the same as the speed of the slowest computer in it. Based on this, we developed a universal solution for creating a decentralized, secure, and high-performance blockchain:
- The master nodes responsible for adding blocks to the blockchain run on powerful servers and are connected by fast communication channels. Therefore, they exchange information about the state of the blockchain at lightning speed. In addition, due to the distribution of master nodes around the world, UMI has no single point of failure. In other words, even if one or more master nodes stop responding, the UMI network will continue operating.
- The master nodes cannot be accessed from the public network which boosts security and eliminates the possibility of channel overload due to a DDoS attack.
- The second layer consists of validator nodes located at different points around the world. They connect to the main UMI network, synchronize the blockchain with the master nodes and transmit information from the mempool.
Thanks to the two-tier architecture, we were able to achieve a throughput of 65,535 transactions per second. However, these are not the only advantages of UMI that we were able to achieve using this approach. In our next post, we will tell you more. Don’t miss it!
As you well know, a chain is only as strong as its weakest link. Similarly, in the blockchain, the operation speed of a decentralized network is the same as the speed of the slowest computer in it. Based on this, we developed a universal solution for creating a decentralized, secure, and high-performance blockchain:
- The master nodes responsible for adding blocks to the blockchain run on powerful servers and are connected by fast communication channels. Therefore, they exchange information about the state of the blockchain at lightning speed. In addition, due to the distribution of master nodes around the world, UMI has no single point of failure. In other words, even if one or more master nodes stop responding, the UMI network will continue operating.
- The master nodes cannot be accessed from the public network which boosts security and eliminates the possibility of channel overload due to a DDoS attack.
- The second layer consists of validator nodes located at different points around the world. They connect to the main UMI network, synchronize the blockchain with the master nodes and transmit information from the mempool.
Thanks to the two-tier architecture, we were able to achieve a throughput of 65,535 transactions per second. However, these are not the only advantages of UMI that we were able to achieve using this approach. In our next post, we will tell you more. Don’t miss it!
GLIZE set out on independent development. Subscribe to chatbot and social media accounts
Dear friends, the first UMI blockchain-based token – GLIZE – set out on the course of independent development as a native token of the future UMI OneApp NFT marketplace. An independent team is now actively designing the platform and developing GLIZE. You have a chance to be among the first to see one of the elements of the future NFT marketplace.
The GLIZE Team plans to design a top tool to work with NFT tokens. Even now, the GLIZE token already has huge prospects as it will allow its holders to:
- Obtain privileged access to the NFT marketplace functionality;
- Take part in project development;
- Run profitable transactions with NFT;
- Gain lots of other advantages in the future.
You can stake GLIZE today and receive new tokens for simply storing them.
To stay updated on the latest news and not to miss your chance to be the first to join the future NFT marketplace, subscribe to GLIZE social media accounts and join the chat bot:
Chat bot for GLIZE Community – https://umischool.customer.smartsender.eu/lp/Sw5C0YLg
Social media accounts:
Telegram – https://t.me/glizeEngnews
Instagram – https://www.instagram.com/glize_eng/
Twitter – https://twitter.com/EngGlize
Facebook – https://www.facebook.com/GLIZE-Community-ENG-105470015347798
YouTube – https://www.youtube.com/channel/UCK-Gbq7cS5J6m0rR3gajN-w
Sincerely, UMI Team!
Dear friends, the first UMI blockchain-based token – GLIZE – set out on the course of independent development as a native token of the future UMI OneApp NFT marketplace. An independent team is now actively designing the platform and developing GLIZE. You have a chance to be among the first to see one of the elements of the future NFT marketplace.
The GLIZE Team plans to design a top tool to work with NFT tokens. Even now, the GLIZE token already has huge prospects as it will allow its holders to:
- Obtain privileged access to the NFT marketplace functionality;
- Take part in project development;
- Run profitable transactions with NFT;
- Gain lots of other advantages in the future.
You can stake GLIZE today and receive new tokens for simply storing them.
To stay updated on the latest news and not to miss your chance to be the first to join the future NFT marketplace, subscribe to GLIZE social media accounts and join the chat bot:
Chat bot for GLIZE Community – https://umischool.customer.smartsender.eu/lp/Sw5C0YLg
Social media accounts:
Telegram – https://t.me/glizeEngnews
Instagram – https://www.instagram.com/glize_eng/
Twitter – https://twitter.com/EngGlize
Facebook – https://www.facebook.com/GLIZE-Community-ENG-105470015347798
YouTube – https://www.youtube.com/channel/UCK-Gbq7cS5J6m0rR3gajN-w
Sincerely, UMI Team!
Profit Center — safe, convenient and profitable way to multiply assets
When developing UMI OneApp, our main goal was creating a DeFi platform that would satisfy absolutely all needs of today’s cryptouser. Today, we’d like to tell you about one of the key elements of our ecosystem.
The Profit Center is a convenient tool you can use to generate earnings in multiple DeFi areas right now:
Staking — send tokens to a staking pool and earn interest;
Liquidity Pools — provide liquidity to various DEX exchanges;
Profitability Farming — earn passive income in available liquidity pools;
GameFi — choose one of the top 10 blockchain games based on the Play-to-Earn concept, and earn while having fun.
All solutions have been designed and made available in order to make interaction with UMI OneApp intuitive, convenient and, most importantly, safe! Anyone can easily choose the method they want to multiply their crypto assets and start using it.
However, we’d like to remind you that so far only the beta version of our multifunctional Profit Center and the UMI OneApp platform are available to you. In the near future, we will add other crypto assets for staking, new pools for providing liquidity and farming, including those based on UMI and GLIZE, new games, as well as many other solutions for earning cryptocurrencies in compliance with our Manifest: https://umi.top/OneApp_en.pdf
UMI OneApp is a single solution with a million possibilities!
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Always yours, UMI Team!
When developing UMI OneApp, our main goal was creating a DeFi platform that would satisfy absolutely all needs of today’s cryptouser. Today, we’d like to tell you about one of the key elements of our ecosystem.
The Profit Center is a convenient tool you can use to generate earnings in multiple DeFi areas right now:
Staking — send tokens to a staking pool and earn interest;
Liquidity Pools — provide liquidity to various DEX exchanges;
Profitability Farming — earn passive income in available liquidity pools;
GameFi — choose one of the top 10 blockchain games based on the Play-to-Earn concept, and earn while having fun.
All solutions have been designed and made available in order to make interaction with UMI OneApp intuitive, convenient and, most importantly, safe! Anyone can easily choose the method they want to multiply their crypto assets and start using it.
However, we’d like to remind you that so far only the beta version of our multifunctional Profit Center and the UMI OneApp platform are available to you. In the near future, we will add other crypto assets for staking, new pools for providing liquidity and farming, including those based on UMI and GLIZE, new games, as well as many other solutions for earning cryptocurrencies in compliance with our Manifest: https://umi.top/OneApp_en.pdf
UMI OneApp is a single solution with a million possibilities!
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Always yours, UMI Team!
U-DEX — instant and convenient exchange of crypto assets from various blockchains
We continue to tell you about the available UMI OneApp functionality and our plans for its development. Today we will tell you more about U-DEX.
U-DEX is currently a decentralized exchange (platform) for exchanging crypto assets within a single blockchain. However, in the future, the platform will allow exchanging various cryptocurrencies and tokens, even if they originate from different blockchain networks.
To exchange crypto assets, UMI OneApp connects to various exchanges:
Uniswap — for the exchange of assets on the Ethereum network;
SushiSwap — for the exchange of assets on the Ethereum network;
PancakeSwap — for the exchange of assets in the Binance Smart Chain network;
SIGEN. pro — for the exchange of UMI and GLIZE.
In the first three cases, the popular 1inch routing service is used which ensures the most profitable exchange. On SIGEN. pro, market orders are used to exchange UMI and GLIZE.
Our goal is creating a single platform for the entire DeFi market. U-DEX is already tackling this task, partially — you no longer need to switch between different exchanges for a profitable exchange of multiple assets within the Ethereum, Binance Smart Chain and UMI networks. It will all be in one place. However, we will not stop there.
In the future, we will improve U-DEX functionality by:
- Creating our own liquidity pools for UMI, GLIZE and other crypto assets.
- Developing the U-CrossChain tool which will allow exchanging assets from various blockchains using tokenization. For example, you can exchange USDT from the Ethereum blockchain for USDC from the Binance Smart Chain blockchain.
- Developing the U-AtomicSwap tool which will allow for atomic swaps — decentralized exchange of cryptocurrencies (for example, BTC for ETH).
- Improving the U-Aggregate service. Routing and finding the most profitable exchange path will be much more efficient as U-DEX develops.
- Developing the U-DEXP2P platform which will allow for decentralized exchange of cryptocurrencies and tokens for fiat money without intermediaries — and vice versa.
- Other innovations in compliance with the Manifest: https://umi.top/OneApp_en.pdf
Users will be provided with a wide range of tools for various types of exchange. It will become even better, more convenient and profitable. Imagine a world where all financial services can be found in one place in just a couple of clicks. This is exactly the kind of tool we are creating!
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Love always, UMI Team!
We continue to tell you about the available UMI OneApp functionality and our plans for its development. Today we will tell you more about U-DEX.
U-DEX is currently a decentralized exchange (platform) for exchanging crypto assets within a single blockchain. However, in the future, the platform will allow exchanging various cryptocurrencies and tokens, even if they originate from different blockchain networks.
To exchange crypto assets, UMI OneApp connects to various exchanges:
Uniswap — for the exchange of assets on the Ethereum network;
SushiSwap — for the exchange of assets on the Ethereum network;
PancakeSwap — for the exchange of assets in the Binance Smart Chain network;
SIGEN. pro — for the exchange of UMI and GLIZE.
In the first three cases, the popular 1inch routing service is used which ensures the most profitable exchange. On SIGEN. pro, market orders are used to exchange UMI and GLIZE.
Our goal is creating a single platform for the entire DeFi market. U-DEX is already tackling this task, partially — you no longer need to switch between different exchanges for a profitable exchange of multiple assets within the Ethereum, Binance Smart Chain and UMI networks. It will all be in one place. However, we will not stop there.
In the future, we will improve U-DEX functionality by:
- Creating our own liquidity pools for UMI, GLIZE and other crypto assets.
- Developing the U-CrossChain tool which will allow exchanging assets from various blockchains using tokenization. For example, you can exchange USDT from the Ethereum blockchain for USDC from the Binance Smart Chain blockchain.
- Developing the U-AtomicSwap tool which will allow for atomic swaps — decentralized exchange of cryptocurrencies (for example, BTC for ETH).
- Improving the U-Aggregate service. Routing and finding the most profitable exchange path will be much more efficient as U-DEX develops.
- Developing the U-DEXP2P platform which will allow for decentralized exchange of cryptocurrencies and tokens for fiat money without intermediaries — and vice versa.
- Other innovations in compliance with the Manifest: https://umi.top/OneApp_en.pdf
Users will be provided with a wide range of tools for various types of exchange. It will become even better, more convenient and profitable. Imagine a world where all financial services can be found in one place in just a couple of clicks. This is exactly the kind of tool we are creating!
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Love always, UMI Team!
UMI OneApp multicurrency crypto wallet — when all crypto assets are available in one place
Dear friends, we’ve decided to tell you about the available UMI OneApp functionality, as well as plans for further development. Let’s start with the basics — the U-Wallet multicurrency wallet.
U-Wallet is a multi-currency crypto wallet. Technically, this is an interface where you can interact with crypto assets from various blockchains. Currently, it supports three networks: UMI, Ethereum and Binance Smart Chain.
U-Wallet now allows you to connect to the UMI OneApp platform using the UMI mnemonic phrase and the Metamask wallet. After the user is connected, they can use convenient functionality for viewing and analyzing various assets based on the supported blockchains, as well as manage them. All information is nicely structured and the interface is totally intuitive. Even a beginner who has never used cryptocurrencies before can easily figure it out.
You can use U-Wallet to work with various DeFi tools within UMI OneApp and run other operations, such as send, receive and store various coins and tokens. In other words, U-Wallet is a universal tool for working with a variety of crypto assets. But that’s not all.
In subsequent releases, we plan to add support of more blockchains, including Bitcoin, Solana, Cardano, Polkadot and others. This will streamline interaction with cryptocurrencies a lot which is exactly what we are trying to achieve. Users won’t need to create multiple wallets for different blockchains. You will be able to manage absolutely all crypto assets from various networks in a single, completely secure place — U-Wallet.
UMI OneApp combines all features of the crypto market in one place!
In our next post we will talk about U-DEX functionality. Stay tuned.
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Always yours, UMI Team!
Dear friends, we’ve decided to tell you about the available UMI OneApp functionality, as well as plans for further development. Let’s start with the basics — the U-Wallet multicurrency wallet.
U-Wallet is a multi-currency crypto wallet. Technically, this is an interface where you can interact with crypto assets from various blockchains. Currently, it supports three networks: UMI, Ethereum and Binance Smart Chain.
U-Wallet now allows you to connect to the UMI OneApp platform using the UMI mnemonic phrase and the Metamask wallet. After the user is connected, they can use convenient functionality for viewing and analyzing various assets based on the supported blockchains, as well as manage them. All information is nicely structured and the interface is totally intuitive. Even a beginner who has never used cryptocurrencies before can easily figure it out.
You can use U-Wallet to work with various DeFi tools within UMI OneApp and run other operations, such as send, receive and store various coins and tokens. In other words, U-Wallet is a universal tool for working with a variety of crypto assets. But that’s not all.
In subsequent releases, we plan to add support of more blockchains, including Bitcoin, Solana, Cardano, Polkadot and others. This will streamline interaction with cryptocurrencies a lot which is exactly what we are trying to achieve. Users won’t need to create multiple wallets for different blockchains. You will be able to manage absolutely all crypto assets from various networks in a single, completely secure place — U-Wallet.
UMI OneApp combines all features of the crypto market in one place!
In our next post we will talk about U-DEX functionality. Stay tuned.
Here’s the link to the first UMI OneApp beta version: https://app.umi.top/
Always yours, UMI Team!
Year in review and plans for the future
Dear friends, the outgoing 2021 turned out to be interesting and eventful. Throughout the year, we have been working tirelessly to make UMI better and popular with a huge number of people. You supported us, believed in us and helped develop the cryptocurrency. Thank you for that!
It was a real Ox (Bull) year for the entire crypto market (isn’t it metaphorical?) and for us, too — UMI has reached new heights, has grown stronger and is ready to show its unique nature and prospects to the entire world.
We’ll take you through all the events, step by step.
First half of 2021 — UMI popularization
In the first half of 2021, we mainly focused on the spread of the cryptocurrency and its popularization. Our user base was growing at an incredible pace that some crypto projects wouldn’t achieve in an entire lifetime. Trading volumes and activity in the UMI network also increased.
Here are some significant events that highlight our efforts to popularize UMI:
Blockchain Wave. In April, UMI was presented at the international Blockchain Wave conference in Antalya. We did not just participate in this international event — we became its title sponsor. Thanks to this, many crypto enthusiasts and crypto market experts have learned about UMI.
Supreme Blockchain. In May, UMI became the title sponsor of the Supreme Blockchain conference in Dubai. This is a truly global event for the crypto industry that all the leading media write about, including Bloomberg, Yahoo Finance and Business Insider. They all mentioned UMI as a title sponsor. Here’s the video report from the Supreme Blockchain conference — https://youtu.be/FA3X4YeI-h0.
UMI’s anniversary. June 1 was a significant day for all of us because this is when UMI was launched! In the outgoing year, our community celebrated the first UMI’s anniversary all over the world – in Dubai, China and Indonesia. In particular, we would like to mention Dubai because it was there that the brightest holiday honoring UMI was attended by crypto experts, celebrities, representatives of the business elite and ruling families of the United Arab Emirates. They all discussed development prospects, features and advantages of UMI compared to other cryptocurrencies. As a gift, the Burj Khalifa – the tallest skyscraper in the world — was painted in the colors of UMI and gave an incredibly beautiful presentation show. It was an amazing and large-scale event. Watch the video report here — https://youtu.be/_pcFhMEIGcg.
Listings. Listing on the BTC-Alpha exchange, as well as CoinMarketCap and CoinGecko. At the end of the first half of 2021, UMI began to grow even faster and found new audience. UMI was added to the new BTC-Alpha crypto exchange which made it possible to list it on the popular crypto market data aggregators — CoinMarketCap and CoinGecko. Subsequently, we worked with CoinMarketCap and CoinGecko to update the data on the UMI page and continue to do so until now.
However, we were not only engaged in popularizing UMI during the first half of 2021. We also gradually improved its technical features: namely, we improved the mobile app and cryptocurrency code. Thus, in late May, an easy-to-use version of the validator node was presented which allows anyone to support the operation of the UMI blockchain, thereby increasing network security. This made the UMI network even more decentralized because each of you can install a node and ensure compliance with the network rules.
Improving UMI’s technical base eventually allowed us to launch, in early autumn, a node that can work in ‘turbo’ mode and is capable of withstanding a load of 65,535 transactions per second. Moreover, we proved in practice that we can handle such a high throughput. UMI officially became the fastest payment system in the world, having proven the high throughput in both test and main networks.
In early autumn, we also released a new validator node with the desktop wallet functionality. It allows you to manage your coins without having to visit the official website. You can also use it to support the network: verify transaction authenticity in the UMI network and monitor compliance with the blockchain rules.
Change of the development vector and creation of UMI OneApp
In the second half of 2021, we continued to popularize UMI. To do this, we listed our cryptocurrency on several other exchanges, including Bithumb Global (BitGlobal) and Bibox. But, more importantly, we changed the vector of development in the second half of 2021.
In 2021, we also faced a number of difficulties. Thus, staking with a high percentage negatively affected UMI pricing. We actively looked for a way out and came to the conclusion that we have lots of prospects in the DeFi market. But we could only enter it if we stopped staking. However, we couldn’t make such large-scale decisions without the approval of our large UMI community, so we decided to have a universal decentralized vote.
On October 21, we published the Manifest — a document that presented our vision of the UMI OneApp DeFi platform. In it, we also offered the community a choice: either we continue to stake UMI, or we stop staking and start developing a top-end DeFi platform based on the high-tech UMI blockchain.
On October 25, the decentralized voting was launched . Any UMI holder could take part in it. On November 1, the voting ended. Over 90% of those who voted chose the path of development – stop staking, integrate the deflationary mechanism by burning UMI and develop the UMI OneApp DeFi platform where UMI would be a native coin. Voting results – https://app.umi.top/yet/voting.
Immediately after the voting ended, we began to turn our plans into reality: update all UMI documentation and website, as well as develop smart contracts and other tech tools to launch UMI OneApp.
At the same time, we ordered an audit of the UMI code from the American cryptocurrency, blockchain and smart contract security firm Bramah Systems. It successfully ran the test and ruled that the UMI code was safe, had no vulnerabilities or external dependencies and was written from scratch in full compliance with the best practices. Bramah System posted audit results on its website — https://bramah.systems/audits/Umi_Software_Review.pdf.
In late November, we launched a new node which made it technically possible to issue tokens based on the UMI blockchain and a new type of transaction — Burn. Using this mechanism, over 400 million UMI have already been burned, and burning goes on.
On December 29, an extremely important release happened — release of the first beta-version of UMI OneApp — a whole universe of DeFi solutions in one place. UMI OneApp https://app.umi.top/.
Further development of UMI
As you can see, we have a few things to be proud of in the outgoing year. However, this is just the beginning because we have just started developing UMI as a top-end blockchain for various DeFi protocols. We plan to make UMI OneApp the best platform for launching and using decentralized applications. Lots of new discoveries and conquests lie ahead of us. We have already planned the following for 2022:
Further development of UMI OneApp. This is our most important goal. This is about improving the available solutions and developing new ones. We intend to make UMI OneApp a place where absolutely all crypto users — both experienced crypto users and beginners — will be able to find the DeFi tools they need. The first beta-version of the platform presented on December 29 is just the beginning. We will launch all the products and solutions that we presented in the Manifest, and then we will work on improving and developing UMI OneApp. Moreover, in addition to the desktop version, a convenient mobile app will be there for you.
The next major update is scheduled for the first quarter of 2022, and we hope that we will be able to make you happy.
Listings on new exchanges. We will make UMI even more accessible and well-known. To achieve this goal, we have planned new listings on awesome cryptocurrency exchanges. In particular, we are working on listing UMI on the most popular crypto exchange — Binance. However, to achieve this goal, we need to secure a few more important listings on major exchanges. And we intend to do this.
Further popularization of the cryptocurrency. We intend to continue using all available tools to spread information about UMI and UMI OneApp benefits, such as PR campaigns in the world’s leading crypto media. After all, we have a lot to tell the world about
Dear friends, we would like to express our deepest gratitude to you for all your support. We are confident that together we will succeed — and UMI will become Number One in the decentralized finance market.
Happy New Year!
Love, UMI Team!
Dear friends, the outgoing 2021 turned out to be interesting and eventful. Throughout the year, we have been working tirelessly to make UMI better and popular with a huge number of people. You supported us, believed in us and helped develop the cryptocurrency. Thank you for that!
It was a real Ox (Bull) year for the entire crypto market (isn’t it metaphorical?) and for us, too — UMI has reached new heights, has grown stronger and is ready to show its unique nature and prospects to the entire world.
We’ll take you through all the events, step by step.
First half of 2021 — UMI popularization
In the first half of 2021, we mainly focused on the spread of the cryptocurrency and its popularization. Our user base was growing at an incredible pace that some crypto projects wouldn’t achieve in an entire lifetime. Trading volumes and activity in the UMI network also increased.
Here are some significant events that highlight our efforts to popularize UMI:
Blockchain Wave. In April, UMI was presented at the international Blockchain Wave conference in Antalya. We did not just participate in this international event — we became its title sponsor. Thanks to this, many crypto enthusiasts and crypto market experts have learned about UMI.
Supreme Blockchain. In May, UMI became the title sponsor of the Supreme Blockchain conference in Dubai. This is a truly global event for the crypto industry that all the leading media write about, including Bloomberg, Yahoo Finance and Business Insider. They all mentioned UMI as a title sponsor. Here’s the video report from the Supreme Blockchain conference — https://youtu.be/FA3X4YeI-h0.
UMI’s anniversary. June 1 was a significant day for all of us because this is when UMI was launched! In the outgoing year, our community celebrated the first UMI’s anniversary all over the world – in Dubai, China and Indonesia. In particular, we would like to mention Dubai because it was there that the brightest holiday honoring UMI was attended by crypto experts, celebrities, representatives of the business elite and ruling families of the United Arab Emirates. They all discussed development prospects, features and advantages of UMI compared to other cryptocurrencies. As a gift, the Burj Khalifa – the tallest skyscraper in the world — was painted in the colors of UMI and gave an incredibly beautiful presentation show. It was an amazing and large-scale event. Watch the video report here — https://youtu.be/_pcFhMEIGcg.
Listings. Listing on the BTC-Alpha exchange, as well as CoinMarketCap and CoinGecko. At the end of the first half of 2021, UMI began to grow even faster and found new audience. UMI was added to the new BTC-Alpha crypto exchange which made it possible to list it on the popular crypto market data aggregators — CoinMarketCap and CoinGecko. Subsequently, we worked with CoinMarketCap and CoinGecko to update the data on the UMI page and continue to do so until now.
However, we were not only engaged in popularizing UMI during the first half of 2021. We also gradually improved its technical features: namely, we improved the mobile app and cryptocurrency code. Thus, in late May, an easy-to-use version of the validator node was presented which allows anyone to support the operation of the UMI blockchain, thereby increasing network security. This made the UMI network even more decentralized because each of you can install a node and ensure compliance with the network rules.
Improving UMI’s technical base eventually allowed us to launch, in early autumn, a node that can work in ‘turbo’ mode and is capable of withstanding a load of 65,535 transactions per second. Moreover, we proved in practice that we can handle such a high throughput. UMI officially became the fastest payment system in the world, having proven the high throughput in both test and main networks.
In early autumn, we also released a new validator node with the desktop wallet functionality. It allows you to manage your coins without having to visit the official website. You can also use it to support the network: verify transaction authenticity in the UMI network and monitor compliance with the blockchain rules.
Change of the development vector and creation of UMI OneApp
In the second half of 2021, we continued to popularize UMI. To do this, we listed our cryptocurrency on several other exchanges, including Bithumb Global (BitGlobal) and Bibox. But, more importantly, we changed the vector of development in the second half of 2021.
In 2021, we also faced a number of difficulties. Thus, staking with a high percentage negatively affected UMI pricing. We actively looked for a way out and came to the conclusion that we have lots of prospects in the DeFi market. But we could only enter it if we stopped staking. However, we couldn’t make such large-scale decisions without the approval of our large UMI community, so we decided to have a universal decentralized vote.
On October 21, we published the Manifest — a document that presented our vision of the UMI OneApp DeFi platform. In it, we also offered the community a choice: either we continue to stake UMI, or we stop staking and start developing a top-end DeFi platform based on the high-tech UMI blockchain.
On October 25, the decentralized voting was launched . Any UMI holder could take part in it. On November 1, the voting ended. Over 90% of those who voted chose the path of development – stop staking, integrate the deflationary mechanism by burning UMI and develop the UMI OneApp DeFi platform where UMI would be a native coin. Voting results – https://app.umi.top/yet/voting.
Immediately after the voting ended, we began to turn our plans into reality: update all UMI documentation and website, as well as develop smart contracts and other tech tools to launch UMI OneApp.
At the same time, we ordered an audit of the UMI code from the American cryptocurrency, blockchain and smart contract security firm Bramah Systems. It successfully ran the test and ruled that the UMI code was safe, had no vulnerabilities or external dependencies and was written from scratch in full compliance with the best practices. Bramah System posted audit results on its website — https://bramah.systems/audits/Umi_Software_Review.pdf.
In late November, we launched a new node which made it technically possible to issue tokens based on the UMI blockchain and a new type of transaction — Burn. Using this mechanism, over 400 million UMI have already been burned, and burning goes on.
On December 29, an extremely important release happened — release of the first beta-version of UMI OneApp — a whole universe of DeFi solutions in one place. UMI OneApp https://app.umi.top/.
Further development of UMI
As you can see, we have a few things to be proud of in the outgoing year. However, this is just the beginning because we have just started developing UMI as a top-end blockchain for various DeFi protocols. We plan to make UMI OneApp the best platform for launching and using decentralized applications. Lots of new discoveries and conquests lie ahead of us. We have already planned the following for 2022:
Further development of UMI OneApp. This is our most important goal. This is about improving the available solutions and developing new ones. We intend to make UMI OneApp a place where absolutely all crypto users — both experienced crypto users and beginners — will be able to find the DeFi tools they need. The first beta-version of the platform presented on December 29 is just the beginning. We will launch all the products and solutions that we presented in the Manifest, and then we will work on improving and developing UMI OneApp. Moreover, in addition to the desktop version, a convenient mobile app will be there for you.
The next major update is scheduled for the first quarter of 2022, and we hope that we will be able to make you happy.
Listings on new exchanges. We will make UMI even more accessible and well-known. To achieve this goal, we have planned new listings on awesome cryptocurrency exchanges. In particular, we are working on listing UMI on the most popular crypto exchange — Binance. However, to achieve this goal, we need to secure a few more important listings on major exchanges. And we intend to do this.
Further popularization of the cryptocurrency. We intend to continue using all available tools to spread information about UMI and UMI OneApp benefits, such as PR campaigns in the world’s leading crypto media. After all, we have a lot to tell the world about
Dear friends, we would like to express our deepest gratitude to you for all your support. We are confident that together we will succeed — and UMI will become Number One in the decentralized finance market.
Happy New Year!
Love, UMI Team!
Bitcoin Trader has become very well known in the crypto market for claiming to generate a lot of money for its users. But is this true or is it still a scam like a lot of other cryptocurrency bots?
UMI OneApp is already here! The official release of the first beta version!
Friends, at the end of 2021 we decided to give you UMI OneApp – the boundless world of decentralized finance, gathered in one place. We tried to make each element of our application convenient, understandable and easy to use even for a beginner on the crypto market. And most importantly – everything must work quickly and be as safe as possible. We’re proud to announce:
The first beta version of UMI OneApp is ready!
Hurry up and click the link, test and use the first web version of the unique solution for the DeFi world, which combines all kinds of earnings in the crypto market.
The beta version of UMI OneApp – https://app.umi.top/
At the moment there is a web version of UMI OneApp available, which can be used from your computer as well as from your phone or tablet. In the future, we will also release a handy mobile app specifically for our DeFi-ecosystem.
The beta version of UMI OneApp has all the features we promised you earlier. And even a little more:
The UMI OneApp home page. It opens all the functionality of the DeFi-platform in front of you. Convenient navigation allows you to connect to the ecosystem and navigate to the main functions: crypto-assets exchange, staking, farming and everything else.
U-Wallet multicurrency wallet. Supports UMI, Ethereum and Binance Smart Chain blockchains. UMI OneApp users can work with assets from the listed blockchains: both coins and tokens. We will add support for other networks later.
Connection to UMI OneApp via UMI Wallet mnemonic phrase. We added the ability to work with UMI OneApp via a previously created mnemonic phrase for UMI Wallet. So users don’t have to create a new wallet – you can use an existing mnemonic phrase to access all the benefits of UMI OneApp.
MetaMask support. MetaMask is the most popular wallet for DeFi-protocols. We have added its support to make interaction with UMI OneApp even more convenient and accessible. At the moment, through MetaMask, you can work with assets from Ethereum and Binance Smart Chain networks supported by UMI OneApp (the most liquid and least risky ones).
Decentralized U-DEX exchange. You can already exchange popular assets from Ethereum and Binance Smart Chain networks. You can also provide liquidity and farming in PancakeSwap, UniSwap and SushiSwap pools. At the moment not all tokens or coins from BSC and Ethereum networks are available for exchange or providing liquidity, but only the most popular and liquid ones (we don’t want to expose our users to increased risk). However, as UMI OneApp develops, the number of supported cryptocurrencies and tokens will grow as well.
U-Aggregate is an aggregator of decentralized exchanges. At the moment, only routing functionality is implemented, which offers the user the most profitable route to exchange cryptoassets when making transactions on U-DEX. The search for the optimal route takes place through 1inch.
GLIZE and UMI exchange via SIGEN. pro. We have added a handy feature to quickly exchange UMI and GLIZE via tumblers on SIGEN. pro. Technically the functionality is implemented by using market orders.
U-Staking — a page with cryptocurrency and token staking. Now GLIZE staking is available, later we will add support for other crypto-assets.
U-GameFi — a page displaying the top 10 “play and earn” games on Ethereum and Binance Smart Chain blockchains.
U-ProfitCenter — a page displaying all possible ways to earn money on UMI OneApp.
U-Dashboard is a personalized smart control panel. Here the user can see all the necessary information about his assets, staking, pools, and farming.
U-DAO is the first version of a decentralized autonomous organization where UMI holders can vote for certain changes to the UMI OneApp protocol and the UMI network.
U-Burn is an interface for burning UMI. Also here you can see the statistics about burning of the coin. The service will be expanded in the future.
U-Data is an analytics dashboard in the form of dashboards and graphs for tracking overall activity in the UMI OneApp ecosystem.
U-Interface — a service for downloading and installing UMI nodes.
U-API – a service that provides a lot of different possibilities for interacting with UMI node via API.
NFT-marketplace announcement page. The functionality of creating, selling or transferring NFT is not available yet, but you can already see how this promising section of UMI OneApp will look like.
And many other technical features that make interaction with UMI OneApp as efficient as possible.
The beta version of UMI OneApp supports English and Russian, and reflects the value of assets in Russian rubles and U.S. dollars. For your convenience we have recorded a video on how everything works on UMI OneApp. You can watch it and thus get acquainted with the platform:
Video – https://t.me/umi_news_eng/486
Friends, this is an important step for all of us, but we are just at the beginning of our journey to develop the best DeFi-platform on the entire crypto market! In the future we will create mobile versions of UMI OneApp and start working on updates that will make our platform even better. We have a long road ahead of us to develop and integrate new solutions. The next major release of the UMI OneApp update will be very soon – in the first quarter of 2022.
UMI OneApp – one solution, a million possibilities!
The Beta version of UMI OneApp — https://app.umi.top/.
Always with love, your UMI team!
Friends, at the end of 2021 we decided to give you UMI OneApp – the boundless world of decentralized finance, gathered in one place. We tried to make each element of our application convenient, understandable and easy to use even for a beginner on the crypto market. And most importantly – everything must work quickly and be as safe as possible. We’re proud to announce:
The first beta version of UMI OneApp is ready!
Hurry up and click the link, test and use the first web version of the unique solution for the DeFi world, which combines all kinds of earnings in the crypto market.
The beta version of UMI OneApp – https://app.umi.top/
At the moment there is a web version of UMI OneApp available, which can be used from your computer as well as from your phone or tablet. In the future, we will also release a handy mobile app specifically for our DeFi-ecosystem.
The beta version of UMI OneApp has all the features we promised you earlier. And even a little more:
The UMI OneApp home page. It opens all the functionality of the DeFi-platform in front of you. Convenient navigation allows you to connect to the ecosystem and navigate to the main functions: crypto-assets exchange, staking, farming and everything else.
U-Wallet multicurrency wallet. Supports UMI, Ethereum and Binance Smart Chain blockchains. UMI OneApp users can work with assets from the listed blockchains: both coins and tokens. We will add support for other networks later.
Connection to UMI OneApp via UMI Wallet mnemonic phrase. We added the ability to work with UMI OneApp via a previously created mnemonic phrase for UMI Wallet. So users don’t have to create a new wallet – you can use an existing mnemonic phrase to access all the benefits of UMI OneApp.
MetaMask support. MetaMask is the most popular wallet for DeFi-protocols. We have added its support to make interaction with UMI OneApp even more convenient and accessible. At the moment, through MetaMask, you can work with assets from Ethereum and Binance Smart Chain networks supported by UMI OneApp (the most liquid and least risky ones).
Decentralized U-DEX exchange. You can already exchange popular assets from Ethereum and Binance Smart Chain networks. You can also provide liquidity and farming in PancakeSwap, UniSwap and SushiSwap pools. At the moment not all tokens or coins from BSC and Ethereum networks are available for exchange or providing liquidity, but only the most popular and liquid ones (we don’t want to expose our users to increased risk). However, as UMI OneApp develops, the number of supported cryptocurrencies and tokens will grow as well.
U-Aggregate is an aggregator of decentralized exchanges. At the moment, only routing functionality is implemented, which offers the user the most profitable route to exchange cryptoassets when making transactions on U-DEX. The search for the optimal route takes place through 1inch.
GLIZE and UMI exchange via SIGEN. pro. We have added a handy feature to quickly exchange UMI and GLIZE via tumblers on SIGEN. pro. Technically the functionality is implemented by using market orders.
U-Staking — a page with cryptocurrency and token staking. Now GLIZE staking is available, later we will add support for other crypto-assets.
U-GameFi — a page displaying the top 10 “play and earn” games on Ethereum and Binance Smart Chain blockchains.
U-ProfitCenter — a page displaying all possible ways to earn money on UMI OneApp.
U-Dashboard is a personalized smart control panel. Here the user can see all the necessary information about his assets, staking, pools, and farming.
U-DAO is the first version of a decentralized autonomous organization where UMI holders can vote for certain changes to the UMI OneApp protocol and the UMI network.
U-Burn is an interface for burning UMI. Also here you can see the statistics about burning of the coin. The service will be expanded in the future.
U-Data is an analytics dashboard in the form of dashboards and graphs for tracking overall activity in the UMI OneApp ecosystem.
U-Interface — a service for downloading and installing UMI nodes.
U-API – a service that provides a lot of different possibilities for interacting with UMI node via API.
NFT-marketplace announcement page. The functionality of creating, selling or transferring NFT is not available yet, but you can already see how this promising section of UMI OneApp will look like.
And many other technical features that make interaction with UMI OneApp as efficient as possible.
The beta version of UMI OneApp supports English and Russian, and reflects the value of assets in Russian rubles and U.S. dollars. For your convenience we have recorded a video on how everything works on UMI OneApp. You can watch it and thus get acquainted with the platform:
Video – https://t.me/umi_news_eng/486
Friends, this is an important step for all of us, but we are just at the beginning of our journey to develop the best DeFi-platform on the entire crypto market! In the future we will create mobile versions of UMI OneApp and start working on updates that will make our platform even better. We have a long road ahead of us to develop and integrate new solutions. The next major release of the UMI OneApp update will be very soon – in the first quarter of 2022.
UMI OneApp – one solution, a million possibilities!
The Beta version of UMI OneApp — https://app.umi.top/.
Always with love, your UMI team!
Decentralized exchanges are the future of the crypto industry. And we’re going there!
Decentralized exchanges have become a real discovery of 2021. Despite the fact that these platforms have been on the market for quite a long time, it was this year that they became especially popular.
In 2021, DEX trading volume hit a record $1 trillion. This is 858% more than last year!
To make the comparison still more striking, in 2020 this figure was much more modest — ‘only’ $115 billion. Of course, this rise is primarily due to the overall growth of the entire crypto market. However, despite the fact that trading volumes on centralized exchanges have also increased, it is impossible not to notice an obvious fact — users increasingly prefer decentralized platforms.
This is because DEX offer a number of unique advantages, such as:
- Users have full control over their crypto assets and do not have to trust exchanges with them;
- DEX offered new popular types of generating income via providing liquidity and farming;
- Access to a large selection of crypto assets;
- No need to perform verification and entrust your personal data to anyone.
Decentralized exchanges are the future of the cryptocurrency market. We believe in this and therefore are developing the highest quality product for decentralized exchanges and trading which will be available on UMI OneApp. Our decentralized ecosystem has every chance of becoming one of the market leaders and getting the lion’s share of the huge trading volume due to a number of key advantages. These include:
- Zero transaction fees within the UMI blockchain.
- UMI blockchain throughput of 65,535 transactions per second. This means that the UMI network will process any number of transactions with lightning speed.
- An easy-to-use, nice and intuitive interface for interacting with the platform.
- A capability to exchange assets from different blockchains — this is why we are developing a number of auxiliary services in addition to U-DEX, namely:
U-CrossChain — a cross-chain exchange that will allow trading crypto assets from different blockchain networks using tokenization;
U-AtomicSwap — an atomic exchange that will allow decentralized exchange of cryptocurrencies;
U-DEXP2P — a tool for decentralized exchange of crypto assets for fiat currencies;
U-Aggregate — provides the user with the most profitable exchange path by analyzing all available liquidity pools.
Decentralized exchanges on UMI OneApp will be convenient, easy-to-understand (for anyone, even beginners), profitable and accessible to everyone.
The first beta version of UMI OneApp DeFi ecosystem will be released soon. We are entering the new year with a new solution and will actively develop it, while also implementing the plans we have described so far.
Together, we will succeed. Love always, your UMI Team!
Decentralized exchanges have become a real discovery of 2021. Despite the fact that these platforms have been on the market for quite a long time, it was this year that they became especially popular.
In 2021, DEX trading volume hit a record $1 trillion. This is 858% more than last year!
To make the comparison still more striking, in 2020 this figure was much more modest — ‘only’ $115 billion. Of course, this rise is primarily due to the overall growth of the entire crypto market. However, despite the fact that trading volumes on centralized exchanges have also increased, it is impossible not to notice an obvious fact — users increasingly prefer decentralized platforms.
This is because DEX offer a number of unique advantages, such as:
- Users have full control over their crypto assets and do not have to trust exchanges with them;
- DEX offered new popular types of generating income via providing liquidity and farming;
- Access to a large selection of crypto assets;
- No need to perform verification and entrust your personal data to anyone.
Decentralized exchanges are the future of the cryptocurrency market. We believe in this and therefore are developing the highest quality product for decentralized exchanges and trading which will be available on UMI OneApp. Our decentralized ecosystem has every chance of becoming one of the market leaders and getting the lion’s share of the huge trading volume due to a number of key advantages. These include:
- Zero transaction fees within the UMI blockchain.
- UMI blockchain throughput of 65,535 transactions per second. This means that the UMI network will process any number of transactions with lightning speed.
- An easy-to-use, nice and intuitive interface for interacting with the platform.
- A capability to exchange assets from different blockchains — this is why we are developing a number of auxiliary services in addition to U-DEX, namely:
U-CrossChain — a cross-chain exchange that will allow trading crypto assets from different blockchain networks using tokenization;
U-AtomicSwap — an atomic exchange that will allow decentralized exchange of cryptocurrencies;
U-DEXP2P — a tool for decentralized exchange of crypto assets for fiat currencies;
U-Aggregate — provides the user with the most profitable exchange path by analyzing all available liquidity pools.
Decentralized exchanges on UMI OneApp will be convenient, easy-to-understand (for anyone, even beginners), profitable and accessible to everyone.
The first beta version of UMI OneApp DeFi ecosystem will be released soon. We are entering the new year with a new solution and will actively develop it, while also implementing the plans we have described so far.
Together, we will succeed. Love always, your UMI Team!
UMI Burn: Another 25 mln coins withdrawn from circulation forever!
Dear friends, we’ve successfully run another round of burning of UMI coins you exchanged for tokens.
This time, we've burnt another 24 860 749 UMI worth $427 000 at the current exchange rate!
Here’s the transaction: https://blockchain.umi.top/transaction/3b5b91ad9439ab4676ff495fa863d5958cd60910ecbe7f231e7ffff64731b95d?block=6775855.
The total number of burned coins is currently 390 mln while the total number of coins circulating is 611 451 120.
We remind you that thanks to exchanging UMI for tokens, we will burn 500 mln coins. Now you can burn UMI in your wallet and we also plan to add more burning tools as UMI OneApp develops.
Our goal is to create a shortage of UMI. We firmly believe that the burning mechanism and UMI OneApp launch will help us to achieve our aim.
We will continue to inform you about coin burns.
Lots of love, UMI Team!
Dear friends, we’ve successfully run another round of burning of UMI coins you exchanged for tokens.
This time, we've burnt another 24 860 749 UMI worth $427 000 at the current exchange rate!
Here’s the transaction: https://blockchain.umi.top/transaction/3b5b91ad9439ab4676ff495fa863d5958cd60910ecbe7f231e7ffff64731b95d?block=6775855.
The total number of burned coins is currently 390 mln while the total number of coins circulating is 611 451 120.
We remind you that thanks to exchanging UMI for tokens, we will burn 500 mln coins. Now you can burn UMI in your wallet and we also plan to add more burning tools as UMI OneApp develops.
Our goal is to create a shortage of UMI. We firmly believe that the burning mechanism and UMI OneApp launch will help us to achieve our aim.
We will continue to inform you about coin burns.
Lots of love, UMI Team!
Dear friends, we have written another post about the technical work we are doing in December.
After we analyzed the costs of the UMI infrastructure maintenance, we came to the conclusion that traffic consumes significant resources. In this regard, we decided to update the binary protocol that ensures the synchronization of the nodes.
This update will allow the UMI network to:
Reduce traffic by more than a third, thus reducing costs.
Speed up the node synchronization.
Find more resources for development.
Thus, concurrently with working on UMI OneApp, we are updating the binary protocol.
We remind you that the first Beta version of UMI OneApp is coming really soon. The development is in its final stage and we’re preparing UMI OneApp for release
We’re continuing to grow! Sincerely yours, UMI team
After we analyzed the costs of the UMI infrastructure maintenance, we came to the conclusion that traffic consumes significant resources. In this regard, we decided to update the binary protocol that ensures the synchronization of the nodes.
This update will allow the UMI network to:
Reduce traffic by more than a third, thus reducing costs.
Speed up the node synchronization.
Find more resources for development.
Thus, concurrently with working on UMI OneApp, we are updating the binary protocol.
We remind you that the first Beta version of UMI OneApp is coming really soon. The development is in its final stage and we’re preparing UMI OneApp for release
We’re continuing to grow! Sincerely yours, UMI team
New video: Enormous NFT Capabilities on the UMI OneApp Platform
Dear friends, we have released a new video about the UMI OneApp functionality. This video will focus on NFTs — a new trend and one of the most profitable areas which have made a lot of people fabulously rich.
- First, you will learn in more detail what NFTs are and how this area works.
- Secondly, we will show you how the UMI OneApp ecosystem which we are currently developing will help you generate a profit on NFTs.
- We will also observe the main tools for working with NFT marketplaces — U-NFTCenter, U-NFT, U-SmartNFT.
Watch the video to learn more about NFTs — a new and lucrative niche in the market — and how you can make a profit by using UMI OneApp.
https://youtu.be/aBZ3bwf81QY
Dear friends, we have released a new video about the UMI OneApp functionality. This video will focus on NFTs — a new trend and one of the most profitable areas which have made a lot of people fabulously rich.
- First, you will learn in more detail what NFTs are and how this area works.
- Secondly, we will show you how the UMI OneApp ecosystem which we are currently developing will help you generate a profit on NFTs.
- We will also observe the main tools for working with NFT marketplaces — U-NFTCenter, U-NFT, U-SmartNFT.
Watch the video to learn more about NFTs — a new and lucrative niche in the market — and how you can make a profit by using UMI OneApp.
https://youtu.be/aBZ3bwf81QY
As you know, in November, the UMI node received a massive update. In addition to the advantages we wrote about in our previous posts, the update added another enhancement.
With the reduction of system requirements, the update has lowered infrastructure costs considerably.
In the short run, this will help reduce the budget significantly and will allow us to spend more on infrastructure development than on its maintenance. And this is really good news.
Friends, this is the final post about the technical work we did in November to improve the UMI blockchain. Very soon we will publish interesting information regarding our work in December.
Stay with us!
Sincerely yours, UMI team
With the reduction of system requirements, the update has lowered infrastructure costs considerably.
In the short run, this will help reduce the budget significantly and will allow us to spend more on infrastructure development than on its maintenance. And this is really good news.
Friends, this is the final post about the technical work we did in November to improve the UMI blockchain. Very soon we will publish interesting information regarding our work in December.
Stay with us!
Sincerely yours, UMI team
Dear friends, we’ve successfully run another round of burning of UMI coins you exchanged for tokens.
This time, we've burnt another 14,793,368 UMI worth $400,000 at the current exchange rate!
Here’s the transaction: https://blockchain.umi.top/transaction/a6869060b5460b2020c8b5d746f4216a256c2fce64ccebbdb338a9cde5918573?block=6207947.
Total coins withdrawn from circulation: about 366 mln UMI.
Total coins in circulation — 636,450,222 UMI.
Thanks to burning, the number of UMI coins in circulation will continue to reduce. We believe that this deflation process will lead us all to a bright future!
Yours, UMI Team!
This time, we've burnt another 14,793,368 UMI worth $400,000 at the current exchange rate!
Here’s the transaction: https://blockchain.umi.top/transaction/a6869060b5460b2020c8b5d746f4216a256c2fce64ccebbdb338a9cde5918573?block=6207947.
Total coins withdrawn from circulation: about 366 mln UMI.
Total coins in circulation — 636,450,222 UMI.
Thanks to burning, the number of UMI coins in circulation will continue to reduce. We believe that this deflation process will lead us all to a bright future!
Yours, UMI Team!
New questions answered
Friends, we continue to answer the most popular questions from UMI crypto users.
Let’s get down to answering questions right away. Here we go!
1. When will the UMI OneApp platform be launched?
Immediately after the vote for stopping UMI staking and entering the DeFi market was over, we started developing UMI OneApp — a DeFi platform that will include a lot of decentralized finance (DeFi) solutions.
The first version of the DeFi ecosystem will be available in December. The beta version will include such DeFi solutions as:
U-Wallet multi-currency wallet. At the first stage, it will support assets from the UMI, Ethereum, and Binance Smart Chain blockchains. The support for other networks will be implemented later.
U-DEX decentralized exchange. Users will be able to make a quick exchange of their assets from the Ethereum and Binance Smart Chain networks. It will also allow users to provide liquidity to pools and farm supported assets.
U-Staking is a cryptocurrency and token staking service. At the first stage, only GLIZE staking will be available. Staking of other crypto assets will be added later.
U-GameFi is a page that will show a variety of “Play and Earn” games based on the Ethereum and Binance Smart Chain blockchains.
U-ProfitCenter is a page where users can review all available ways of making a profit on UMI OneApp.
U-Burn beta version will display statistics on UMI burning and have an interface for burning coins.
We have already published a full list of products that will be available in the first beta version of UMI OneApp: https://blog.umi.top/en/first-umi-oneapp-release-coming-in-december/
We also plan to add the other services that we announced before and expand the functionality of already existing solutions. This will be a long journey. We must develop and integrate all the solutions described in the Manifest.
UMI OneApp Manifest: https://umi.top/OneApp_en.pdf
2. When will the crypto cards with UMI support be launched?
Crypto cards with UMI support are still under development. Our long-term partner ISP Club is working on their launch.
The latest version of the cards was successfully released in October. In the current version, to make a payment, users have to convert UMI to fiat currency manually by using a special app. The future version will have automated conversion.
Our partners from the ISP Club are responsible for distributing the cards with UMI support and keeping users up to date with the latest information.
The latest news about crypto cards: https://t.me/umi_news_eng/409
3. Why did you stop staking?
UMI staking was stopped because the community decided to stop it. We took a decentralized vote on stopping staking. The overwhelming majority of users decided to stop staking and switch to the decentralized finance (DeFi) market.
We couldn’t enter the DeFi market without stopping UMI staking. The truth is that the high staking rate caused the generation of an excess number of coins and, as a result, a steady drop in the UMI price. In that situation, UMI wouldn’t attract new participants in the crypto industry, even with a wide range of products presented in UMI OneApp.
Now, after stopping staking and developing DeFi protocols, we can market UMI as a top blockchain platform for a variety of DeFi products. On top of it, by having stopped staking and integrated the burning mechanism, we turned UMI into a deflationary asset. It can have a positive impact on the coin’s shortage in the long run.
4. Why did you not foresee that high emission can cause a price drop?
Initially, the high staking rate helped UMI grow and draw an audience. It was one of our main advantages which helped the cryptocurrency stand out among other cryptocurrencies. UMI has always had and still has other strong points such as super-high blockchain throughput and no fee on the network.
Looking back at the past, you could see that the growth of the UMI price was not connected to the high staking rate. From January to June 2021, the cryptocurrency price increased from $1 to $3.
But then we generated too many coins. The market situation changed, which led to the limitation of development resources. As the coin price began to fall, we offered the community a solution — stop staking and entering the DeFi market to popularize the cryptocurrency. Users made their choice.
5. What are your plans regarding listing on major exchanges? When will UMI be listed on Binance?
We plan to have UMI listed on major exchanges, including Binance. In parallel with UMI OneApp, we are working on adding UMI to a range of trading platforms. As a result, you may have already noticed that UMI has been added to several platforms. The largest and most popular ones are BitGlobal (formerly Bithumb Global, an international trading platform from Bithumb crypto exchange) and Bibox.
We also plan to have UMI added to other exchanges. It’s just the beginning.
6. Will U-DEX support stablecoins?
Yes, it will. The beta version which will be launched in December will have this functionality. At the initial stage, U-DEX will support the exchange of assets from the Ethereum and Binance Smart Chain networks. These networks feature a range of popular stablecoins, including USDT, USDC, and DAI, which will also be available for trading on U-DEX.
Similarly, the multi-currency crypto wallet U-Wallet at the first stage will support assets from the Ethereum and Binance Smart Chain networks. So users will be able to efficiently work with all popular stablecoins: store, transfer, receive, and trade them in pairs with other crypto assets.
7. When will the UMI rate grow?
The UMI rate depends solely on supply and demand on the market. We do not influence the coin price and cannot know when the rate will rise.
But at the same time, we have focused all our efforts on popularizing the cryptocurrency, its development, and creating a deflationary mechanism, which will encourage the growth of demand and create a shortage of coins on the market.
That was why we stopped staking, launched burning, Manifest, and started the development of UMI OneApp. As a native coin of the DeFi platform, it will be used to access various products. If users want to use some solutions, they will need to buy UMI.
Thanks for your time!
Friends, we continue to answer the most popular questions from UMI crypto users.
Let’s get down to answering questions right away. Here we go!
1. When will the UMI OneApp platform be launched?
Immediately after the vote for stopping UMI staking and entering the DeFi market was over, we started developing UMI OneApp — a DeFi platform that will include a lot of decentralized finance (DeFi) solutions.
The first version of the DeFi ecosystem will be available in December. The beta version will include such DeFi solutions as:
U-Wallet multi-currency wallet. At the first stage, it will support assets from the UMI, Ethereum, and Binance Smart Chain blockchains. The support for other networks will be implemented later.
U-DEX decentralized exchange. Users will be able to make a quick exchange of their assets from the Ethereum and Binance Smart Chain networks. It will also allow users to provide liquidity to pools and farm supported assets.
U-Staking is a cryptocurrency and token staking service. At the first stage, only GLIZE staking will be available. Staking of other crypto assets will be added later.
U-GameFi is a page that will show a variety of “Play and Earn” games based on the Ethereum and Binance Smart Chain blockchains.
U-ProfitCenter is a page where users can review all available ways of making a profit on UMI OneApp.
U-Burn beta version will display statistics on UMI burning and have an interface for burning coins.
We have already published a full list of products that will be available in the first beta version of UMI OneApp: https://blog.umi.top/en/first-umi-oneapp-release-coming-in-december/
We also plan to add the other services that we announced before and expand the functionality of already existing solutions. This will be a long journey. We must develop and integrate all the solutions described in the Manifest.
UMI OneApp Manifest: https://umi.top/OneApp_en.pdf
2. When will the crypto cards with UMI support be launched?
Crypto cards with UMI support are still under development. Our long-term partner ISP Club is working on their launch.
The latest version of the cards was successfully released in October. In the current version, to make a payment, users have to convert UMI to fiat currency manually by using a special app. The future version will have automated conversion.
Our partners from the ISP Club are responsible for distributing the cards with UMI support and keeping users up to date with the latest information.
The latest news about crypto cards: https://t.me/umi_news_eng/409
3. Why did you stop staking?
UMI staking was stopped because the community decided to stop it. We took a decentralized vote on stopping staking. The overwhelming majority of users decided to stop staking and switch to the decentralized finance (DeFi) market.
We couldn’t enter the DeFi market without stopping UMI staking. The truth is that the high staking rate caused the generation of an excess number of coins and, as a result, a steady drop in the UMI price. In that situation, UMI wouldn’t attract new participants in the crypto industry, even with a wide range of products presented in UMI OneApp.
Now, after stopping staking and developing DeFi protocols, we can market UMI as a top blockchain platform for a variety of DeFi products. On top of it, by having stopped staking and integrated the burning mechanism, we turned UMI into a deflationary asset. It can have a positive impact on the coin’s shortage in the long run.
4. Why did you not foresee that high emission can cause a price drop?
Initially, the high staking rate helped UMI grow and draw an audience. It was one of our main advantages which helped the cryptocurrency stand out among other cryptocurrencies. UMI has always had and still has other strong points such as super-high blockchain throughput and no fee on the network.
Looking back at the past, you could see that the growth of the UMI price was not connected to the high staking rate. From January to June 2021, the cryptocurrency price increased from $1 to $3.
But then we generated too many coins. The market situation changed, which led to the limitation of development resources. As the coin price began to fall, we offered the community a solution — stop staking and entering the DeFi market to popularize the cryptocurrency. Users made their choice.
5. What are your plans regarding listing on major exchanges? When will UMI be listed on Binance?
We plan to have UMI listed on major exchanges, including Binance. In parallel with UMI OneApp, we are working on adding UMI to a range of trading platforms. As a result, you may have already noticed that UMI has been added to several platforms. The largest and most popular ones are BitGlobal (formerly Bithumb Global, an international trading platform from Bithumb crypto exchange) and Bibox.
We also plan to have UMI added to other exchanges. It’s just the beginning.
6. Will U-DEX support stablecoins?
Yes, it will. The beta version which will be launched in December will have this functionality. At the initial stage, U-DEX will support the exchange of assets from the Ethereum and Binance Smart Chain networks. These networks feature a range of popular stablecoins, including USDT, USDC, and DAI, which will also be available for trading on U-DEX.
Similarly, the multi-currency crypto wallet U-Wallet at the first stage will support assets from the Ethereum and Binance Smart Chain networks. So users will be able to efficiently work with all popular stablecoins: store, transfer, receive, and trade them in pairs with other crypto assets.
7. When will the UMI rate grow?
The UMI rate depends solely on supply and demand on the market. We do not influence the coin price and cannot know when the rate will rise.
But at the same time, we have focused all our efforts on popularizing the cryptocurrency, its development, and creating a deflationary mechanism, which will encourage the growth of demand and create a shortage of coins on the market.
That was why we stopped staking, launched burning, Manifest, and started the development of UMI OneApp. As a native coin of the DeFi platform, it will be used to access various products. If users want to use some solutions, they will need to buy UMI.
Thanks for your time!
What is DeFi and why is it so popular? New video about UMI OneApp
In this video, we’re answering important questions.
What is decentralized finance, or DeFi? Why is it an important tool for the crypto market? What are the unique opportunities opening up for DeFi users? Why are we developing the UMI OneApp ecosystem and how is it related to DeFi capabilities?
We will also review the DeFi infrastructure, DEX capabilities and U-SWAP functionality.
https://youtu.be/uoduZpdslzc
In this video, we’re answering important questions.
What is decentralized finance, or DeFi? Why is it an important tool for the crypto market? What are the unique opportunities opening up for DeFi users? Why are we developing the UMI OneApp ecosystem and how is it related to DeFi capabilities?
We will also review the DeFi infrastructure, DEX capabilities and U-SWAP functionality.
https://youtu.be/uoduZpdslzc
Friends, the burning mechanism on the UMI network is working successfully.
Today at 12:55 UTC, 175 048 642 UMI were burned using the new transaction type, Burn.
Here is the transaction itself —
https://blockchain.umi.top/transaction/2ac9676f0d241f0a55d12eb960fd716ae00ad5c4178a0bf649453e6ad12cc119.
Another 150 000 000 UMI were burned through the conversion of coins into GLIZE tokens.
Transaction — https://blockchain.umi.top/transaction/48f47f9996cd9c86565d8ad5ab0c06467cf1565c1b5d68c93dd1ee64c039bb4f.
Current UMI emission is 677 773 263 and will continue to decrease.
UMI burning + increased coin demand = deficit.
Always with love, your UMI team!
Today at 12:55 UTC, 175 048 642 UMI were burned using the new transaction type, Burn.
Here is the transaction itself —
https://blockchain.umi.top/transaction/2ac9676f0d241f0a55d12eb960fd716ae00ad5c4178a0bf649453e6ad12cc119.
Another 150 000 000 UMI were burned through the conversion of coins into GLIZE tokens.
Transaction — https://blockchain.umi.top/transaction/48f47f9996cd9c86565d8ad5ab0c06467cf1565c1b5d68c93dd1ee64c039bb4f.
Current UMI emission is 677 773 263 and will continue to decrease.
UMI burning + increased coin demand = deficit.
Always with love, your UMI team!
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