What is UMI?
UMI is a decentralized payment blockchain network with an open source code. It allows you to make almost instant and absolutely free transactions around the world. The UMI cryptocurrency is used as a unit of accounting within the network.
UMI is a fully featured blockchain platform developed from scratch that supports the creation and execution of smart contracts. The UMI blockchain is built on the unique Proof-of-Authority (PoA) consensus algorithm where master nodes and validator nodes are responsible for network performance.
UMI is a unique cryptocurrency issued via staking based on a smart contract. Thanks to this innovative approach, network participants can unite in structures and generate new coins at a rate of up to 40% per month, simply by holding them in their wallets.
How does UMI work?
The UMI blockchain is public meaning that all transactions are transparent, cannot be forged or canceled. Moreover, the UMI network code is published on GitLab and is available for audit.
UMI code on GitLab — https://gitlab.com/umitop/umi-master.
Bitcoin and the vast majority of other cryptocurrency blockchains use the Proof-of-Work (PoW), Proof-of-Stake (PoS) consensus algorithms or their derivatives (for example, Delegated Proof-of-Stake, DPoS). This approach significantly limits their throughput and creates commission costs.
UMI chose a completely different path. The heart of the network is the innovative Proof-of-Authority (PoA) technology. It ensures almost instant transactions and safe operation of the network without commission costs.
The UMI cryptocurrency bypasses the main problems inherent in the PoW and PoS algorithms:
Master nodes are responsible for generating new blocks. They are "master" nodes because special ultra-high requirements are applied to them in terms of network speed and bandwidth.
Validator nodes support the network checking the blocks for correctness and ruling out forgery. A validator node can be launched by any UMI user, thereby making the network even more decentralized, secure and reliable.
Besides, any network participant has the opportunity to launch a light node that allows you to view and send transactions without downloading the entire blockchain history.
Use of master nodes allows us to significantly increase the bandwidth of the UMI network and, accordingly, the speed of transfers in it.
No one has the opportunity to connect to the master nodes and somehow influence their work because they work anonymously and their location is unknown to anyone. At the same time, the master nodes are distributed throughout the planet to ensure maximum decentralization and avoid the creation of a single point of failure. An attempt to create a block by another node is automatically rejected by the network. This ensures maximum security, protecting UMI from any kind of attacks.
Thus, PoA completely eliminates the possibility of fraud and hacking. This ensures that users ' coins will always be safe.
What makes UMI unique?
The initial PoA model does not imply either forging or mining since users are prohibited from creating new blocks for security reasons. On the one hand, this is a good thing — there is no need to purchase powerful and expensive equipment and install special software. On the other hand, users cannot be encouraged to maintain network performance which is a significant drawback. Thus, there is no mining or its alternatives in other cryptocurrencies using PoA, but there is in UMI.
The UMI network uses an improved version of this technology which relies on its advantages while also eliminating its drawbacks. Mining and forging has been replaced by an innovative staking technology based on a smart contract and used to reward users.
The unique Proof-of-Authority model with smart contract staking not only ensures maximum security of the UMI network, but also implies generous rewards for users.
UMI advantages
Almost instant transactions without commissions. Bandwidth of the UMI network is up to 65,536 transactions per second. This is several thousand times more than Bitcoin. This is more than VISA or Mastercard.
Safety and reliability. UMI is a fully decentralized blockchain network protected from hacks, leaks, unauthorized changes, 51% attacks, Nothing-at-Stake, third-party interference, DDoS attacks (spam transactions) and other vulnerabilities. A user who has a mnemonic phrase fully owns their coins.
Support for smart contracts. UMI is a fully featured blockchain platform that allows you to create and execute smart contracts of any complexity.
The leading crypto-media wrote more about UMI advantages, including:
CryptoPotato — https://cryptopotato.com/umi-blockchain-ecosystem-of-instant-visa-like-payments-with-zero-fees/ Bitcoinist — https://bitcoinist.com/umi-blockchain-ecosystem-instant-transfers-smart-contracts-and-profitable-staking/ NewsBTC — https://www.newsbtc.com/press-releases/umi-blockchain-ecosystem-instant-transfers-smart-contracts-and-profitable-staking/ Bitnovosti — https://bitnovosti.com/2020/10/30/blokchejn-ekosistema-umi-mgnovennye-perevody-mnogofunktsionalnye-smart-kontrakty-vygodnyj-stejking/ DeCenter — https://decenter.org/ru/blokchein-ekosistema-umi
Who created UMI?
UMI was created by an anonymous and completely independent development team at its own expense. As was the case with Bitcoin, the creators of UMI are anonymous. This is done for the network to be as decentralized as possible. There is no single entity that someone could influence and thus harm the UMI network.