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[UMI] Universal Money Instrument - umi.top


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The UMI blockchain platform can be used to create and execute smart contracts of any complexity. For example, thanks to its high tech characteristics, many different tokens, including stablecoins, can be created within the UMI network. 
 
In the future, UMI will not just be a coin for fast and free transactions as well as innovative staking based on a smart contract. UMI will become a fully-featured platform for many crypto projects.

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In the future, UMI will create a completely new crowdfunding model based on a smart contract on the crypto market.

1. Imagine, if the project raising funds doesn’t fulfil one of its obligations, cryptocurrency is automatically returned to investors.
2. Here’s another example: to collect 1,000,000 UMI, you actually need to raise 700,000 UMI, and the rest will accumulate thanks to staking.

Awesome, don’t you agree? We are planning to design a smart contract that will allow us to use all these tools in the field of crowdfunding and many others.

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A new node launched: UMI capacity is 65,536 tx/second!

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Dear friends, when we started working on UMI –  universal money instrument – our initial goal was to create a network that would be able to process a lot of transactions.

We realized the significance of this. Otherwise, the blockchain of our cryptocurrency neither would be different from Bitcoin or Ethereum nor would compete with other existing payment systems like Visa or Mastercard. Even being hundreds of times faster than Bitcoin or Ethereum, at the launch, in practical terms, UMI was inferior to the leading payment systems. This didn’t stop us from developing the cryptocurrency, and you from using it. But to achieve global recognition and maximum comfort, we had to do more.

Today we have not only reached the giants of the market but also outperformed them by as much as 2.5 times (the peak of VISA’s capability is no more than 24,000 transactions per second).

Today we’re going to reveal a secret. Since the launch, the UMI blockchain has been able to process up to 65,536 transactions per second. But due to the lack of necessity and in order to protect the network against overload, we’ve been artificially restricting UMI’s capacity.

Even though the number of transactions on the network is continuously growing, we still don’t need such a high capacity (the network successfully copes with the load). However, in about a year of optimization in order to raise the network to a new level of development and demonstrate its power, we developed a new node and thus switched the master nodes into their maximum performance mode, generated and sent several hundred thousand transactions to the network.

Several consecutive full blocks can demonstrate the UMI network power and verify its claimed performance.

Thus, right now, the UMI network is processing up to 65,536 tx/second — more than VISA and Mastercard (not in the test network, but the main one). And all of this does no harm to the environment.

With such a high capacity, UMI ensures immediate transactions. We will tell how we managed to achieve these results without causing any harm to the environment in our next article. Keep the finger on the pulse.

To successfully demonstrate UMI’s capacity, we sent 2 transactions of 0.02 UMI to all existing addresses with a non-zero balance (2 symbolizes the second version of the node). In total, there were 371,329 addresses and 742,658 transactions. We generated 5 blocks filled each with 65,536 transactions. It took the UMI network only 10 seconds to process all the transactions. In other words, each block was processed in 1 second.

Links to blocks:

https://blockchain.umi.top/ru/block/4727343

https://blockchain.umi.top/ru/block/4727344

https://blockchain.umi.top/ru/block/4727345

https://blockchain.umi.top/ru/block/4727346

https://blockchain.umi.top/ru/block/4727347

https://blockchain.umi.top/ru/block/4727348

https://blockchain.umi.top/ru/block/4727349

https://blockchain.umi.top/ru/block/4727350

https://blockchain.umi.top/ru/block/4727351

https://blockchain.umi.top/ru/block/4727352

Thus, UMI has become the fastest cryptocurrency network in the world, which has proved in practice that its main network, not the test one, can achieve incredibly high capacity. It are faster than Solana, Cardano, Free TON and all the others.

The new node also paves the way for high-quality, convenient, and fast implementation of new UMI-based products, such as the DeFi ecosystem products (tokens, stablecoins, decentralized exchanges, etc.), new smart contracts, a coin burning mechanism, games using UMI, and a lot more.

As soon as the new node was successfully integrated, we started developing new products. We will tell you more about them in our weekly reports.

Another important point: a move to a new node made the UMI blockchain 6 times more lightweight. This will allow the network not only to actively grow and scale but also protect the master nodes and validator nodes from overload. 

The code of the new node has been successfully uploaded to Gitlab: https://gitlab.com/umitop/umid.  Other useful technical links:

– API documentation: https://api.umi.top/

– Main network: https://mainnet.umi.top/

– Test network: https://testnet.umi.top/

– Technical / Structural wallet: https://techwallet.umi.top/

Thank you to everyone in our community for helping UMI grow.

Thanks to you and for your good, we are moving forward. Sincerely yours, UMI team

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A new validator node with desktop wallet functionality released

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Dear friends, we have released a new validator node which now can perform desktop wallet functions.
 
It allows you to do the following:
 
Manage your coins without the need to visit the official website: send, receive and stake UMI. In other words, you can use all your wallet features even if the UMI website is unavailable for some reason.
 
Support the network: verify transactions authenticity in the UMI network and monitor compliance with the blockchain rules. The new validator node automatically downloads the blockchain and supports the network.
 
This is the next step in the development of the UMI ecosystem which has now become even more accessible, convenient and decentralized. The new validator node is available via the links:
 
- Windows (x64) — https://pkg.umi.top/desktop/win/umid-desktop.exe
- macOS (Intel и M1) — https://pkg.umi.top/desktop/mac/UMI-Desktop.dmg
- Linux Ubuntu or RedHat — https://pkg.umi.top
- Docker — https://hub.docker.com/u/umitop
 
We continue to grow together.
Yours, UMI Team! 

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UMI processes 65,535 transactions per second in the eco-friendliest way!

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If you follow the news of the cryptocurrency industry, you must have heard of the recent discussions of mining harmful effects. They started when Tesla stopped accepting bitcoins citing environmental impact. Then other participants of the crypto industry also started analyzing the Bitcoin network power consumption, carbon footprint, and other eco-related issues. Media SIGEN.pro, our partners’ portal, made a thorough review of this situation. Long ago we also wrote about mining harmful effects in our blog.

As you probably know, the Bitcoin network is based on the Proof-of-Work algorithm, which is also the basis of the Ethereum network. Huge energy costs and low capacity make this algorithm economically impractical and inefficient. Today bitcoin uses as much electricity as a medium-sized country, or only twice less than the ENTIRE global banking system.

UMI is an efficient, fast and eco-friendly blockchain

By launching UMI, we initially attempted to provide the world with an efficient and fast blockchain that would have no negative environmental effects. While forging the future and creating new technologies, we shouldn’t sacrifice the world around us.

A protective attitude towards limited, and especially non-renewable resources or in other words wise and sustainable consumption are not mere words for us. Therefore, we use Proof-of-Authority. This consensus algorithm achieves high capacity with no harm to the environment. While initially we processed 4,369 transactions per second, now the main UMI network managed to achieve the capacity of up to 65,535 tx/sec.

Since miners or forgers don’t have to compete for a block reward in our blockchain, the network requires less computing power. At the same time, we came up with a non-standard way of protecting the network against DDoS attacks (spam transactions) – during each operation, the user’s device solves the easiest mathematical problem. In the case of a DDoS attack, these tasks get much more complicated, thus making the attack not dangerous for the network.

However, our developer team hasn’t stopped only at using the most efficient consensus algorithm. We’ve done a lot of work on optimizing the program code and achieved excellent results. Since the network launch, we’ve halved CPU usage, which has significantly reduced electricity consumption and decreased the number of servers maintaining the public infrastructure.

65,535 transactions per second without harm to the environment

But high power consumption is just one of the many problems that cryptocurrencies cause. Another serious problem is the shortage of computing devices. Today, due to the hype in the cryptocurrency market, ordinary users can’t buy video cards at affordable prices. Resellers buy video cards directly from manufacturers and then double the price. We have seen a massive shortage of SSD and HDD drives so far. It was caused by the popularity of Chia and other similar cryptocurrencies whose mining is based on SSD and HDD drives. 

We believe that the sustainable use of resources is in every way profitable strategy, so we don’t want to have any negative impact on the IT sector. New UMI blocks are created via master nodes which are distributed over the world. Users don’t need ASIC, video cards and other devices to take full advantage of the cryptocurrency. Instant and free transfers, as well as staking with a 40% monthly reward are available to anyone with a smartphone or computer. So there is no need for specialized computer devices.

However, even with this, we don’t rest. As we’ve mentioned above, we were able to increase the network capacity to 65,535 transactions per second causing no harm to the environment. In fact, this task is not easy to do, since it usually requires increasing the disk subsystem capacity, while with such a load the volume of the blockchain grows at the rate of up to 1 TB per day. We can’t do this partially because ordinary users won’t be able to install the node on their device.

Therefore, with each new update, we try to decrease both the system requirements and the space and load on the storage device. You need the simplest and most accessible disk to run a fully functional validator node. At the same time, it doesn’t use much network capacity or other resources like disk memory or electricity. We developed and improved UMI in a way that avoids a possible shortage of computer components.

We should note that while developing and maintaining the UMI network we also faced problems and errors. For example, at the very beginning, we chose the JSON-RPC protocol, which is quite easy to use, but consumes a lot of resources. However, soon we started working on the integration of a new binary protocol which:

- Utilizes communication channel capacity with maximum efficiency.
- Wisely consumes computing power.

Even with a slow and unstable Internet connection, the new protocol allows you to efficiently send transactions and sync the blockchain.

We treat the user experience of our network participants as a high priority, so transitions to new protocols will go unnoticed. For example, together with the release of a new node, we released a special proxy server that can convert requests from the old version to the new one and back. Our user can significantly save resources without changing anything.

With UMI, we try to provide the market with a tool that consumes little resources and is convenient for a regular user. Once again, we want to focus on our incredible success: we have achieved the capacity of up to 65,535 transactions per second. In other words, UMI is now much faster than not only traditional cryptocurrencies like Bitcoin or Ethereum, but it is also more efficient than Visa or Mastercard. With this, it is also

- Environmentally friendly;
- Extremely convenient and easy-to-use.

UMI is a universal monetary instrument of the future – the future which is already here!

Best regards, UMI Team!

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Announcement of UMI listing on the Bibox exchange!

Dear friends, we have another piece of awesome news for you.

A popular trading platform Bibox has announced the upcoming listing of UMI!

Bibox is a large international crypto platform which trades more than 250 cryptocurrencies and offers various trading tools. The daily trading volume on Bibox is about $500-900 million!

UMI continues to enter new large markets and gain popularity around the world.

Bibox announcement about the upcoming UMI listing — https://bit.ly/3hJIGxT
Bibox on CoinMarketCap — https://coinmarketcap.com/exchanges/bibox/.
Link to Bibox — https://www.bibox.com/

As soon as UMI trading starts on Bibox, we will definitely let you know.

We continue to grow together.
Yours, UMI Team!

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UMI's main goal is further expansion on the DeFi market

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Last week we successfully launched a new node that made UMI the fastest payment system in the world. We're the only ones who are able to prove our main network can reach a throughput of as much as 65,535 tx/sec. 

But, most importantly, the new node has opened us the door to the Decentralized Finance (DeFi) market. And we won’t be just a tokenized coin — we will be a fully featured blockchain platform that can be used to design DeFi products. It’s exactly what we’re going to work on in the near future. 

Why DeFi? Because it’s a promising and fast-growing crypto market sector that could potentially change the entire financial system. Overall, the DeFi protocols now account for (https://defillama.com/home) as much as $180 bln, and the number is constantly growing. 

However, crypto users still face the problems experienced by other platforms, such as Ethereum, Binance Smart Chain, Solana, Polkadot and Cardano. UMI easily solves them via its high-tech nature, zero fees and instant transactions.

We will do all we can to make UMI the leader on the DeFi market. Follow the news. 

Yours always, UMI Team!

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UMI's video report from Supreme Blockchain 2021

Dear friends, in our today's report we would like to recollect the awesome Supreme Blockchain conference in Dubai where the UMI team acted as the title sponsor. Reputable representatives of the industry, celebrities and sheikhs discussed prospects of the crypto market, including DeFi, asset tokenization, NFT and other topical questions. And, naturally, UMI's prospects in these and other sectors! 

We have prepared a brief, but very beautiful and informative video about the conference. Make sure you watch it. 

Video: https://youtu.be/qMzjlGH37VU.

This conference is just the beginning of our journey into the decentralized finance sector. We will not only develop DeFi products, but will also take an active part in such conferences on a regular basis, bringing UMI into the global spotlight. Follow the news. 

Yours always,UMI team! 

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Add UMI to CoinMarketCap watchlist
 
Dear friends, let’s help the UMI cryptocurrency win more popularity and authority among the crypto community around the globe. 
 
Just add UMI to the CoinMarketCap watchlist. It's really easy and fast to do:
 
1. Sign up for CoinMarketCap or log in to your account if you already have one — https://coinmarketcap.com/.
2. Open the UMI page — https://coinmarketcap.com/currencies/umi/.
3. Click on the star symbol (to the right of the coin name).
 
Done! 
 
Even though over 5,000 people already keep tracking UMI, our community is much larger. So let's increase this number severalfold. This will help the coin win popularity and show the crypto world how awesome, loyal, and big UMI's audience is.
 
We are counting on you 
Sincerely yours, UMI team
 
P. S. We have also prepared a step-by-step guide with screenshots on how to add UMI to the watchlist – https://blog.umi.top/?p=2558

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Bitcoin is the first cryptocurrency, but it is far from being the only one. In the context of Bitcoin’s limited technological base, new cryptocurrencies began to emerge. Thus, in 2015 the Ethereum blockchain appeared and popularized smart contracts.

A smart contract is a blockchain code that fulfills agreement of two parties. Thanks to smart contracts, there is no need to trust third parties because all conditions can be pre-programmed and written in contract code.

Over time, many different applications (dApps) were designed based on Ethereum, including decentralized exchanges, crediting and insurance protocols, etc.

UMI is far superior to Ethereum, allowing you to create and execute smart contracts of any complexity. Our blockchain platform is very flexible and can be integrated into absolutely any project in the future.

Instant and free transactions are a key advantage that makes UMI-based smart contracts much more profitable than smart contracts based on other cryptocurrencies.

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Numerous markets, including the cryptocurrency market, use various trading strategies, scalping being one of them. What is this strategy like?

Scalping is running a variety of short-term transactions. Short-term movements take a very short time, literally a few minutes.

Since UMI, just like other cryptocurrencies, is traded on the open market and has market pricing, you can also practice a scalping strategy. However, you need to understand that it can be very difficult to trade successfully.

For inexperienced users, staking that has recently been gaining popularity in the crypto industry is much easier to use and more reliable.

Thanks to staking based on a smart contract, you can multiply your UMI coins at a rate of up to 40% per month. This does not require special skills or a lot of time at the computer. You can just send UMI to the address for staking. The smart contract will take it from there.

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UMI listed on Bibox!

Dear friends, we are proud to announce that UMI has been successfully listed on the Bibox crypto platform. UMI deposits/withdrawals are already available — you can deposit your wallets.

UMI trade is launched at 03:00 pm MSK ((08:00 pm UTC) 

Here is another piece of awesome news: thanks to listing on Bibox, we have entered a new market — UMI/USDT trading.  You can exchange UMI for the most popular stablecoin in the crypto world and vice versa. 

In a few weeks, another trading pair — UMI/BTC — will be added to Bibox.

Bibox is a large trading platform with a daily trading volume of about $500–$900 million. Listing on Bibox is an essential step in popularizing our coin. 

Link on Bibox: https://www.bibox.com/

Enjoy your trading! 
Sincerely yours, UMI team

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Cryptocurrency has never been so close!

Here.
Now.
In your pocket.
Take it.
Pay.

UMI bank card has been earned.
It works — we have seen it ourselves.
And we want to share this good news with you.

This has been talked about for a long time! We have been waiting for this for a long time! UMI in everyday life! Not only on display!

Look!
https://youtu.be/Zxrx6kVjGgs

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Recently, the world-famous magazine The Economist that has a multimillion audience paid special attention to the decentralized finance (DeFi) sector. On the magazine cover, the DeFi sector is pictured as a rabbit hole, and the article says that this industry could change the way the global monetary system works.

One can’t but agree with this. DeFi is a new stage in the development of the financial sector. More and more users are leaving centralized crypto platforms, opting for solutions offering complete control over their assets.

That is why UMI is moving to the DeFi sector and intends to become one of the leading platforms for the decentralized finance area!

Thanks to its top-level throughput on the crypto market, zero commissions and the capability to execute smart contracts of any complexity, UMI can become the No. 1 platform for launching DeFi products, including decentralized exchanges, credit protocols and blockchain games.

IN A FEW DAYS, WE WILL PUBLISH THE DETAILS. STAY TUNED!

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More and more users are resorting to decentralized exchanges (DEX) instead of centralized ones. Why? We can explain:

- You don’t need to trust your funds to third-party organizations;
- The service is available to anyone;
- DEXs feature a great number of assets;
- You aren’t required to provide your personal data.

DEX is the exchange of choice for those users who care about their privacy and security.

Not all is perfect though. The main disadvantage is that due to the low scalability of blockchains, fees are high. Thus, for a complex transaction on Uniswap, you will have to pay hundreds of dollars (!).

We understand this like no one else, so we plan to develop a decentralized exchange based on the UMI blockchain. In terms of the technical aspect, this platform will outperform all existing DEXs by providing users with a unique opportunity to carry out free and immediate transactions. It will become a solution to the main pain point of the crypto market. Nowhere else will you see it! 

Stay tuned!

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Important: DeFi Market Entry Manifest by UMI

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Dear friends, we have been talking about transforming UMI into a DeFi blockchain platform for a long time, but staking at a rate of up to 40% per month provokes a continuous price drop and does not allow us to implement this idea in the current situation. 

Therefore, you will have to make an important historic decision via decentralized voting in the near future: 

1. Whether we should stop staking and enter the DeFi market while creating a shortage of coins;

2. Whether we continue staking, but UMI transformation into a DeFi blockchain platform will be impossible in this case. 

If staking is stopped, you will be offered an alternative — staking of new tokens launched within the UMI network and characterized by their own emission mechanism. 

We have prepared the DeFi Market Entry Manifest where we spoke in detail about our thoughts, plans and UMI OneApp — a new ecosystem that will be created and launched if you vote “YES”. In short: 

UMI OneApp is an app that unites various blockchains and the entire crypto market in a single place. 

- Multicurrency wallet for cryptocurrencies and tokens; 

- All types of income originating from cryptocurrencies, including staking, farming and liquidity pools;

- Decentralized exchanges (DEX) and P2P platforms; 

- All DeFi market products: NFTs, blockchain games, insurance, transfers between blockchains and much more;

- New unique solutions. 

UMI burning mechanism will also be integrated into the app. 

All transactions in UMI OneApp will be instant and have minimal fees; in most cases — no fees whatsoever. All this will be ensured by the decentralized DAO management system where each user is an important part of the ecosystem and makes key decisions with the entire community. UMI OneApp is a unique solution in the decentralized finance market. The entire universe of blockchain solutions is always at hand with this app!  

The launch of UMI OneApp will offer you a huge number of new opportunities, including income generation on the crypto market. Within the new ecosystem, UMI will be the native coin (by analogy with Ethereum, Binance Smart Chain, Solana and other blockchains) that will be used for various transactions which will generate demand for it. Stopping staking and using the burning mechanism will create a shortage of coins on the market.

Read more about UMI OneApp, our thoughts and plans in the Manifest. It contains screenshots and a detailed description of all opportunities.  

DeFi Market Entry Manifest by UMI: https://umi.top/OneApp_en.pdf

P. S. Our entire community will be able to vote — each UMI holder. We will tell you tomorrow when and how decentralized voting will take place. In the meantime, study the Manifest. 

Love, UMI Team!

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How, Where and When to Vote for Stopping Staking
 
Dear friends, soon you will have to take a historic decision on the future of the UMI network: to stop staking or not. We are ready to lift the curtain of secrecy and answer all the questions. 
 
HOW WILL IT WORK?
 
On Monday, Оctober 25 at 09:00 UTC (12:00 MSK) decentralized blockchain-based voting is launched on the official website:
 
- At the start of voting, we will make snapshots of balances – we will record the number of UMI on all your addresses, including structural ones.
 
- When you vote "FOR" or "AGAINST", the system will record your coins into the relevant block. The more coins you have, the more interested you are in developing UMI, which means the more valuable your vote is.
 
- Voting is finished at 09:00 UTC (12:00 MSK). The solution that receives the most votes will win.
 
Your coins will NOT be withdrawn — voting is free!
 
WHY DO YOU USE BLOCKCHAIN AND SNAPSHOTS?
 
The snapshot-based voting system protects against fraud with coin tossing and juke. Blockchain will make the voting process completely transparent: anyone will be able to view balance snapshots, current results, and now any address voted. Thus, you will be able to check that votes are real, not faked, and make sure that everything is fair and square.
 
HOW CAN I VOTE?
 
1. Just enter your UMI address.
2. Sign a special message via the UMI wallet or SIGEN.pro. 
3. And then just click "FOR" or "AGAINST" to cast your vote.
 
WHAT ARE WE VOTING FOR?
 
1. Stop staking when 1 billion UMI is reached. 
2. Launch token-based staking as an alternative to UMI staking.  
3. Transform UMI into a blockchain platform for DeFi rather than leave it a cryptocurrency intended primarily for staking. 
 
You can find more details in the Manifest:
 
Manifest’s full version (recommended) — https://umi.top/OneApp_en.pdf
OnePager (brief version)  — https://umi.top/OneApp_OnePager_en.pdf
 
WHY DO WE NEED VOTING?
 
UMI is a decentralized cryptocurrency, so all global solutions will only be implemented after our community gives its approval. Our community is the most valuable thing we have. And we must take this historic decision together. We will choose the path you will vote for! Remember you are the best!
 
Love, UMI Team!

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Decentralized voting has started. It's time to make a decision!
 
Dear friends, the decentralized voting for stopping staking and UMI's entering the DeFi market has been launched. The voting process is completely transparent: thanks to blockchain, balance snapshots, current results, and information on how an address voted are publicly available.  Thus, you will be able to check that votes are real, not faked, and make sure that everything is fair and square.
 
Voting lasts until 12:00 MSK (09:00 UTC) November 1, 2021 
 
If the majority votes "yes", we will be able to create UMI OneApp — a whole universe of blockchain solutions which will combine all types of income on the crypto market. You will also have an alternative to UMI staking in the form of token staking. As another option, you can vote to leave things as they are. 
 
It's up to you to decide. Don't forget to vote. Now the future of UMI is only in your hands! 
 
- VOTE, VIEW TERMS AND SEE RESULTS: https://umi.top/vote
 
- Detailed voting statistics: https://umi.top/votes
 
P.S. Short FAQ: 
 
1. How does decentralized voting work?  — https://t.me/umi_news_eng/417
2️. What are we voting for? 
Manifest’s full version (recommended): https://umi.top/OneApp_en.pdf
Onepager (brief version): https://umi.top/OneApp_OnePager_en.pdf

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