Bitcoin Forum

UMI is a universal monetary instrument It's innovative decentralized cryptocurrency allowing you to make virtually instant, free, and completely secure transfers.
 
Developed from scratch, this full-scale blockchain platform can create and execute smart contracts and operates using master nodes and the unique Proof-of-Authority model.
 
UMI is the only cryptocurrency employing the staking technology based on a smart contract enabling network users to unite to build structures and increase their amount of coins by up to 40 % a month by simply storing them in their wallets.
 
Virtually instant transactions. No fees.
 
-        UMI is 300 times faster than Bitcoin. It can process about 4,369 transactions per second and strives to outclass VISA and MasterCard.
 
-        The UMI network can process 500 million transactions that have been carried out in the Bitcoin network for 12 years in less than a week.
 
-        Block generation time is up to 15 seconds.
 
-        Each transfer is totally free-of-charge. It doesn't matter where and how much money you send. Users don't need to pay fees.
 
It's more secure and reliable than other cryptocurrencies.
 
-        Blockchain technology and complete decentralization ensure protection against hacking, leaks, unauthorized changes, and third-party intervention. UMI has no “center” that could be negatively influenced. Any participant of a network can launch a validator node.
 
-        The innovative Proof-of-Authority technology enables protection from 51 % Attacks, Nothing-at-Stake, and other blockchain vulnerabilities.
 
-        UMI ensures the unique model of DDoS protection (spam transactions). UMI requires a spammer device to complete a  mathematical operation whose difficulty level increases until the attack loses all its efficiency.
 
-        UMI  prevents money loss due to computer software or hardware failures. The network does not use the wallet.dat file and there is absolutely no need to store anything in electronic form.
 
Smart contracts, convenience, and transparency
 
 
-        UMI is not just digital money. It's a full-scale blockchain platform that can be used to create and execute smart contracts with any level of complexity.
 
-        The network can be easily modified and scaled with cutting edge technology solutions. It's easily integrated with the existing payment systems, cryptocurrency exchange platforms, and exchanges.
 
-        Using UMI is as easy as sending a sticker on Telegram.
 
-        The source code of the UMI network, as well as its blockchain, is fully open to the public.
 
Staking based on smart contract increases the number of UMI in your wallet by up to 40% per month
 
-        UMI is the only cryptocurrency which implements the staking concept on the basis of a smart contract.
 
-        Unite in structures and increase the number of your coins by up to 40% per month by simply storing them in your wallets. No extra power usage and no software  It's new-generation mining.
 
-        To start staking, join any structure or create your own one. After you join a structure, your coins remain in your wallet. Only you can control your coins. Structure organizers can set individual parameters and receive an additional reward — 1 % to 5 % per month from total staking of their structure + bonuses. By creating your own projects on the UMI basis you can earn even more.
 
The reward amount depends directly on the structure size ((total number of UMI coins)
 
The more coins are used for staking, the higher reward is received by each participant.
 
Structure size (min)  –– 50,000 UMI. Monthly increase –– 5% to 9%.
Structure size (min)  –– 100,000 UMI. Monthly increase –– 10% to 14%.
Structure size (min)  –– 500,000 UMI. Monthly increase –– 15% to 19%.
Structure size (min)  –– 1,000,000 UMI. Monthly increase –– 20% to 24%.
Structure size (min)  –– 5,000,000 UMI. Monthly increase –– 25% to 29%.
Structure size (min)  –– 10,000,000 UMI. Monthly increase –– 30% to 34%.
Structure size (min)  –– 50,000,000 UMI. Monthly increase –– 31% to 35%.
Structure size (min)  –– 100,000,000 UMI. Monthly increase –– 32% to 36%.
Structure size (min)  –– 500,000,000 UMI. Monthly increase –– 34% to 38%.
Structure size (min)  –– 1,000,000 UMI. Monthly increase –– 36% to 40%.
 
Staking rewards are accrued every second, 24/7 regardless of where you are and what you are doing.
 
Grants for active participants
 
-        A smart contract based on staking generates additional coins for grants to active participants. Grants are assigned to persons who create products on the UMI basis and enhance the network development in any way.
 
-        Grants are only paid to most promising and/or powerful teams (or individuals) who provide the most attractive solutions.
 
-        In addition to grants, a fund for best UMI based products will be created.  Coins from this fund will be allocated for the development of the most powerful projects.
 
Join in and change the world with UMI!
 
UMI's goal is to provide every person on the planet with an opportunity to participate in the “creation of new digital money” and make instant, secure, and free transactions UMI is a true alternative to the existing financial system that can build the world's strongest community comprising billions of users from all around the globe!
 
Information regarding  UMI coin sales will be published over the next 2 weeks. Negotiations with the trading platform are already underway.
 
Over the next 2 weeks, the first structure for UMI staking will be created. The integration process is already underway.

UMI — Universal Money Instrument. The future is already here!
 
Website: https://umi.top/
Whitepaper: https://umi.top/about
Code on Github: https://github.com/umi-top
 
Web wallet: https://wallet.umi.top/
Blockchain / statistics: https://blockchain.umi.top/
API: https://umi.wiki/
 
Yellowpaper: https://umi.top/yellowpaper
Onepager: https://umi.top/onepager
Presentation: https://umi.top/presentation
Brand book: https://umi.top/brandbook
 
Help:
 
FAQ:  https://umi.top/faq
Guide: https://umi.top/guide
 
Feedback:
 
General issues: info@umi.top
Business proposals: up@umi.top
Developer team: dev@umi.top
 
We are in social media:
Facebook: https://www.facebook.com/umi.top.eng
Instagram: https://www.instagram.com/umi.top.eng/
YouTube: https://www.youtube.com/channel/UC8Beb0iYiIkb6YNx_gyQZpw
Twitter: https://twitter.com/umi_top_eng
Medium: https://medium.com/@umi_top
Reddit: https://www.reddit.com/user/UMITop
Telegram: https://t.me/umi_news_eng

We continue to delight you with great news! Within 2 weeks, UMI will be integrated into the ROY Club, which will be the first structure for staking.

⭐️ ROY Club is the most successful cryptocurrency earning community with over 150,000 users from Europe, Asia, Africa and South America. Over the course of a year and a half, ROY Club has gathered around 5,000 strong leaders promoting the ideology of a fair financial system around the world, and has provided a steady flow of more than 10,000 new members per month.

In honor of this remarkable event, we are launching a contest with a total prize pool of 1000 UMI. Everyone can participate!

How to get 50 UMI coins?

Record a video about UMI and upload it to YouTube. In the video, share your opinion about cryptocurrency, tell us what prospects you see, what you hope for, and so on. Improvise! A great example is the video of Vladimir Moshkin, the head of the ROY Club.
https://youtu.be/iBLR7ZX0HRU

Subscribe to our social networks (minimum 3).
https://www.facebook.com/umi.top.eng/
https://www.instagram.com/umi.top.eng/
https://twitter.com/umi_top_eng


Send us a link to the video through this form: https://forms.gle/NTug7TxsGGK9q3ur6

❗️ Video duration — at least 60 seconds. Quality — not lower than 480p.

Who will receive the prizes:


50 UMI coins will be received by the authors of the video, which will collect at least 200 views and 10 likes. The prizes will be awarded to the first 20 people who sent a video with the conditions met. If 20 winners are not reached, the remaining prize pool will be evenly distributed among the remaining winners.

The competition will last for 1 week. Be sure to participate and get cool prizes! Waiting for your videos!

Regards, UMI Team!

Price 1 UMI ?

The UMI cryptocurrency rate can be viewed on the official website: https://umi.top/

Why is there no introduction: how to get coins?

The First Structure for UMI Staking Successfully Integrated!
Increase the number of UMI in your wallet by up to 40% per month


Important news! The first structure for UMI staking within our smart contract — the ROY Club — has been successfully integrated!


The ROY Club is the most successful community allowing its members to generate profit from cryptocurrencies. It comprises over 150,000 users from Europe, Asia, Africa, and South America. Over a year and a half, the ROY Club has united more than 5,000 powerful leaders who are spreading the idea of a fair financial system around the globe. The Club has reached a consistent flow of over 10,000 new members on a monthly basis.


The staking technology ensures the increase of UMI coins by 40% per month and allows receiving 9-level bonuses as a reward for building a partnership team. For more details, see the ROY Club website ROY.club.


Specifically for the ROY Club, the UMI team airdropping UMI coins.


The ROY Club team will distribute these coins among the top leaders and the most active and loyal participants in a fair way.


Having received the coins through the airdrop, the users will register on the official website of the ROY Club ROY.club using their wallets created on UMI.top or SIGE[Suspicious link removed]o. They can also start building their own team and take part in UMI staking.


It should also be noted that as our partner the ROY Club helped our team to test the UMI network. In our turn, we helped them to integrate the coin. We are really proud of this cooperation!

Best regards, UMI Team!

The UMI team has recently partnered with SIGE[Suspicious link removed]o, a trading platform that combines an exchange, a P2P platform for secure cryptocurrency exchange for fiat money, and an automated exchanger. In the near future it will be possible to buy and sell UMI coins at SIGE[Suspicious link removed]o. We'll notify you later, so stay tuned!

The UMI cryptocurrency is designed to finally solve three main problems that seriously limit the financial freedom of people around the world. From now on:

1️⃣ You (and only you!) Manage your funds. With UMI, you owe nothing to anyone. No bank is entitled to tell YOU what to do with YOUR means. Nobody freezes your account, you do not need to report to anyone and explain anything. You yourself control your funds and dispose of them as you see fit. Any transaction in the UMI network is carried out directly between people — WITHOUT INTERMEDIARIES. Generally. With UMI, you are your own bank.

2️⃣ No need to pay anyone and spend time waiting. All transfers are instant and are not subject to commission. It doesn’t matter to whom, when and where you send the coins. Even if it is a person on a completely different end of the planet, funds will come to him immediately, and you will not pay a penny for the transfer. And no queues, no “trips” to the banks.

3️⃣ Feel safe. No transaction can be compromised, no one can be changed or canceled. A decentralized blockchain network is not prone to hacking hackers. And your personal data is precisely PERSONAL data that no one knows except YOU. They will never leave the UMI network on the Internet, if only because they are not in it. To use UMI, you do not need a full name, registration, or phone number. Nothing but a computer / smartphone and Internet access.

⚡️In comparison with banks, UMI is an impeccable payment instrument, ideal for both large payments and micro-transactions.

An important goal of UMI is to provide every person on the planet with the opportunity to participate in the “creation of new money” (in this case, digital). Or, as this process is also called, in emission. At the moment, new money is being printed by central banks: in the USA — by the Federal Reserve System (FRS), in Europe — by the European Central Bank (ECB), in China — by the People’s Bank of China, in Russia — by the Bank of Russia.

Freshly printed bills flow into the economy. But how exactly they do this does not quite fit into the concept of justice in relation to ordinary citizens. Tell me, did you have a situation at least once when the central bank printed new money and issued it to you? Bet that no. And surely the same story is with your friends and colleagues.

This is because, as a rule, freshly printed funds are poured into the economy according to the following or similar scheme:

1️⃣ The central bank creates money.

2️⃣ Pours them into commercial banks (for example, buys bonds of private banks as in the process of quantitative easing (QE)).

3️⃣ Commercial banks distribute this money in the form of LOANS on “favorable” conditions.

The result of the current issue: in the short term, people have more money to buy goods. In the long run, “more money” means more debt, because credit is not a gift. You need to pay for it. And pay with interest.

❗️ The current financial system hardly provides for situations where money directly from the central bank falls into the wallets of ordinary mortals. However, the task of UMI is to correct this by fundamentally transforming the process of issuing assets in favor of society.

✅ With UMI, everything is indecently simple: people themselves “create new digital money”. For this, neither energy consumption nor powerful equipment is needed. Nothing. All that is needed is to start staking.

New digital money bypasses banks and other intermediaries, falling directly into the wallet of the people themselves, who are issuers. Billions of people around the planet, united by one idea, create new means themselves and use them themselves, without asking anyone for permission. And all this is completely free.

Banks confuse humanity and turn off the light.

UMI — turn it on again❗️

Unique Proof-of-Authority Model

The unique Proof-of-Authority Bitcoin model and the vast majority of other cryptocurrencies work using Proof-of-Work (PoW) technology, as well as Proof-of-Stake (PoS) and its derivatives (e.g. DPoS). This fact significantly limits their bandwidth and implies the presence of commission costs.

UMI goes a completely different way. The heart of the network is the innovative Proof-of-Authority (PoA) technology. It is she who provides such a fast and safe operation of the network without commission costs.

The unique Proof-of-Authority (PoA) model in the UMI network allows you to bypass the main problems inherent in PoW and PoS algorithms.

- Master nodes are responsible for creating new blocks. They are “Master” because they are subject to special ultra-high requirements for speed and network bandwidth.

- Network nodes are validated by validator nodes, which check the blocks for correctness and exclude the possibility of falsification. Any participant can run a validator node, thereby further enhancing network security and reliability.

- Also, any member of the network has the ability to launch an easy node that allows you to view and send transactions without downloading the blockchain and maintaining the network.

The presence of a master node can significantly increase network bandwidth, and, accordingly, the speed of transfers.

No one has the opportunity to connect to the master nodes and somehow affect their work, respectively, an attempt to create a block by another node is automatically rejected. This provides maximum security by protecting UMI from any kind of attack.

❗️The Proof-of-Authority concept completely eliminates the possibility of fraud. This ensures that user tools are always safe.

Hello everyone, the UMI team is in touch! Since the launch, we have been collecting various questions on chat rooms, forums and social networks. In addition to those questions that are already answered in our extensive FAQ, we noticed a number of other interesting topics of discussion. Especially for you, we have prepared an article with answers to non-standard questions regarding the UMI network. Go!

1. What is the final coin issue? 100, 200 billion?

UMI emissions are not limited. By participating in staking, you will always create new coins at a rate of up to 40% per month. According to our mission, everyone should be able to create “new digital money” at any time - not only today, but tomorrow.

2. Is it possible to somehow shorten the address, make it more beautiful, memorable, such as login or e-mail?

It is possible, but in that case the addresses would be less secure. In this regard, cryptocurrency addresses in the UMI network are generated according to crypto standards in order to protect against quantum computers. In order to ensure maximum security, they can only be long and generated only randomly, so at this stage no “shortening” or “simplification” of addresses is provided by the UMI network.

However, we are confident that in the future there will be services that will allow UMI users to safely simplify addresses to more convenient formats. Addresses may look like:

1) Shortened addresses, for example, umi-andrew;
2) "Nicky" as in Telegram, for example, @andrew;
3) And even as an e-mail, for example, andrew@umi-master.ru.

All of them will be equivalent to the standard format UMI addresses. For example, umi-andrew, @andrew and andrew@umi-master.ru will mean the same as umi1yp0aljz7q9mp97tj5fuz5pdpz83avqydefac42n3pm0ya3j2w70sjzu8wc.

Thus, with the advent of new technologies, you can use a more convenient address format for operations with UMI.


3. How is the stability of the coin rate ensured at such an extremely high yield? Will there be inflation, depreciation? Indeed, perhaps in the future there will be more people who want to sell a coin than there are people who want to buy a coin.

If you are worried that an endless emission will “kill” a coin or are afraid of something like that, we hasten to reassure you - we took this moment into account. A well-thought-out reward system should not allow UMI to become a victim of hyperinflation, since emissions are available only to structures (pools) that make a huge contribution to the development of the ecosystem and attract a new loyal audience interested in coin development.

As for the "excess profit." Do not forget that 40% per month is a value that will be available only to the most successful structures after many years of development. To create coins with such a percentage, it is necessary to have more than 50 (!) Times more coins in the structure than were created by the network at launch. At the start, the first structures will offer a lower percentage of staking, which, however, will be a fair reward for their contribution to the development of the network.

Thus, UMI emission is constant, but not abnormal for the cryptocurrency market. UMI does not have any “killer excess return”. Moreover, the market has a huge number of successful cryptocurrencies with constant emission. The most striking example is the Ethereum network.

And most importantly, UMI is an evolving project with the ability to quickly and conveniently scale the ecosystem. If UMI encounters any problems, adjustments will be made as the network develops. Everything will be considered according to the situation based on the current state of the project. Decisions to modernize the network were made (and are made) by all leading crypto projects, including Bitcoin and Ethereum. At the moment, the smart contract offers adequate and relevant opportunities for UMI staking and does not cause any problems.

4. How can it be easy to implement UMI in a store so that people feel comfortable understanding? Is it possible to use the system of cashbacks, points? Will there be any application?

The UMI ecosystem allows you to integrate cryptocurrency into any development, including in online stores with cashback systems, points, and everything else.

Especially for this, we have created convenient API and SDK tools that we are constantly improving. However, in the future we plan to develop HD wallets and a universal smart contract for various platforms like eBay, Avito and so on.

HD wallets will allow you to conveniently create addresses without a private key, and a smart contract will act as a guarantor of the transaction, including blocking UMI coins until the transaction is completed. With these features, UMI will be easy to add to both online stores and various services.

A smart contract will make the trading and cryptocurrency integration process even more convenient and safer. But most importantly, he will offer innovative solutions and will allow to realize new opportunities in the field of trade or the provision of services that are currently simply unavailable.

Also in the near future there will be mobile applications that will greatly simplify the process of using coins.

5. Is there a direct integration of UMI into ROY Market? So that the seller receives coins at his address after the sale of the goods. And so that everything is convenient and safe?

Yes, thanks to the aforementioned HD wallets and a universal smart contract, cryptocurrency will be fully integrated, including in the ROY Market. The system of transactions using UMI will be adjusted as conveniently and safely as possible.

6. Is it possible to bind the wallet to e-mail with a 2-FA (two-factor authentication) connection, transactional passwords, binding to a phone number, etc.?

The UMI network is decentralized and works on the basis of blockchain technology, in which it is impossible to implement the solutions described by you technically. For maximum security, the UMI network does not collect any personal data, does not store passwords, and does not create any connections with user devices.

Nevertheless, in theory, such services can be implemented by individual services outside the blockchain network. And we are confident that such wallets will appear as the UMI infrastructure develops.

Also at this stage you can already use the SIGE[Suspicious link removed]o platform, which will automatically create for you a full-fledged UMI wallet with 2-factor protection of your coins by e-mail or GA (Google Authenticator).

In addition, a mobile application for UMI is already being developed, which will allow you to log in to your wallet and confirm transactions using Face-ID, Touch ID or PIN, as well as provide opportunities for safe storage of mnemonic phrases.

7. Are coins entered in the staking frozen or not?

Coins in staking do not freeze at all. Everything works exactly as described in Whitepaper - “entered” into the staking coins can be “withdrawn” at any time, even immediately after input.

8. In the white paper is written “Forging”, although on the Internet it seems like everywhere is written “Forging”?


Not everywhere. In various Russian-language sources, this term is written, and, accordingly, pronounced differently. Similarly, with other cryptocurrency names. For example, the creator of the Bitcoin network on Wikipedia is referred to as “Satoshi Nakamoto,” although the crypto community around the world calls this genius “Satoshi Nakamoto.” It is the second option that is mentioned in our Whitepaper.

As for the spelling of the term “Forging”, here we decided to use the sound variant of the original word “Forging”, since its transcription contains the sound “d” - [fɔːrdʒɪŋ]. Accordingly, in Russian the word is pronounced "Forging."

9. Is it possible to install a node on the phone to also be involved in maintaining the network?

At the moment, you can only install a node on a desktop computer or laptop, but in the future we will also release versions of nodes for smartphones and tablets.

10. Is it possible to install a node to maintain a network on a computer that does not work around the clock?

You can install it, but if you turn off the computer, the network will not be supported until you turn it on. As a convenient option, you can rent capacities on special services such as Amazon AWS. In this case, you will not need to keep the computer turned on.

Be that as it may, your coins in staking grow 24/7, regardless of whether you have a node installed to maintain the network or not. So this point should not cause inconvenience.

11. What is the motivation of node nodes to support the network if there are no commissions and they do not earn on this?

The master nodes are held by the UMI team, our partners and organizers of large staking structures who are interested in making the network work successfully and steadily generate new coins.

Validator nodes and lightweight nodes are held by those who need quick access to the API and who want to protect themselves as much as possible from scammers who fake API requests. That is, the creators of cryptocurrency exchanges, applications and various products based on the UMI ecosystem must technically launch their nodes in order to ensure the proper functioning of their services.

And finally, the motivation is not only self-interest. In the UMI network, our mission plays a much more significant role. Each node maintains a network that has the chance to provide a happy future for all of humanity. Everyone contributes to the development of an alternative financial system, which, by the way, makes it possible to “earn” excellently by staking on a smart contract.



Thus, all persons supporting the network still receive their dividends, which ultimately makes the network more secure and fast. So we are sure that all holders of nodes are maximally motivated to maintain the network without additional financial rewards.

12. Will the coin be exchanged to other exchanges? Indeed, listing on third-party exchanges will make it possible to manipulate a coin and trade, dropping the rate (as it happens with PRIZM).

As the UMI coin develops, it will be added to other reliable exchanges, not only to the SIGE[Suspicious link removed]o platform. However, looking at it is from a completely different angle, because this is an inevitable stage in the development of all successful cryptocurrencies, which carries many advantages, not disadvantages.

Listing on new exchanges means a new audience, new purchases, increased trading volume and, accordingly, higher stability of the coin. Traders, like other users, have the opportunity to join structures and start staking. And the one who bought the coin will never be interested in "dropping the course."

Moreover, there are two more important points:

1) Listing on new exchanges will not be in the very near future, but only after the coin reaches the widest possible audience and finally "gets stronger" - to a level that eliminates any manipulation and allows you to maintain an exceptionally healthy market.

2) We will focus only on large trading floors with an excellent reputation, real users and non-wound volumes.


13. Will there be any certificate, document, patent for UMI, certificate of registration?

In the near future, we plan to get a legal document on the legalization of UMI cryptocurrency in the European Union, confirming that UMI is a decentralized payment token (payment system) with a completely open source code, and not a security, security-token, utility-token or something another. This will open up new possibilities for the use and integration of UMI cryptocurrency. Further, we plan to address the issue of legalization of cryptocurrency in other jurisdictions.

Also, when the cryptocurrency passes a “strength test” - after the coin reaches the milestone of 1 million users, the UMI team or one of the partners will register technology patents and receive the appropriate certificates.

14. Can I add my own words in the mnemonic phrase for greater reliability?

In the official wallet and UMI nodes, no. For maximum security, the UMI network adheres to the secure Bip39 standard, which is also implemented in Bitcoin and other well-proven cryptocurrencies.

The Bip39 standard is a convenient way to create catchy text without a human factor. For example, one of the most popular passwords for social networks is a password of the form “Qwerty123” and “Password123”. It is very easy for hackers to crack them. In theory, users can, for their convenience, also unknowingly create unsafe mnemonic phrases - with simple words connected with each other, popular phrases and so on. The Bip39 format protects users from vulnerabilities of this kind, and the words are selected in such a way that they can be easily remembered by the first three letters.

So, your mnemonic phrase is not just a collection of words, but an encrypted secret key. The UMI team considers user safety its top priority, therefore, in order to ensure maximum security in official wallets, a mnemonic phrase is generated completely randomly according to the Bip39 standard.

However, the UMI network does not impose any restrictions on the creators of wallets and other applications. Therefore, over time, unofficial wallets will surely appear, where you can "collect" a mnemonic phrase from the desired words. Bip39 in the official wallet is nothing more than a recommendation from the UMI team.

That's all. We hope to answer all your questions. Also, for your convenience, we will create a new section in our FAQ, where we will place all the answers given above.

Regards, UMI Team!

The more coins, the greater the reward.

To activate UMI staking, you need to connect to the structure and send to your in-house address a certain number of coins that will be involved in staking.

✅ The more coins involved in staking, the greater the reward is received by the structure as a whole, and, accordingly, each participant individually.

✅ Remuneration for staking is calculated every second 24/7, regardless of where you are or what you do.

❗️The size of the remuneration directly depends on the size of the structure

1. Structure from 50,000 UMI. Growth from 5% to 9% per month.
2. Structure from 100,000 UMI. Growth from 10% to 14% per month.
3. Structure from 500,000 UMI. Growth from 15% to 19% per month.
4. Structure from 1,000,000 UMI. Growth from 20% to 24% per month.
5. Structure from 5,000,000 UMI. Growth from 25% to 29% per month.
6. Structure from 10,000,000 UMI. Growth from 30% to 34% per month.
7. Structure from 50,000,000 UMI. Growth from 31% to 35% per month.
8. Structure from 100 million UMI. Growth from 32% to 36% per month.
9. Structure from 500 million UMI. Growth from 34% to 38% per month.
10. Structure from 1,000,000,000 UMI. Growth from 36% to 40% per month.

⭐ If you have UMI coins, you WILL CONSTANTLY increase their number — up to 40% per month. This is the main principle of staking.

A simple example: you participate in a structure with a total balance of just over 1 million coins. This means that over the month the number of PERSONALLY YOUR coins will increase from 20% to 24%. For example, you had 10,000 UMI — it will become from 12,000 to 12,400 UMI, depending on the structure settings.

UMI — Unique Digital Bank of the New Generation

As UMI grows, evil-wishers may compare this cryptocurrency to a financial pyramid because coin value in user wallets grows at the rate of up to 40% a month. Anticipating potential accusations, the UMI Team has decided to provide effective arguments for all “whistleblowers”.

Coin value doesn't grow on all wallets or by itself. It only grows for users who belong to structures contributing significantly into ecosystem development. Among other things, they also bring in new loyal users interested in promoting the coin.

ROY Club's powerful structures will benefit the project greatly and will be justly honored with reward for their contribution into network development. Inefficient structures, on the other hand, receive low or zero growth (if a structure owns less than 50,000 coins). It means that no one can prey on UMI.

Coin value starts to grow only after a user activates the Staking Smart Contract. They should also use their personal addresses within successful structures rather than usual addresses. Therefore, adding coins to a staking structure is more like a bank deposit. Coin value doesn't grow on the user's current account — it grows on their structure's deposit account.

Moreover, UMI is designed as an alternative to the existing financial system, with traditional banks on top of the system. In real fact, cryptocurrency is completely different. UMI can be defined as a “unique digital bank of the new generation”.

UMI's advantages over bank deposits and financial pyramids are clearly visible:

Unlike traditional banks, UMI's digital bank cannot collapse. A usual bank as well as a financial pyramid will shut down if withdrawal exceeds deposit. If at least 20% of bank's customers decide to withdraw funds from their deposit accounts, the bank will not be able to pay them because it won't' have enough cash. UMI, on the other hand, does not generate coins out of thin air or through a stream of fresh funds. New coins are generated using the unique staking technology based on the Smart Contract. Nothing will happen to the UMI network even if 100% of users wish to withdraw their coins from deposit accounts at the same time. The network will continue to operate smoothly, nothing will collapse.

When you make a deposit in a bank or a financial pyramid, funds are locked and sent to the managers. In UMI, coins are always stored on the users' wallets. The Smart Contract allows people to make “deposits” without granting access to their funds to anyone, not even organizers of the structure. Unlike unfair banks or financial pyramids, organizers of the structure cannot technically flee with users' funds as they have no access to them.

Banks issue printed money to citizens as loans charging extortionate interest. UMI gives the “printing press” directly to the people allowing them to generate new digital money themselves — and does so free of charge.

Unlike bank deposits, UMI can afford to pay its users a much higher interest. It's partially because we don't have to invest into an expensive banking infrastructure or huge management wages. Instead, to cover expenses of the UMI Team, the Smart Contract additionally generates 2% of all coins engaged in staking on a monthly basis. These funds are used to promote the cryptocurrency and pay grants to activists.

UMI earning rates are as high as those in financial pyramids. The idea behind the project is completely different, though. UMI's Smart Contract GUARANTEES that you will receive your coins and all earnings in 100% of the cases. It's embedded in the code of this technology. New UMI coins are just generated like Bitcoin and Ethereum tokens. There will be enough for all. While a financial pyramid will surely collapse as all it does is paying to those coming first using funds contributed by those coming next until withdrawal exceeds deposit and the “treasury” becomes empty.

Finally, unlike banks or financial pyramids the UMI network is decentralized and features a completely open source code. It does not belong to a bunch of people — it belongs to all users thus ensuring their funds are completely safe. The open source code guarantees there's no hidden agenda and rules out any potential fraud.

UMI is a new product with no equivalents. It's a “unique digital bank of the new generation” that surpasses traditional banks in all parameters. It's a cryptocurrency that can change the world. Not tomorrow — today. Right here, right now!

The UMI network is competently optimized: it uses the best and fastest solutions in the field of the crypto industry, while all inefficient methods are excluded by default. Optimization in combination with Proof-of-Authority technology, which is based on the master nodes, allows for almost instant payments.

⭐ During the network testing phase, an extremely high throughput was achieved:

✅ up to 4369 transactions per second.
✅ up to 262,140 transactions per minute.
✅ up to 15 728 400 per hour.
✅ up to 377 481 600 per day.

In comparison: 500 million transactions were carried out in the Bitcoin network over 12 years. The UMI network can process them in less than a week.

UMI Marketing: Top Cryptocurrency Marketing Strategies

When UMI was launched, people acquired a universal money instrument that allows for instant and secure transactions charged with no fees and independent generation of new digital money — with neither energy expenses nor powerful equipment. It has the potential to fundamentally change the financial system by making it more profitable and convenient for the entire human family.

The more people will learn about this cryptocurrency, the faster this idea will spread around the world. In other words, like any new product, UMI needs mass and maximum effective advertising.

UMI allows using the most efficient strategies, established by the crypto industry. This post is about marketing strategies we prefer and why.

Nonstandard approach to advertising

Over the years of its existence crypto industry has proved to be a unique field whose promotion requires unconventional methods — you can’t present cryptocurrency as primitively as, for example, you present a bottle of soda or a chocolate bar. It’s a lot more complicated than that. Users need deep insight into the idea. For this reason, numerous educational resources, the ability to test the product, and support from those who know how it works are of great significance.

This is why the UMI Team, like many other top representatives of the crypto industry, use strategies and options which are different from traditional media coverage and internet advertising. They are based on four pillars:

1. Interact directly with opinion leaders — the so-called influence agents/influencers/bloggers.

2. Apply referral marketing principles and award users with various bonuses.

3. Hold all kinds of contests and events with cool prizes and gifts.

4. Work closely with the community and actively contribute the development of the product.

CoinDesk, an authoritative crypto news platform, mentioned the above-mentioned strategies as the ones gaining more popularity with major crypto companies, while conventional advertising tactics see a gradual slide.

Experts attribute this trend to the similarity between crypto marketing model and the beauty industry like those of Faberlic, Oriflame and Avon. These world-known companies are based on well-developed referral programs which worked for decades for them. Moreover, the beauty industry is based on the same four pillars that we mentioned above. In other words, both crypto and beauty communities apply the same techniques. Thus, beauty blogger Michelle Phan, who has over 1 mln YouTube subscribers, promotes cosmetics and bitcoin in a similar way. She’s confident that most crypto companies are following the same marketing strategies as the beauty industry does — even if they don’t know about it.

Let’s review the strategies the UMI Team wants to use to promote the coin.

Direct-to-Customer model — work directly with the community

Top cryptocurrencies are currently shifting to DTC (Direct-to-Customer) sales model, which refers to close cooperation with the community and direct sales. With this model, a company produces a product or service in its own facility, as well as distributes it among customers with its own channels. For example, these channels may be social media and an e-commerce platform (marketplace), like Amazon or eBay.

The UMI team also bases its promotion strategy on this model. To spread information about UMI, we use social media, forums, blogs, and influencer partnership, while remaining as open as possible to the community. We also consider using social media and popular marketplaces to sell our trademark products. For instance, we can sell NFC wallets and various branded products there.

This strategy is believed to be one of the most effective ones, able to reach different social groups, even from emerging countries. CoinDesk mentions Livia as a country where social media and chat rooms are the most widely used ways to promote crypto-related goods and services.

Partnership with influencers

A person, who doesn’t know much about UMI, should first understand what it is about and why they need it, and only then they will start using it. Such conventional methods as newspaper advertising or social media ads, don’t work here. As we said before, the most essential thing is to explain the idea behind UMI to audience; demonstrate the role and potential of cryptocurrencies in the twenty-first-century world. Close, efficient and individual work with each user, including guidance on all issues at every stage, will be truly helpful.

One of the best solutions in accomplishing this is to cooperate with popular personalities, who have a lot of subscribers and an authority, which allow them to affect purchase decisions of their audience. They are known as influencers, opinion leaders, or simply bloggers. People have more trust in figures of authority rather than traditional timeworn ads. Subscribers understand that a reputable blogger will not place their reputation at risk for the sake of money — they will first thoroughly research a product before introducing it to their audiences.

Our team is collaborating closely with popular bloggers on various social media, like Instagram, YouTube and others. The information about UMI must reach as many people worldwide as possible. Only then it will gain massive acceptance. As UMI grows, we plan to get more active with advertising UMI through different platforms and engaging more influencers.

Coindesk reports about many well-known crypto companies using a similar strategy:

- The Kraken crypto exchange. Its CEO focuses on sponsoring content creators that monetize their personal brands. Kraken sponsors Reckless VR startup, founded by virtual reality meetup organizer Udi Wertheimer, and podcaster Peter McCormack, who launched his media brand Defiance last year.

- Crypto․com platform. Thanks to their influencer strategies, the startup’s user base doubled to 2 million people over the past six months.

Referral marketing (MLM marketing)

The MLM marketing strategy is based on the referral program. This strategy encourages existing users to recruit new ones who are paid a percentage of their recruits’ sales.

Binance and Gemini crypto exchanges have already proved successful with the referral model. These two giants of the crypto industry offer their customers a reward for bringing in new users. The result is remarkable: they both are the most successful trading platforms over the globe.

We have applied an “outside the box” approach. Instead of somehow integrating the referral program into the UMI network, we have developed a smart contract that allows users to join communities themselves and create structures for staking UMI. As for structures, they can apply any MLM strategy they like.

For example, ROY Club — the structure created by a partner of ours — offers a 9-level bonus program which successfully promotes not only the ROY Club itself but the UMI network. The flexibility of the smart contract will allow other structures to develop and use a different referral program to engage a new audience. All this has a positive impact on the growth and popularization of our cryptocurrency.

As our Whitepaper says, “At the moment, MLM is one of the most efficient ways of promoting crypto technologies as it involves an audience that will be really using the cryptocurrency, not only speculate on currency rates.”

Gifts, giveaways, and contests

Even a small gift is always appreciated. When it comes to cryptos, a gift could mean a lot more. Receiving UMI coins as a gift means a great opportunity to learn more about this cryptocurrency: try out instant transfers, take part in staking, etc. This strategy will engage and encourage potential users to use coins for their personal needs. The UMI team is perfectly aware of this and is always generous with their gifts.

Two weeks after the network launch, we arranged an airdrop for members of the first staking structure — Roy Club. A total number of 357,664 UMI was airdropped in two tranches:

1. The first tranche amounted to 221,504 UMI. The transaction URL:
https://blockchain.umi.top/transaction/3eb0ae61b435fb576e67344b14e535e6dda8120b6ef0ab17164f52f88ca9c394

2. The second tranche totaled 136,160 UMI. The transaction URL:
https://blockchain.umi.top/transaction/a443003b443c61d997347dad1f68d3e29da9eeab7eeadcedcf8f54e1786a43ba

The ROY Club team distributes coins among its active users in accordance with certain terms. In doing so the UMI Team allowed over 7,500 people to join UMI staking for free and build their own team.

We have also organized several contests. Anyone who wanted could take part in them and receive cool prizes. The ROY club likewise holds contests and giveaways for its members. We consider giveaway a powerful strategy which we are planning to use for UMI’s further promotion. This method is regularly used by other crypto-related fields to engage and reward new users.

UMI intends to embrace the entire world.

If used alone, each of the methods described above can produce a required effect. But to achieve greater efficiency, your promotion plan should comprise a complex of strategies. This is why we use the “4 in 1” tactic, where all the four strategies complement and enhance one another: we work closely with the community, as well as opinion leaders, apply MLM strategies, and organize contests and giveaways.

The progress is evident. For example, a little over a month ago, we released the official UMI video. During this time, it has received over 30,000 views. Another video about the partnership with ROY Club has more than 110,000 views. In addition, the number of our social media subscribers, especially on YouTube and Telegram, is increasing rapidly. Moreover, community members themselves take the initiative to record awesome videos and spread information about the cryptocurrency within their immediate circle. All this is only the beginning of the path. UMI intends to embrace the entire world.

Close interaction with the community is the most productive and fair way to promote UMI. Everyone has a right to “create new digital money” as well as to use a convenient, secure and efficient payment tool. We are confident that the strategies we use will achieve great results and all the world will learn about UMI. This process has begun. It cannot be stopped. With each passing day, our community will grow, set the trend and take the entire planet to the world of the future.

Thank you for being with us!

Best regards, UMI Team!

Maximum convenience for all generations 👍

Bitcoin appeared in 2009, Ethereum — in 2015. By 2017, the world saw hundreds of coins, tokens and all kinds of ICO projects. By 2020, projects in the field of decentralized finance (DeFi) are actively used, and the leading countries of the world are thinking about launching national cryptocurrencies (CBDC).

However, the crypto community is still wondering: when will cryptocurrencies for the majority of the population cease to be something “complex” and “incomprehensible” ❓ When it will be possible to go out on the street and exchange some passers-by with a couple of phrases about digital money without waiting for someone to look at you how about some alien?

Thanks to UMI, this day has come❗️

⭐️ The goal of the network is to unite the entire planet under one wing, and this cannot be done with the help of something “complex” and “incomprehensible”. The cryptocurrency is so convenient that it is mastered without problems not only by the young and technically savvy generation of millennials (generation Y) and zoomers (generation Z), but also by representatives of generation X (born 1960–1979) and even baby boomers (1940–1959 .).

In other words, even grandparents, who find it difficult to get modern technology, can use UMI without problems.

UMI – the Best of Cryptocurrencies and Fiat Payment Systems

Greetings from the UMI Team!

The UMI cryptocurrency has been repeatedly described as a revolution in the payment system market. Most interestingly, in this case, a revolution isn't about the development of any new technologies or formulas. We just selected the best and well-tried technologies and incorporated them into something new. UMI is the best of cryptocurrencies and fiat payment systems––it has comprised all the best features and got rid of the disadvantages.

UMI vs banks

We won't compare the ways UMI and banks operate in detail in order not to get into complex technical issues, which are of no interest to us. Instead, let's have a look at the impact banks have on people on a daily basis and those of fundamental changes UMI makes to the services we regularly use.

There are banks that allow you to make financial transfers. Banks have savings accounts where money grows at a certain interest rate. Banks also have a range of mobile apps and online banking systems. All of that may appear pretty convenient. But keep in mind, the banking infrastructure, as well as VISA and MasterCard payment systems, were created long ago and based on old technologies. They are not conforming to present-day developments, mostly because they cannot ensure their users a sufficient security level.

With this in mind, instead of inventing something new, UMI improves the things that everyone is accustomed to. The result is a digital payment tool working in an absolutely familiar way. Conducting transfers with UMI is similar to making them via a bank. And even the format of UMI is much alike to conventional money––UMI and UMI-cents are the equivalent of the dollar and cents.

In UMI, just as in a bank, you have a current account (standard UMI address) and savings account––addresses used by structures for UMI staking. You can transfer money from one account to the other one in one click. The difference is that, in most banks, you receive your interest in a month at the earliest. In other words, you can get your money back with interest if you kiss it goodbye for 30 days, minimum. In UMI, earnings are accrued every second––you don't have to wait a long time for "your funds to be unlocked".

But what is the most significant is dividends. UMI staking allows any network user to earn up to 40% per month. Holding your money in a savings account even for a year, much less for a month, you will never make this profit. Why?

1. Because banks make good money on your deposits, instead of paying higher interests, they take the lion's share of what they could pay you into their pocket.
2. Secondly, a large part of your deposits is used to maintain the banking infrastructure: salaries for staff, rental payments, maintenance of offices, utility bills, and other various expenses.
3. Third, banks are not interested in making people rich, because otherwise, they will not be able to make money on loans and control people.

Let's not spout out empty rhetoric, but move on instead. The VISA and MasterCard payment systems declare their ability to process thousands of transactions per second, but in real fact, even if received funds are displayed instantly in your account, you receive a transfer after a few days only. Especially if it concerns international money transfers or ATM transfers. The truth is that VISA and MasterCard transfers are delayed by a series of confirmations required by banks and actually reach a recipient's account only in a few days.

After having been sent, any transaction can be blocked or canceled, and funds in your account can be frozen on the slightest suspicion. Even if before receiving all the confirmations required by banks, you have already withdrawn the funds via an ATM or transferred them to someone, the bank may take this amount from your account a few days later. Thus, you may surprisingly find out that your balance is negative. Keep in mind that banks charge transaction fees. Fees for oversea transfers may range from $10 up to 10% of the transaction amount. Thus, instead of $1,000, a recipient receives only $900.

The UMI network uses validator nodes which in a couple of seconds verify the correctness of transactions and allow users to check their balance for the sufficiency of funds. All transactions are instant. A transfer cannot be canceled or blocked, as well as money in your account cannot be frozen. Unlike VISA and MasterCard, transferred funds are available straight after a transaction has been added to the blockchain. Moreover, no fees are charged for that. Each and every transaction, international or not, is completely free.

Don't forget about permanent internet connection, which is required for conducting transactions with VISA and MasterCard. A validator node used by the UMI network can create any transaction, even offline one, with no Internet connection. You can send a transaction to the network via Wi-Fi, Bluetooth, or even a radio wave. Therefore, if there were a sudden cataclysm and people from all over the globe lost internet connection, the UMI network would easily adapt to new conditions and keep working.

UMI vs Bitcoin

Now let's compare the UMI network with the first-ever created cryptocurrency––Bitcoin. It has proved itself to be a reliable payment system, with a number of significant disadvantages, though. Let's focus on the most essential ones.

1. The transaction processing capacity of the bitcoin network is limited by the network itself. In the best-case scenario, it takes users several tens of minutes to receive their funds. However, quite often there is a several-hour, or even several-day, delay.
2. High fees. When the network is experiencing an increased load, transfer fees can skyrocket immensely. In 2017, there were cases where Bitcoin transaction fee reached a high of around $40. Under normal conditions, it's not that bad. A few-dollar fees are common for Bitcoin users.
3. Centralized mining pools. In the pursuit of profit from mining, greed-driven participants join mining pools thus undermining the idea behind decentralization and leading to centralization. The reality is that if several leading pools unite, they will control most of the hashing power and will be able to perform a 51% attack. The attackers will be able to send nonexistent bitcoins, confirm invalid transactions, and roughly speaking, manipulate the network as they like.

Bitcoin Mining Pools Statistics Source.

The reality is that we have a slow network that creates problems for itself. Moreover, if we talk about Bitcoin in terms of programming, the Bitcoin network is more similar to physical fiat money. For this reason, any actions with the code, including the development of wallets and applications, are a tough non-typical task that only the most advanced blockchain specialists can cope with.

While using the same technologies that Bitcoin is based on, UMI betters its disadvantages and incorporates only benefits. The network doesn't limit the block processing time, but instead, do everything to shorten the processing time and increase the network capacity. Modern cryptography algorithms reduce the load on nodes, thus allowing them to process more transactions with spending less computing power. The UMI network can process 500 million transactions carried out in the Bitcoin network over 12 years in less than a week. Each transaction will be completely free.

The concept of balances UMI uses is different from that of fiat money, but has a lot in common with the idea of digital money. For this reason, using UMI is so extremely easy. In a similar way, it simplifies the process of developing and maintaining new wallets and other applications. Contributing to the UMI ecosystem's growth is extremely convenient.

So, what's the most essential? Over its 10-year history, Bitcoin has demonstrated that its implementation of the idea of decentralization doesn't work at all. This is why UMI is based on decentralization implemented in a different way. Unlike Bitcoin mining pools, users join structures that help the network grow and support its effective functioning, with no threat to its security.

UMI is something that we all already use, but much better.

Consequently, UMI is not about anything super-unique, beyond understanding and comprehension. This is about the same old money that we use on a day-to-day basis. The same financial transfers, the same deposits that we have in banks, and the same blockchain technology and decentralization that Bitcoin is based on. The only difference is that UMI implements all the above-mentioned features in a lot better and higher performing way –– which is more convenient, secure, and higher-quality. UMI is a twenty-first-century universal money tool working for the sake of all people!

New Structure for UMI Staking – ISP Club ✅

Dear Community! The UMI ecosystem and infrastructure continue to grow exponentially. We're happy to announce yet another landmark event. A new structure for UMI staking has emerged – ISP Club! 🙌

What is ISP Club❓

It's UMI's strategically crucial partner. The Club was founded by a group of experienced entrepreneurs from IT, cryptocurrency and real business sectors.

✅ ISP Club helps you buy UMI coins for staking and start earning up to 40% a month in a matter of seconds – using an automated Telegram bot. You can then use the same bot to monitor how coin price grows and bonuses for building your own team are accumulated – in real time. ISP Club is about maximum convenience and minimum time input.

✅ Moreover, the ISP Club Team intends to run integration with various payment systems and issue UMI debit cards in the near future. It means users will be able to freely pay for any goods and services in UMI all over the world just like they do with conventional bank cards!

✅ ISP Club will also launch a Training Academy to teach users cost-efficient strategies of using UMI and building partner structures online. The Academy is a tool ensuring long-term passive growth of UMI coins, wherever you are. Training will be free of charge for all users!

Our community is growing in numbers and strength – with each passing day, minute, and second. UMI intends to conquer the entire world. Nothing's more enjoyable than seeing how we successfully advance to our goal.

Sincerely yours, UMI team ❤️

UMI Blockchain Six-Level Security
 
As you likely know from our website and Whitepaper, the UMI network fully uses the blockchain technology to ensure its users with supreme security and transparency as well as to secure itself against unauthorized access. The UMI network cannot be hacked. No transaction can be canceled or forged.
 
As compared to other cryptos, the UMI network is known for a unique implementation of blockchain technology. Like other cryptocurrencies, UMI is also based on a decentralized blockchain rather than traditional servers and databases controlled by specific organizations. But the 6-level security of the blockchain distinguishes UMI from other coins and makes it the safest cryptocurrency.
 
Level 1 — a seed phrase is fully secured
 
All popular cryptocurrencies have a common downside: to run a transaction, their official nodes require you to import your private keys (wallet.dat file if you want to send BTC) or a seed phrase (if you want to send NXT or PRIZM).
 
This way, when using a node, your mnemonic phrase/private keys are transmitted to the network. It means that if there's a network attack or node holders' conspiracy, your private keys can be compromised, which undermines the key idea behind the blockchain technology –– no trust of others
 
In this regard, the UMI network applies an alternative solution. To ensure the maximum security possible, the UMI node does not require a mnemonic phrase to complete a transaction. In real fact, moreover, the network doesn't allow for executing transactions directly through a node. There are libraries/SDKs created specifically for this purpose. These tools, which are available free, significantly simplify the process of wallet and other UMI-based apps development
 
Thus, UMI nodes never transmit a seed phrase to the network, in whatever form. Secret data does not leave your device and are always kept secured. We should also remind you, just in case, UMI uses the encryption algorithm which protects the mnemonic phrase you enter to log into your UMI wallet
 
Level 2 — invalid and trash transactions are absolutely rejected
 
By using libraries, anyone can create a transaction in the UMI network, but not all transactions are approved. UMI libraries are designed to support specific standards and automatically reject, for example, invalid or trash transactions, cluttering up the network for spam purposes.
 
Imagine that
 
- there is a transaction "address A transfers 100 coins to address B". This transaction is correct and means that one person will receive a transfer from another one.
 
- But there might be another scenario: someone can send an unfair transaction (for example, send coins from an account with non-sufficient funds on it to cover the transaction) or an absolutely invalid one (jumble of symbols), which makes no sense and is not based on a programming command.
 
UMI libraries try to secure the network against the last-mentioned types of transactions by checking them against only specific standards and automatically rejecting every transaction that does not comply with the rules.
 
Level 3 — validator nodes verify all transactions
 
Unfortunately, sometimes people intending to ruin something can't be stopped. Hackers can set out to find security holes to send an invalid transaction. With this in mind, the UMI team set verifying the correctness of transactions as a key function of validator nodes.
 
In fact, this is their key task –– to verify incoming transactions against basic blockchain requirements. Therefore, if a fake or invalid transaction reaches the network in some way, a validator node will automatically reject it and won't allow it to get into the mempool, and consequently the blockchain. All “trash” that reaches the node is immediately weeded out.
 
Level 4 — master nodes re-verify transactions
 
Only after validator nodes carefully have carefully verified transactions against the basic requirements, the transactions are sent to the mempool to be checked by master nodes. Despite being part of the same network, master nodes, which are responsible for the network security, won't rely on validator nodes. They double-check each (!) transaction against all the requirements.
 
Even if bad faith users somehow compromise validator nodes, they still won't be able to trick the system. Only those transactions that are validated triply –– by the libraries, validator nodes, and master nodes –– are collected into blocks and sent to the UMI network.
 
Level 5 — master nodes check blocks
 
Even after blocks have been added to the network, they are double-checked again by master nodes. Only after a block goes through the final verification of all parameters, it "gets approval" and included in the network.
 
Level 6 — unique security model detects malicious master nodes
 
Master nodes ensure the correctness of a block and all the transactions it includes. However, in theory at least, the keys granting access to master nodes may fall into the wrong hands. For example, they may be stolen or whatever else may happen to them. Therefore, there are a lot of master nodes on the network. They are located around the world on different continents, while access keys to them are distributed amongst different people.
 
Other cryptocurrencies use the tactic of trusting the majority master nodes to secure themselves against being compromised. Assume that:
 
- There are 100 master nodes in total.
- Those approved by at least 51 master nodes (51%) are considered valid.
 
The idea is that with the proper functioning of most master nodes, a loss of several keys will be not crucial. Nonetheless, that system has a significant downside –– the network risks falling victim to 51% attack. Decide for yourself: if attackers access and control most master nodes, they could relay invalid or falsified transactions to the network.
 
UMI uses a disparate approach. Not only a few, but even most of the master node keys lost do not pose any threat to the network. Because each (!) master node checks an incoming block against all (!) of the rules. In other words, if someone obtains the secret keys to most master nodes, creates an incorrect block, and tries to send it to the network, the block will be immediately rejected and blacklisted, while the nodes that signed it will be blocked. Thus, an incorrect and fake transaction can get into the UMI network only if approved by ALL master nodes (100%) instead of 51% as in the case with other cryptocurrencies.
 
Six-level security of the UMI blockchain provides this cryptocurrency with the best ever protection which has never been seen before. That is because the UMI team considers the security of users' coins as a priority.
 
We wish you a pleasant experience using our product.
Sincerely yours, UMI team

UMI vs Bitcoin

- Speed
(number of transactions per second):

BTC — 10 ☑️
UMI — 1000-4000 ✅

- Transfer fees
(average):

BTC — 1-5 $ ☑️
UMI — no commissions ✅

- Waiting for secure transfer
(average)

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

- Security

BTC — very high ☑️
UMI — maximum ✅

- Lack of verification

BTC — yes ✅
UMI — yes ✅

- Decentralization

BTC — yes ✅
UMI — yes ✅

- Ability to create coins
(mining / staking)

BTC — yes ✅
UMI — yes ✅

- Simple scalability

BTC — no ❌
UMI — yes ✅

- Transparency
(open source)

BTC — yes ✅
UMI — yes ✅

- High tech
(smart contracts)

BTC — no ❌
UMI — yes ✅

- Convenience

BTC — no ❌
UMI — yes ✅

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

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

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

Negative impact of traditional mining

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

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

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

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

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

The effects of carbon footprint are already being felt

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

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

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

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

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

UMI is a green cryptocurrency based on smart contract

Not all cryptocurrencies use computing power to generate new coins. For example, there are cryptocurrencies based on Proof-of-Stake (PoS) and Proof-of-Authority (PoA) technology. UMI is just like that.

As a substitute for mining and to incite users, UMI uses Staking Smart Contract which allows generating new coins with no energy expenses and powerful equipment. No waste of natural resources. Staking technology is perfectly safe for the planet. This is the latest technological development loop of crypto industry.

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

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

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

Best regards, UMI Team!

UMI stands for «Universal Money Instrument».

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

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

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

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

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

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

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

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

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

Proof-of-Authority: How and Why It Emerged

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

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

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

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

Proof-of-Authority Major Features

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

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

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

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

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

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

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

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

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

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

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

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

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

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

New-Generation Proof-of-Authority

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

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

Best regards, UMI Team!

I don't think your project will be successful. Because your project requires users to buy your coins in order to participate. This is equivalent to keeping a lot of people out of the door. The really promising block company project is to allow users to participate free of charge. Thus forming a huge biosphere.

Hello! Our team organizes regular raffles and keeps offering gifts. Just recently we finished a large airdrop campaign for the ROY Club, the first UMI staking structure. As a result more than 30 000 people received their first UMI coins as a gift. In the future, we are planning many more different gifts that will help our community grow around the world. We also believe that cryptocurrency trading is an integral part of their development. Therefore, we will try our best to make sure that anyone can buy or sell UMI with ease.

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

Now you can easily buy and sell UMI:

✅ via SIGEN’s exchange for other cryptocurrencies in UMI/BTC and UMI/PRIZM pairs.
✅ Via SIGEN’s P2P platform for the world’s fiat currencies.
✅ Via SIGEN’s «Fast Buy/Sell» service for BTC or PRIZM - in a single click with no registration.

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

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

🔥 Buy/sell UMI at SIGEN

Sincerely yours, UMI team The future is already here!

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

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

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

You feel safe with UMI❗️

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

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

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

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

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

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

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

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

Proof-of-Authority: How and Why It Emerged

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

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

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

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

Proof-of-Authority Major Features

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

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

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

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

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

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

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

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

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

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

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

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

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

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

New-Generation Proof-of-Authority

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

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

Best regards, UMI Team!

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

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

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

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

What's the value behind the forecasts?

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

convenient. Something better.

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

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

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

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

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

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

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

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

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

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

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

UMI can solve any issues on the fly

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

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

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

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

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

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

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

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

There is no "deadly inflation"

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

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

Please consider the following:

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

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

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

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

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

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

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

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

Here is bare statistics form the UMI blockchain:

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

18,000,000 UMI coins were initially issued.

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

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

Let's move on:

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

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

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

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

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

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

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

Conclusions are as follows:

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

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

Sincerely yours, UMI team

🔥 UMI Source Code Fully Available Again!🧑‍💻
 
Dear users, we've got some wonderful news. But first, a little prequel for you. 🙂
 
Just before the second airdrop wave for the ROY Club was complete, our GitHub account with the source code for UMI and staking smart contract was locked. The reason was both simple and comic — super-high activity in the account was interpreted as “suspicious” by GitHub employees. As a reminder, the airdrop caused a real surge in the number of our subscribers. Representatives of the service might have thought we were using some kind of account gouging via bots or something else. 🤷‍♂️
 
In real fact, we broke no rules since all our subscribers were real people with real IP and e-mail addresses who simply followed Telegram bot guidelines. We immediately contacted the technical support service asking them to unlock our account, but GitHub was not willing to meet us half-way. It's worth noting we're not the only ones to have this problem. The crypto community massively complains about GitHub problems after the repository was bought by Microsoft. Alas, we were no exception.
 
❗️Since we firmly and clearly stand for total freedom and transparency, we're convinced that UMI source code must be completely open and publicly accessible. As GitHub refused to unlock our previous account, we created a new one and uploaded the code again. We also created UMI accounts in two alternative repositories that are swiftly growing in popularity with the crypto community amid GitHub issues.❗️
 
Today, we've successfully completed uploading the code. The source code for UMI and staking smart contract is now fully uploaded to three most popular repositories:
 
✅ GitHub — https://github.com/umitop
✅ GitLab — https://gitlab.com/umitop   
✅ Bitbucket — https://bitbucket.org/umitop
In each repository, the code is fully accessible, open and transparent. We've prevailed over all differences, and the same copy is now available on all services and is uploaded automatically. It means that in case of any changes the code is simultaneously auto-updated on all resources — you'll always have access to its latest version. Now you can freely review the full source code in one of the three repositories, whichever is more convenient to use, and share it with your partners.  ✍️
 
👉 Lastly, the UMI Team has never and will never conceal information about network operations from its users. No one can put spokes in our wheels. We will always prevail. Everything's gonna be UMI!
 
Sincerely yours, UMI Team! 🤝

UMI Staking is Your Rock in an Era of Global Economic Crisis

The global economic crisis has been growing on the planet’s body as a huge and painful furuncle for a few years now, but it couldn’t rupture. However, events of the last few months have drastically changed the situation. This year’s coronavirus pandemic became a catalyst of sorts that helped the furuncle finally burst. The global quarantine with its severe restrictions instantaneously brought to light all weaknesses of the global economy — the crisis made dramatically worse and still ripping round all sectors and industries.

According to Standard&Poor’s forecasts, the global GDP is set to shrink by 3.8% in 2020 which is a lot worse than the previously expected 2.4%. On the surface, these numbers may seem quite insignificant, but it’s far from being so. In monetary terms, it translates into trillions (not even billions!) of dollars in losses to be suffered by the world’s companies and the ordinary public.

An economic slump of this scale is an unfortunate event for the most powerful states while for emerging economies it’s a disaster. Even though today analysts predict some economic recovery following relaxation of quarantine measures, they are certain the recovery to at least previous levels will be extremely slow and fraught with difficulties.

To better understand today’s economic climate in the world, let’s look at some graphic examples. These demonstrate the financial insolvency of seemingly stable and successful manufacturing and trading companies. You may be surprised to know it’s the companies everyone has been looking up to.

- Zara, Bershka, Pull&Bear and Massimo Dutti are the trademarks owned by Inditex, a large distribution company and the world’s leading apparel retailer. Due to quarantine measures, the company’s earnings in Q1 2020 fell by as much as 44%, or EUR 3.3 bln. Consequently, Inditex intends to close 1,000–1,200 stores in Europe and Asia. In addition, the company’s management made another strategic decision — that of boosting online sales — and even drafted a two-year plan. It should be noted, however, that online sales do not require as many sales people and support staff as conventional stores. This, in its turn, will contribute to growing unemployment.

- Starbucks Corporation — the world’s most popular US-based coffeehouse chain — also plans to close 400 stores in the US and Canada over the next 18 months. At the same time, the number of carryout stores will grow. Yet again, it means that thousands of wait staff (waiters, bartenders, janitors, etc.) are bound to lose their jobs as this new format has nearly zero demand for this kind of labor.

- Hertz — one of the world’s largest car rental firms owned by the Hertz Corporation — filed for bankruptcy protection back in May. Since the start of the year, demand for the firm’s services plummeted while its debts grew considerably.

- Nike — an American multinational corporation engaged in the manufacturing of sports apparel and footwear — is currently in a deplorable financial condition despite being highly popular all over the world. Based on Q4 2019 data, its net loss amounted to 790 (!) mln US dollars. However, Nike CEO John Donahoe refrained from pointing fingers at COVID-19. The problems were caused by the “overburdened matrix” — this is what Donahoe said while emphasizing that Nike had to simplify its work and increase its speed and responsiveness for the market of the future. To resolve the issue, the corporation would be restructured, with layoffs scheduled to happen in phases. Even though the company’s management “do not yet know how many jobs will be reduced, nor who will be specifically impacted”, a huge number of people will be left unemployed and will hardly be able to easily find new jobs amid a global crisis.

- JCPenney Company (JCP) — one the biggest US retail chains existing since 1902 — has also filed for bankruptcy protection. The company direly needs restructuring of debt resulting in closing of 242 stores all over the United States. This strategy was selected as a way out of the crisis by reducing the amount of debt. It should be noted that the company has been in trouble since 2011, having closed 20% of all stores and laid off about 40% of its staff. It is rumored Amazon intends to purchase the company. However,the goal is not breathing new life into it — Amazon just needs sales premises for new-generation offline stores — such as Amazon Go — that operate with a minimum number of employees, thus contributing to growing global unemployment.

- Berkshire Hathaway Investment Firm founded by Warren Buffett, one of the most famous and affluent players on the stock market, reported $50 bln losses in the previous quarter. The firm said it was due to the coronavirus pandemic “hitting common stock investments”. However, rather than being the reason, it’s most likely the consequence of the global economy being unable to adapt to the current situation.

Also, one of clear signs of the aggravation of the economic recession is a global surge in unemployment. Let’s take the USA, the world’s major economy, as an example. The U.S. unemployment rate jumped to 14.7% in April. That is reported to be the highest level since the Great Depression (that number peaked at 25.6% in May 1933.) Moreover, in late March, the Federal Reserve System (the FED, the U.S. central bank) officially warned of 32% unemployment — meaning that high would be far worse than that during the Great Depression. At that rate hundreds of millions of Americans are at risk losing their jobs.

By now the situation has seen a slight improvement. According to the U.S. Bureau of Labor Statistics, the unemployment rate fell to 11.1%. Nonetheless, that is three times as high as the pre-pandemic rate of 3.5%. With the thorough research of the economic situation in the country, Bloomberg economist warn of a possibility of long-lasting or even permanent unemployment in the USA

Conclusions are as follows:

- First, most of the world’s popular and well-established brands, having billions of employees worldwide, are now facing huge financial issues. The debts they have are huge too. In other words, all their wealth can be called phantom, or bubble — in fact, they are just debtors who in the worst-case scenario may lose everything. In reality creditors — banks, credit unions, investment companies, and other entities owning a great deal of money — rule the world.

- Second, many manufacturing and trading companies began to understand that it’s time to change. In the hope of staying afloat and with the coronavirus-inflicted situation in mind, they are discovering new ways of selling goods — switching form face-to-face interaction to e-commerce or takeaway service. On the one hand, this is a step into the future. On the other hand, these changes involve trading support staff redundancy. The present-day economy is about people losing their job every minute and even more job cuts in the future.

UMI staking provides people with new opportunities that shouldn’t be missed.

The existing economic model, now more than ever before, has completely failed. It needs change, and people need new sources of income.

While the powerful keep producing oil, even with losses, ordinary people join UMI staking to produce cryptocurrency. This is a chance for the entire humanity to resolve economic problems and start a new life. This is an opportunity that allows people to be independent and “create new digital money” on their own.

UMI takes the economy from bankers and gives it to the ordinary public. Our mission is to make people feel happy, even when all around go bankrupt and when human work is no longer valued as it should be, or it becomes unnecessary.
Don’t miss this chance and join UMI staking right away. Despite crises, multiply your coins up to 40% per month!

We care about each of you,

UMI Team

Why UMI is a Step toward a Free Financial World

Quite recently, the world has seen a remarkable event — an anonymous bitcoin whale sent a total of $2.24 billion in a series of transactions. Large transactions are certainly not uncommon for the bitcoin network. Whale Alert — blockchain tracker and analytics system — regularly reports large and interesting transactions. Although $2.24 billion is the largest ever cryptocurrency transfer, the most remarkable thing about this event is not the transfer amount but the incredibly little fee the sender paid for the transaction — less than $1. With no checkups and intermediaries.

If such a transfer had happened a few years ago, it would have considered abnormal and unreal. Today it is a matter of fact. With each passing day, using cryptocurrency for making transfers is getting more attractive than bank transfers. The UMI network, which enables instant payments with no fees, fits in best with new realities. Let's explore this issue.

Freedom from Bank Charges

The BTC whale sent the above-mentioned amount in seven successive transactions within one hour. The total amount was 241,500 BTC, which was equivalent to $2.24 bln. Each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers.

Let's compare now how much you would be charged for an identical transfer in a bank.

In big banks, the international transfer fee is at least 1% of the amount, but it is often higher than that depending on the conditions. For instance, the VISA system charges 1 to 10% of the transaction amount for an international transfer (minimum of $10). Therefore, the more you transfer, the more you pay for it. To transfer the above-mentioned amount via a bank, a customer would have to part with as much as $22.4 mln (!!!), in the best-case scenario — that is if the fee is the minimum 1%. In other words, a bank would make a fortune — virtually at the drop of a hat, making no effort whatsoever — by simply taking someone's money. What makes it more absurd is that banks intend to further raise their fees amid coronavirus pandemic.

Cryptocurrencies are a completely different story. In most cryptocurrency networks, fees do not depend on the transaction amount — the same fee could be charged for transferring $1 or $1 bln. In the cryptocurrency world, it doesn't matter how much money you transfer. If you make a big transfer, no one makes you pay the “tithe”. With UMI, you don't have to pay anything to anyone — not a dime. But we'll get back to this a little later.

Freedom from Excessive Limits and Unneeded Checkups

First, let's consider another important factor — the very possibility to make unhindered transfers of large amounts via bank especially foreign transfers. The irony is that even if someone chooses to pay this multi-million dollar fee, the transfer would far from being 100% successful.

In most countries, including the Russian Federation, a $22 bln transaction would be virtually impossible to run in a state-owned bank, let alone private banks. Even going through a bunch of mandatory procedures as well as wasting lots of nerves and time wouldn't save the day. This is why a payment of this size is virtually impossible:

1. The overwhelming majority of the world's banks just don't happen to have such large amounts on their correspondent accounts. Even if we assume they do have sufficient funds on the books, this money doesn't just sit idle — bankers use it in their own favor, for instance, to grant loans, make deposit payments, etc. No bank would agree to send all its reserve funds to another bank on your orders. Moreover, banks have no right to violate the law in terms of reserve requirements, including currency norms. And processing such a large amount contradicts the established rules and regulations. So, even if money is technically recorded on the customer's account, transferring it to another bank, especially in a foreign country, is still a virtually impossible task.

2. In almost all states transactions of this scale are only allowed on the level of governments, the International Monetary Fund, the World Bank, or mega-tycoons with a declared multi-billion dollar income, such as Bill Gates, Warren Buffett, and the like. In other words, only customers with a special status can make especially large transfers without restrictions. Any “abnormal” transactions fall under suspicion and automatically frozen. If you have always run $500 transactions on a monthly basis, any incoming or outgoing $10,000 transfer would most probably be frozen. Let alone billions of dollars. An average owner of a large business will only be allowed to transfer billions of dollars after they get approval from FATF on an individual basis. Obviously, they must also be verified using KYC (Know Your Customer) and AML (Anti-money laundering) procedures and must establish the provenance of each dime they transfer. They have to do all this to transfer THEIR money, with a huge fee of billions of dollars.

3. The situation is even worse because it is equally true for receiving monetary transfers. In other words, if you have a large amount successfully transferred to you, there is no guarantee that you can use this money. Sadly, even if the money leaves the sender's bank, the recipient's bank can instantly freeze it. On the very same day, you could get a visit from bank or government officials along with the state security service and a special interrogation. If you cannot provide provenance data for the funds, the transfer could easily remain frozen for good. Naturally, this system opens the doors for various types of abuse of power and manipulation by bankers, governments, and state services.

For the existing banking system, any big transaction makes you a suspect of some manipulations resulting in a frozen transfer. More importantly, it isn't only true for multi-billion or multi-million transfers. Any transaction involving hundreds of thousands, dozens of thousands, or simply thousands of dollars may be deemed suspicious and sanctioned. It means that anyone who runs relatively big transactions runs the risk of encountering certain problems at any time.

Cryptocurrencies are a step toward free transfers

The above-described situation proves that digital money helps people get rid of many problems related to bank transfers: high fees, payment amount limits, specification of personal data, verification procedures. With digital money, you don't have to prove or explain anything. This is a real revolution that makes people free from fees and manipulation. Cryptocurrencies allow people to be a master of their funds and no one has the power to change this. No one charges you crazy fees and no one can steal your coins.

With each passing minute, cryptocurrencies are becoming part of our life, and rather than profit from trading, investment, mining, or staking, they are regarded as a convenient way of sending funds. Only cryptocurrencies make people feel completely safe and allow them to transfer whatever amount wherever they want. This is a huge step towards changing the existing financial system, and it has already been made.

But UMI Goes Even Further

It may appear that problem with bank fees concerns only large businessmen. In real fact, regular people living live paycheck to paycheck are more sensitive to this issue. Being on a tight budget, most people have to pay for any bank transaction.

You always pay fees charged by banks — when you pay utility bills, buy online, deposit money to your bank card, receive money, transfer money between your accounts or withdraw cash from an ATM. Overall, bank fees cost people a lot of money. It's curious to know how much your pay banks every year for mediation.

Now let's see how you can make transactions using UMI.

In terms of fees, UMI is more profitable than banks and even more profitable than most of the other cryptocurrencies, including bitcoin. There are no fees in the UMI network at all, even hidden ones. All transactions are instant. That is, if you sent $2.24 billion through the UMI network, it would be instant and completely free. There are no limits, verifications, and other nervous procedures. Instant, free, and secure — here and now.

This is the key advantage of UMI as a payment instrument. Our cryptocurrency empowers all people — from large businessmen to factory workers — with profitable and absolutely safe funds transfers. UMI gives all people around the globe equal opportunities. This is the next step toward a free financial world. We are the first to make it.

Sincerely yours, UMI team

- UMI is an open source universal monetary instrument. All network operation is visible at a glance.

- UMI is protected from third-party interference, hacking and even blockchain technology vulnerabilities.

- UMI is instant and absolutely free blockchain transfers. No more waiting for confirmations and paying commissions.

- UMI is 300 times faster than Bitcoin and processes up to 4,369 transactions per second, aiming to outperform VISA and MasterCard.

- UMI is an innovative smart contract staking that allows you to increase coins up to 40% per month just by keeping them in your wallet. Without energy consumption and software installation.

- Join existing staking structures or create your own to get even more coins!

- Change the world with UMI

Read more about UMI features in the Whitepaper: https://umi.top/about

UMI Cryptocurrency Celebrating 4-Month Anniversary!

Dear friends! UMI has a big and important date today. Our coin has been around for precisely 4 months. It's been four months of joy, growth and success. Over this time, we've become a big and close-knit family who always keep in step and understand each other without words. Thank you for this!

Thanks to our closeness, a powerful ecosystem has formed around UMI — its size making 90% of other crypto projects jealous:

- Today, the network comprises over 54,000 UMI addresses and, additionally, over 40,000 staking addresses. All in all, the UMI network has over 90,000 various addresses.

- Overall, we've completed over 690,000 transactions and formed over 290,000 blocks. These values would take other emerging crypto projects years to achieve — we achieved them in just a few months.

- Our daily trading volume on all platforms SIGEN and Crypto-By-Card) totals $70,000 to $110,000 or 5–9 mln rubles. These are actual values people buy/sell UMI for on a daily basis proving huge demand and sound liquidity.

- UMI's liquidity has grown to an impressive value. The order book supporting UMI price on SIGEN now has orders totaling about $600,000; additionally, the p2p-platform also has UMI buy offers amounting to over $300,000. Thus, in total we have orders worth of $900,000 supporting UMI price.

- We have a total of 20,100,000 UMI, with 6,700,000 coins used for staking and over 13,100,000 UMI stored on the genesis address. It's strange but only 300,000 UMI is in free circulation. All the other coins are either used in staking or stored on the initial address.

Once again — these values would be impossible to achieve for most cryptocurrencies, and we've done in in just 4 months. Most importantly, we don't stop working on the project and its development — not for a second. Today, UMI has grand ambitions and plans. Specially for you, we've prepared a detailed official article on our future plans to be published really soon.

Spoiler alert: ahead is the growing UMI liquidity, large-scale market entry, setting up of new staking structures, network optimization in order to achieve the capacity of 1 mln transactions per second, release of a desktop wallet (validator node), complete cryptocurrency legalization and source code audit, design of new DeFi, DApps, DAO, DEX products and many-many other things. Be patient — we'll put all chips on the table really soon.

UMI is still a four-month old “baby”, but already an infant prodigy. Just imagine what it can achieve once it's grown up. Today we're starting a new stage of project development, and it's sure to be legendary!

Congratulations to all our users on this festive day!

Sincerely yours, UMI Team!

Your mnemonic phrase is never transmitted to the network

✅ If you look at other popular cryptocurrencies, they have one very unpleasant disadvantage. To create a transaction through an official node, you need to upload your private key (wallet.dat file in the case of Bitcoin) or a mnemonic phrase (as in the case of NXT or PRIZM).

✅ Thus, when using the node, the mnemonic phrase / private keys are transmitted to the network. This means, for example, in the event of some kind of attack on the network or collusion of the majority of the node holders, the private keys can be compromised. Given that the blockchain should eliminate the need to trust anyone, this fact is unacceptable.

✅ Therefore, the UMI network uses an alternative solution. To provide the highest possible level of security, the UMI node does not require a mnemonic phrase to make transactions. Moreover, in fact, the network does not imply the ability to create transactions directly through the node at all. Separate libraries / SDKs are responsible for this. By the way, the availability of these tools (libraries) in the public domain greatly simplifies the process of developing wallets and other applications based on UMI.

✅ Thus, the UMI nodes do not transmit the mnemonic phrase to the network in any form. Secret data does not leave the borders of your device and remains safe.

✅ Also, just in case, we remind you that thanks to the encryption algorithm, the mnemonic phrase that you enter when you log in to the UMI wallet cannot be calculated.

UMI's Daily Trade Turnover Exceeds $150,000: Another All-Time Record!

Dear friends, UMI cryptocurrency's popularity has been swiftly growing these days:

- The number of transactions increased to 3,500 per day;

- The total number of coins in 2 staking structures is about 8,500,000 UMI;

- The total amount of buy orders UMI/BTC has crossed a threshold of $750,000 (if including the orders on p2p platform, the liquidity has increased to $950,000).

- There's more. Today we have also witnessed UMI's trading turnover marked a new maximum.

Today, for the first time, UMI's daily trading turnover has exceeded $150,000.

Not even trading volume, but the growth dynamic looks really impressive.

- A week ago, when UMI turned 4 months old, we saw the turnover of about $100,000;

- A month ago, it was about $50,000.

In other words, in just a month (4 weeks), the trading turnover increased three-fold!

Keeping in mind the fact that UMI is currently traded only on two platforms — SIGE[Suspicious link removed]o and Crypto-By-Card, where ordinary people, not professional traders, buy cryptocurrency for staking. And where everything is transparent — no artificially created trading volume.

In fact, a turnover of more than $150,000 is a luxury that most other cryptocurrencies have never seen. UMI is only 4 months old, and it's just started to make its way in the world of cryptocurrencies.

We are sure that $150,000 a day is far from the limit. There is $200,000, $500,000, and $1 million ahead. Its high growth rate and great prospects shows it's just a matter of time. Together anything is possible!

Keeping in mind the fact that UMI is currently traded only on two platforms — SIGE[Suspicious link removed]o and Crypto-By-Card, where ordinary people, not professional traders, buy cryptocurrency for staking. And where everything is transparent — no artificially created trading volume.

In fact, a turnover of more than $150,000 is a luxury that most other cryptocurrencies have never seen. UMI is only 4 months old, and it's just started to make its way in the world of cryptocurrencies.

We are sure that $150,000 a day is far from the limit. There is $200,000, $500,000, and $1 million ahead. Its high growth rate and great prospects shows it's just a matter of time. Together anything is possible!

For information: watch the detailed trading volume in real-time here: https://umi.top/volumes

Congratulations on a new record! Sincerely yours, UMI team

UMI: Official Plans for the Future

Dear friends, The UMI cryptocurrency keeps growing by leaps and bounds. It's going really well now: with the number of users growing, infrastructure developing rapidly, staking generating coins at the rate of 25% a month, and UMI's buy order book on SIGE[Suspicious link removed]o exceeding $800,000. But what about tomorrow? Many users wonder what our plans for the future are. What will happen in 2, 5, 10 years or more? What do we want to achieve? We've prepared this article with answers to all your questions — specially for you. Spoiler alert: tomorrow's going to be even better than today.  We're happy to present official plans for the future from the UMI Team.

Platform Scaling and Future Outlook

To understand the future outlook, we need to consider the project's strategic vision. UMI was not created just for fun — we created it to offer people new opportunities to improve their quality of life. These include, in the first place:

- Free, safe and instant financial transfers.

- Ability to “print” cryptocurrency in your smartphone at the rate of up to 40% a month, with no complexities or risks.

- Provision of new solutions for the business and economy in general.  It's possible because UMI is a fully-featured blockchain platform that can execute smart contracts of any level of complexity. It can be used anywhere, in any domain of human activity.

Transactions:

But — first things first. UMI is based on the Proof-of-Authority technology that provides for the fastest transactions and operation of master nodes. The latter, with super-high requirements to operating speed and network capacity, are given to prominent UMI partners and teams that are actively engaged in promoting the project. Currently, the network's capacity is about 4,500 transactions per second, with the latest tests showing a value of up to 5,000. It means we're faster now than at the start (just to remind you, our ceiling value was 4,369 transactions/second).

In the near future, we intend to continue network optimization in order to bring its capacity to as many as 10,000 transactions per second. It will bring us as close to VISA and MasterCard as possible and, beyond all doubt, will spark interest in the crypto community.

In fact, 10,000 transactions per second is far from being the final frontier. According to the technical department of the UMI Team, we still have room for response improvement. We plan to use tools such as cybernetics and optimize certain points in terms of programming languages and smart contract. Accordingly, in the future (maybe even within a year) we have a chance to improve capacity to 1 mln transactions per second. No one has reached such capacity so far.

It's true that UMI network now runs 2,000–5,000 transactions per day and this capacity may seem “excessive”, but our project has been around for 4 months only and already has over 40,000 active users who make transfers within the network. In the future, UMI's scale of operation will change. We will try reaching new audiences to take over the new heights. That is when the high speed will come in really handy as it will guarantee that UMI network will not face something Ethereum is currently facing or Bitcoin has faced multiple times — they have fallen victim to their own popularity, with transactions becoming too slow and too expensive. The high network capacity will ensure that UMI transactions are always free and instant regardless of the load on the network.

Validator Node:

As we’ve announced, we're soon releasing a desktop wallet for users that both allows you to submit/receive transactions and operates as a validator node. It's a fully featured node that will support all functionalities and features except block generation (this functionality will remain with master nodes only). By installing the wallet and launching the validator node, users automatically improve security, stability and reliability of the UMI network.

In fact, all interested users will be able to support the network without any complications. You don't have to navigate to GitHub, understand the code and settings, etc. Launching a node will be as easy to do as installing Microsoft Word, Telegram or a game. Obviously, the algorithm we use creates no extra load on your PC. It'll just work in the background and will be invisible for you.

PoS Integration:

The next major step in terms of technical development is the addition of the Proof-of-Stake (PoS) consensus algorithm — the most popular in the crypto industry. It may seem strange as we use the Proof-of-Authority algorithm, but we'll explain everything. The UMI network will continue to efficiently use Proof-of-Authority while PoS integration will be an additional protection measure. What's the point? In case of any problems with master nodes (and, consequently, with PoA operation) PoS-nodes will come online.

Obviously, in this case transactions won't be as fast since you'll have to wait for multiple confirmations, but still, it guarantees network security even in the most unexpected circumstances. If all master nodes suddenly go offline (clearly, chances of such an occurrence are slim to none, but we need to consider all possible risks), nothing will happen with the UMI network. It will keep operating and processing transactions as usual, just a little more slowly. While the system operates using PoS, master nodes will have the time to resolve problems and go back to normal PoA-based operation.

PoS nodes will be owned by the same users who installed the desktop wallet and launched the validator node. Theoretically, it may be millions, even billions UMI holders all over the world.

Fully Featured Offline Transactions:

We'd like to note that technically all transactions in the UMI network are created offline. It's basically completely analogous to a cheque book, should you need a clarification. Therefore, in reality UMI can operate without the Internet connection.

Submitting transactions online is the most convenient way to go at this time, but it's not the only one. For instance, you can submit a transaction in a text message using your cell phone.

In case you're wondering, the length of a UMI transaction is 150 bytes. It equals 1,200 bits of data.

Standard length of a text message is 1,120 bits (140 bytes). It means we would need to send 2 texts.

Our plans include a transaction variant signed secp256r1 to support legacy chips in bank cards that would actually fit a transaction into a text message.

However, it's not limited to text messages. In fact, UMI allows you to use a validator node to create any transaction offline (i.e. without the Internet connection) and send it to the network by any available means — via Wi-Fi, Bluetooth or even a radio wave. We're currently looking at various options. So if humanity loses the Internet connection as a result of a global cataclysm, the UMI network will be able to easily “evolve” and keep operating in new conditions.

Legalization and Audit:

Our goal is to comply with applicable law at all times. It's important that both people and authorities understand that UMI is not a product of the black market — it's a completely legal tool.

Therefore, we're working on obtaining a legal document that would legalize UMI cryptocurrency in the European Union and confirm that UMI is a decentralized payment system with a completely open source code and is not a security, security token, utility token or something else. It will open up new opportunities to use and integrate UMI. After this, we plan to work on legalizing cryptocurrency in other jurisdictions.

Moreover, when cryptocurrency passes the “endurance test” — once it reaches the milestone of 1 mln users — the UMI Team or one of our partners will register technology patents and obtain certificates.

In a related move, we'll soon address the issue of auditing UMI's source code. We're going to entrust this task to credible organizations who do not just audit “on paper”, but are reputable professionals. We've drafted a preliminary list of a few auditor companies we would like to collaborate with. We're mostly leaning to the firms who audited RandomX code for Monero: Trail of Bits, X41 D-SEC, Kudelski Security and QuarksLab.

DeFi, DApps, DAO, DEX:

Look at the hype surrounding the DeFi sector. If you're not familiar with the topic, in brief and in simple terms: DeFi or decentralized finance are blockchain-based financial instruments, services and apps operating as smart contracts. It's a very promising sector, but still very raw. To begin with, it has huge security problems and a strong dependence on the Ethereum network that makes all DeFi transactions too slow and expensive due to its massive overload.

UMI, on the other hand, is a new-generation cryptocurrency that, among other things, is a fully featured blockchain platform capable of generating and executing smart contracts at any level of complexity, including DeFi protocols. In the future, we plan to join this sector and support development of big DeFi projects that will be faster, safer and more multifunctional than the ones based on Ethereum.

We also intend to deploy a UMI-based family of decentralized apps (DApps) and decentralized exchanges (DEX). Our DApps will be the same apps you're using today, with the only exception — you'll be confident of their honesty and security as they won't belong to any particular company. It's a completely decentralized product. For instance, you'll know exactly that your personal data is not collected or passed along to third parties. You'll be confident that no one will withdraw funds from your account, etc. It's the same with DEX. It's a completely decentralized trading platform where you can trade in UMI and other cryptocurrencies, without fearing for security while also enjoying protection from all problems characteristic of centralization.

Moreover, we plan to deploy multiple projects based on DAO principles (decentralized autonomous organizations). In the simplest terms, DAO is an independent decentralized company that is in fact a multifunctional set of smart contracts that allow users rather than management (partially or fully) to run the company. It offers vast opportunities since in essence ensures actual democracy that is backed by cryptographic code rather than words.

Future of Staking and Smart Contracts

Let's continue discussing UMI-based smart contracts as applied to more specific points such as the current key concept behind the coin.

As you know, there are two most popular areas in the crypto industry:

1. Staking used by PoS-based cryptocurrencies. It's also called forging or PoS-mining. It's basically similar to mining, but does not require powerful equipment. Speaking of traditional mining, it's gradually fading into the background.

2. Perks of decentralization feature various smart contracts where people cannot influence the source code, change conditions, chances, etc.

This is why our team decided to design a unique system — staking based on a smart contract. It would allow us to unite two popular areas and substitute the PoS model with a faster and safer PoA algorithm. UMI staking is exclusively based on the smart contract. Please, remember that you can review terms and conditions and principles of operation in our Whitepaper.

Staking based on the smart contract allows you to generate new UMI coins 24/7 while earning up to 40% a month — without the need to install nodes, configure software, etc. To start staking, people don't need to understand the technical aspect. It's very convenient for regular users with basic computer or smartphone skills who just want to turn on a ready-to-use “coin printing machine” and don't want to assemble it from scratch.

We intend to promote and popularize UMI staking all over the world to bring as many people as possible into our community. We believe that staking based on the smart contract is ideal for encouraging users. We're confident that, as the community grows, we will one day see a structure that will generate earnings of 40% a month.

However, as we mentioned above, our smart contracts won't be limited to staking. Since ideas of decentralized finance (DeFi) and generation of coins by users on certain blockchains are now gaining popularity, we're considering creation of various UMI blockchain-based tokens, including stablecoins, as one of our next steps.

In other words, we're encroaching on the DeFi market by allowing for the creation of both tokens and smart contracts of various types.  Users can then trade in these tokens and earn on price fluctuations. One of the options is also staking of such tokens based on a smart contract. It means that any user, not just the UMI Team, will be able to create a UMI-based token with a price, liquidity and staking conditions. They will also be able to create a community around it. You must admit it's just awesome.

We also plan to issue a multitude of specialized multifunctional smart contracts that could change a lot of everyday things, including the established commerce sector. UMI is capable of replacing/improving the popular services of eBay, Avito, OLX and other platforms by providing users with a more secure, rapid and efficient way of making deals.

In the immediate future, we intend to design HD wallets and a universal smart contract for various trading platforms. HD wallets will allow you to easily create addresses without the private key while the smart contract will act as a guarantor in a deal freezing UMI coins until closure of the deal, among other things. With this functionality, UMI will be easily added to online stores and service delivery platforms. Smart contracts will make trading and cryptocurrency integration even more secure and convenient. Most importantly, though, it will offer innovative solutions and new possibilities for the commerce and service delivery sectors that are currently non-existent.

Our plans include the issue of a smart contract for crowdfunding (fundraising for projects) that will allow us to create an easy-to-use No Reliance system with a guarantee that no one will con anyone. It's because in this case people, in a manner of speaking, are not needed in this system — all actions are based on a smart contract with mandatory and complete adherence to all preset conditions. Notably, this crowdfunding will be quite different from the services offered by the existing platforms. Right now, people simply raise money/cryptocurrency to be invested in a project. What we offer also includes staking that will allow the project to earn even more.

In fact, staking opens up lots of opportunities in crowdfunding. For instance, staking allows us to deploy a system that will allow people to get back, let's say, 70% of coins invested in crowdfunding in case of success or even failure. There're special algorithms to this end that we will soon start to actively use in real-case scenarios.

Additionally, we and our partners from the ISP Club intend to issue crypto cards that are being developed right now. These will be traditional VISA debit cards that can store UMI. Cards will allow you to use UMI to pay in the nearest store or cash out cryptocurrency in a nearby ATM. It will work with the usual terminals and ATMs — where VISA cards are accepted, UMI will be accepted, too. You will be able to connect your card to Apple Pay and other similar services. You will be able to buy a TV, table or a loaf of bread for UMI. Anything.

In a nutshell, using UMI tomorrow will be as easy, habitual and convenient as using bank services today. But that's not the most interesting part. The key perk of UMI cards is that coins stored on your account are also used for staking. As a result, the balance on your VISA will always grow — at the rate of 40% a month. No bank has ever offered such an opportunity and is really unlikely to ever offer one.

We also plan to release various types of NFC wallets specifically for contactless payment that can be used to pay for goods with cryptocurrency in any terminal. The Faster Payments System will allow the seller to immediately receive payments in fiat money — in 15 seconds.  This is maximum. Obviously, NFC wallets will also allow using coins for staking.

In a nutshell, we're actively working on various projects in order to offer people an alternative system of financial payments along with a passive increase of their balances. In general, the main cause for aversion to many blockchain projects is that they are hard to understand. In fact, users don't really see how this or that project can solve their problem. We're the game changers — we look up to things everyone is used to, but we also present them in a more refined form. UMI resolves pressing issues only, doing it as clearly and efficiently for everyone as can be.

Let us speak aside. In Finland the government has recently conducted a very interesting experiment — they introduced basic income for 2,000 randomly picked unemployed participants who received an unconditional monthly basic income of 560 euros. Just for being a citizen of this country. Unemployed participants spent their income on food and other basic needs. If an unemployed person started working, they could spend the income on traveling, big-budget purchases, etc. Anything they liked.

Even though the experiment didn't improve the situation with unemployment in Finland, its outcome was evaluated positively. "The basic income recipients were more satisfied with their lives and experienced less mental strain than the control group. They also had a more positive perception of their economic welfare."

This experiment is the role model we want staking to achieve. We want people to generate new UMI coins for themselves, and use them as they see fit. We believe that this is a model of a healthy society where people can live a happy life with no fear of losing everything tomorrow. Finland has already completed the experiment. But we are starting it again and it will involve not only Finland, but the entire world. Staking allows any person to receive a kind of unconditional basic income like in Finland but unlike Finland, it will be paid in the UMI cryptocurrency. But it has a value too. ;-)

Geolocation: Where and How UMI Will First Be Developed

UMI intends to conquer the entire world. Obviously, it is impossible to do instantly. And no one needs it –– a smooth development is much more important for any product. Gradual growth and winning new audiences step-by-step will make the project more powerful and sustainable. Moreover, all these COVID-related issues distracted people from new technologies. Therefore, the immediate outreach of a large audience is not the best idea. We opted for smooth development which will allow us to get stronger before we enter new markets.

- First of all, we need to consolidate confidently our position in the CIS market. Our priority countries are Russia, Ukraine and Kazakhstan.

- $1 mln in the buy order book on SIGE[Suspicious link removed]o, which supports the UMI rate, will become a signal that UMI's liquidity is high enough to enter China, Latin America, Indonesia and India. By the way, we are already preparing for this. Our official website, mobile app and all the other content have already been localized in Russian, English, Spanish (LA), and Chinese. Now all the content is localized in Indonesian. We also run UMI promoting social media in different languages. It is not a poor machine translation, translation only by professional translators. We should also mention that we have already laid the groundwork for entry into the above-mentioned countries. We won't let all the secrets out, except for the one that we've already made useful contacts and reached certain agreements with some partners.

- Next, we plan to fully localize the website and all other content in 18 different languages and start reaching other countries and continents. The next in turn are Europe, Asia, Africa, and eventually, the entire world. We would like to emphasize again that we are focused on gradual growth, this is why we are now closely working with CIS countries.

Current Tasks

Now let's put our long-term plans aside and talk about the key tasks that we are most focused on right now, at this very moment. There are three of them:

1. UMI liquidity. As you may have already heard, we don't take the funds generated from selling UMI for BTC and through the Crypto-By-Card service. Instead, we use them to create UMI buy orders on SIGE[Suspicious link removed]o to support UMI's high liquidity and price. Thus, UMI is backed by bitcoins, and, as far as we know, no other world's cryptocurrency has this experience. In other words, this is a unique case when the team doesn't take the funds generated from selling the coin, but instead, they spend them on supporting the coin's price and liquidity. Now UMI's buy order book is over $800,000 (more than 55 BTC), apart from $200,000 buy orders on the P2P platform. It means you can now easily sell UMI for more than $1 mln with no fear of price drop. Our # 1 task for today is to continue to increase buy orders which ensure the coin's high liquidity and stability. Today, this is what attracts new users and makes them feel confident. A reliable coin grows faster and easily wins a new audience. Summing up, our number one priority is to fill UMI's buy order book. In the short term (within 1 to 2 months), we plan to fill UMI/BTC buy order book to $ 1 mln, in the long term –– to $10 mln.

2. Large-scale entry into the market. At the moment, the popularity of UMI is growing thanks to our partners from the ROY Club, who bring in new participants to their staking structure. But we are planning to increase the popularity growth rate. A large-scale social media PR campaign will be launched soon. You will see various articles about our cryptocurrency, news and reviews from top crypto-media and other popular resources. This will attract a new audience to our community: crypto investors, traders, crypto enthusiasts and regular people who get interested in new profitable opportunities. All this will help to increase UMI's popularity and improve its liquidity. This will obviously have a positive impact on all our partners, including the ROY club, ISP Club and SIGE[Suspicious link removed]o. In the long term we also plan to get listed to new exchanges. Although some well-known exchanges have already proposed us listing on their platforms, we refused their offers. We'd like to reiterate that we are more focused on a smooth and quality-based growth. This is why the SIGE[Suspicious link removed]o is our general partner and the trading platform where we are building up the community. As soon as UMI gets liquid enough meaning gaining muscles and foothold at the market, it will be listed on other platforms, and, consequently, on Coinmarketcap. This will protect it against deliberate pressure and price fluctuations caused by some traders who just want to make money from changes in price.

3. Organizing new staking structures. Currently, only two structures –– ROY Club and ISP Club –– generate new UMI coins. As UMI grows, various large communities, cryptocurrency pools, financial project developers, etc. will start creating their own structures and set the conditions as they like. Fortunately, the smart contract for staking offers quite flexible settings. Some organizers will offer their members generous and non-standard bonus programs, the others will use zero-fee transactions and the highest possible reward as a temptation for new members. We are now negotiating with potential creators of structures. We consider this as one of the key tasks, so we are ready to help our new partners implement their UMI-based projects in every possible way.

Technical Roadmap

As a final note, we would like to present our brief roadmap of immediate technical tasks:

1. Release a full-node desktop wallet;

2. Create detailed technical manuals and "how-to" guides containing text and video guidelines on installation, launch, setting and update of wallets and nodes.

3. Develop and implement PoS consensus;

4. Integrate HD-wallet;

5. Create libraries supporting all popular languages and platforms and use them to be easily integrated into businesses;

6. Integraty hardware wallets (Trezor, Ledger, etc.);

7. Integrate accounting systems;

8. Develop a node specifically for Windows with MS-SQL support and 1C integration;

9. Develop plastic cards and NFC-enabled terminals;

10. Create libraries for mobile devices supporting NFC payments;

11. Add side-chain service: commenting on transactions;

12. Add side-chain service: sending UMI using email address, Telegram username, nickname, etc;

13. Add side-chain service: an internal messenger with images and various features support. Telegram or Viber prototype;

14.Develop and run a developer blog containing technical articles for developers;

15. Create convenient user support service through Telegram, Slack, and Stack Overflow;

16. Implement tools for convenient collection and processing users feedback, for example, Reformal;

17. Develop new smart contracts.

This is not the final list. In view of the above, we still have a lot of technical tasks. These are only primary goals, which, however, can change and be modified depending on the circumstances.

Overall Roadmap

Let's sum up all the above. In addition to the technical roadmap, please review a list of current plans for further UMI growth:

- Increase UMI's liquidity. In the short term, we plan to fill UMI's buy order book on SIGE[Suspicious link removed]o to $ 1 mln, in the long term –– $10 mln.

- Enter the market: launch a large-scale social media PR campaign, get UMI added to new exchanges and monitors.

- Organize new structures for UMI staking and encourage healthy competition.

- Optimize the network to bring its capacity to as many as 10,000 and then 1 million transactions per second.

- Release a desktop wallet that will work as a validator node and support the network.

- Implement the PoS consensus algorithm as an additional security measure. This will keep the network running even in the event of any problems with master nodes.

- Improve the ability of sending transactions offline.

- Legalize cryptocurrency and audit the source code.

- Create new DeFi, DApps, DAO, DEX products and enter these markets.

- Popularize staking in all directions and implement it into mass products.

- Create various tokens based on the UMI blockchain, including stablecoins. Integrate convenient features allowing users to create their own tokens and smart contracts based on UMI.

- Create HD wallets and a universal smart contract for trading platforms.

- Develop a smart contract for crowdfunding and other smart contracts for employment, services, production, and logistics markets.

- Release VISA debit crypto card with full support for UMI and staking.

- Release UMI staking-supporting NFC wallets for contactless payment.

- Work on creating a powerful infrastructure that offers an alternative system of financial payments coupled with a passive growth of their balances.

- Develop new features, guides, and services: create various side-chain services, start a developer blog, implement new tools for processing feedback, integrate accounting systems, hardware wallets, etc.

- Promote UMI in the CIS countries with further entry into China, Latin America, Indonesia, India, and other countries.

UMI Won't Stop

As you can see, we have grandiose plans for the UMI project and great ambitions. And we are full of enthusiasm and determination to turn them into reality. UMI is not some small "one-day project" or a product for a small target audience with insignificant goals. We are a growing decentralized community that is determined to go big. Most importantly, we are really good at that.

Hopefully, we have shed light on UMI's future plans. There are new highs ahead of us — great accomplishments and achievements. Since the time of writing the Whitepaper, our priorities have changed. We are confident that UMI can be fully integrated into business and change most aspects of society. Employment, services, production, commerce, logistics, and all financial arrangements — all this can radically change with the emergence of UMI. These are our long-term goals to which we are getting closer with each passing day.

Thus, by degrees, we will achieve all our goals. Thank you for being with us. If you like the article, please clap for it and share it with others. It's no trouble for you but great support for us.

Sincerely yours, UMI team

Welcome to the future!

Why UMI is better than Bitcoin?

Bitcoin has proven itself to be a reliable payment system, although it has several significant drawbacks. Among them:

- The network speed is limited by the network itself. In the best case, users have to wait for the translation for several tens of minutes, but it often happens that the wait is delayed for tens of hours or even for several days.

- High commissions. During periods of high network load, transfer fees skyrocket. In 2017, there were cases when the transfer fee reached $ 40. In "normal" mode, of course, everything is not so bad. But commissions of a few dollars are common for Bitcoin users.

- UMI, in turn, is based on the same proven technologies as Bitcoin, removes its disadvantages

- The network does not resist the speed of block creation, but on the contrary - in every possible way encourages their rapid creation and growth of throughput.

- New cryptographic algorithms reduce the load on the network nodes, which allows more transactions to be carried out in the same unit of time with lower computational costs.

- The UMI network is capable of processing all 500 million transactions created in the Bitcoin network over 12 years in a few days. And every translation will be completely free!

- Among the most significant disadvantages of Bitcoin is the centralization on the part of mining pools.

- In the pursuit of profit from mining, the greed of the participants in the decentralized network forces them to join in pools, which violates the idea of ​​decentralization and leads to centralization.

- Today we have a situation that if several leading BTC pools decide to merge, they will capture most of the network’s capacity and be able to carry out a 51% attack. As a result, pools will be able to send non-existent bitcoins, confirm incorrect transfers and, roughly speaking, do whatever they want with the network.

- Having traveled a path in more than 10 years, Bitcoin has proven that the idea of ​​decentralization as it is implemented there does not work.

Therefore, in UMI, decentralization is implemented at a different level, and users, joining in pools (staking structures), on the contrary, help the development of the network and support its efficient operation, without threatening security.

Cryptocurrencies and Money Laundering: To What Extent They Are Actually Connected

We often hear authorities, banks and mass media say that cryptocurrencies are a tool for the laundering of money obtained by criminal means and must, therefore, be strictly regulated or, even better, prohibited.

In fact, however, money is mostly laundered using conventional payment systems and cash while cryptocurrencies only account for less than 1 % of this practice. Let's review whether cryptocurrencies can actually be used for money laundering and whether they are popular among criminals.

What is money laundering?

Money laundering is making money obtained illegally “clean”. Criminals pass “black” money through a sequence of transactions to make it seem like “honest earnings”. It's widely believed that the term was coined in the US in the 1920's. Members of the Mafia started laundromats where customers paid in cash. The actual number of customers was hard to know, so criminals added their “black” money to the earnings and passed them off as revenue from customers. The criminal underworld has evolved since then. Today, to launder money, criminals also use ghosts and companies, foreign and offshore accounts, rogue firms, ATM thefts — and cryptocurrencies, since recently.

In English, the fight against money laundering is called Anti Money Laundering, or AML. The key international organization that works out measures against money laundering and terrorist financing is the Financial Action Task Force on Money Laundering, or FATF. It was founded in 1989 and includes 37 member countries, including Russia. FATF designs international AML standards and assesses how these are adhered to by its member states. In June 2019, FATF published guidance for regulating cryptocurrencies.

How much money is laundered through cryptocurrencies?

Qualifying cryptocurrency transactions as a method of income laundering is legally complicated due to their undefined legal status. Naturally, there is no precise data on the amounts of money laundered by criminals via cryptocurrencies. However, there are a few unrelated reports that agree on the order of magnitude.

Let's have a look at the three most recent reports:

- According to the 2020 Crypto Crime Report by Chainalysis that tracks crypto transactions, criminals have laundered about $ 2.8 bln in cryptocurrencies in 2019. In 2018, this amounted to about $ 1 bln. According to Chainalysis analysts, most criminals launder money through curbstone brokers — agents or firms that run transactions between sellers and buyers outside crypto exchanges.

- According to the July data by the analytical firm Peckshield, about 147,000 BTC, which is equivalent to about $ 1.5 bln, has been laundered via big crypto exchanges since the start of the year.

- According to Eliptic, a company that detects illegal activity, and the Foundation for Defense of Democracies (FDD), the share of illegal bitcoin transactions now amounts to 0.6–1 %. This number, though, goes down year on year.

These numbers only seem enormous before we compare them with the amounts laundered by criminals via other means.

According to the estimates by the UN Office on Drugs and Crime (UN ODC), criminals launder 2 % to 5 % of the global GDP annually. It amounts to $ 800 bln or $ 2 trln, or even up to $ 4 trln (!), by some estimates. In comparison, $ 1–3 bln laundered in cryptocurrencies is just a drop in the ocean.

Now, let's make a calculation. Capitalization of all cryptocurrencies is $ 340 bln, that of bitcoin is $ 197 bln. First of all, it means that no more than 0.3–1 % of digital assets is used for criminal purposes. Second, capitalization of all cryptocurrencies combined is several times (!) lower than the amount of money laundered with fiat money.

According to Chainalysis data, one dollar laundered with BTC corresponds to 800 dollars laundered with fiat currencies. In other words, bitcoin only accounts for 0.125 % of the total amount of laundered money.

Cryptocurrencies are ill suited to money laundering

As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash.

Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the BTC network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement.

The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it.

Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level.

It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through.

Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure.

As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day.

Banks are the key “laundromats” of the criminal underworld

Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks.

Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks.

In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone.

According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given).

Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money.

A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos.

The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency.

Cryptocurrencies do not launder money — they fight against money laundering

As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money. 

The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks.

At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic?

UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments.

To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped.

Sincerely yours, UMI Team!

MLM network marketing in staking is an effective approach to UMI development

- MLM marketing strategy assumes a bonus program within the community. This approach to development shows an extremely effective result, since it motivates users to attract newcomers, receiving additional rewards for this.

-  Vivid examples of the effectiveness of MLM strategies are the Binance and Gemini crypto exchanges. These two giants of the crypto industry use a referral program to attract newcomers and get rewarded for it. The result is clear - these are some of the most successful crypto trading platforms on the planet.

- We have approached this issue as non-standard as possible. Instead of somehow integrating the bonus program into the UMI network, we have developed a smart contract that allows users to unite into communities themselves and create staking structures in which various MLM strategies can be applied for every taste and color.

- At the moment, the structure of one of our partners - ROY Club - implies a 9-level bonus program, due to which not only the ROY Club itself is successfully promoted, but the entire UMI network. In the future, alternative structures will appear, which, thanks to the flexibility of a smart contract, will be able to create a different bonus system and thereby attract a new audience. All this will have a positive effect on the development and popularization of our cryptocurrency.

As we wrote in our Whitepaper: “MLM is one of the most effective ways to promote crypto technologies, since it allows you to recruit an audience that will use the cryptocurrency, and not just play on its course”

- From an ideological point of view, the UMI team cooperates only with those partners who set themselves the goal of improving the world, protecting nature and caring for the environment.

- It was this aspect that became one of the key ones when deciding on partnership with ROY Club. We are confident that our cooperation will be productive and will help make this world a better place.

- Join and invite all your friends — create new UMI coins with eco-friendly staking and save the planet with us!

UMI Now Has Its Own Blog!
 
Dear friends! We're keen to share yet another good news with you. This time it's related to the social aspect of growth of our cryptocurrency! 
 
Since UMI is an independent decentralized coin, we decided it should also be independent in terms of communication between the UMI Team and the network users — that is you. This is why we launched our own blog — it's more convenient than Medium where we used to publish our articles.
 
What are the benefits?
 
- Our own blog will help us grow faster online as, among other things, it'll be indexed by search engines, such as Yandex, Google and others. It means more and more people around the world will know about us.
 
- Our blog has a nice interface and rich functionality: it's easy to read, like and share articles with no registration — we're always deeply interested in convenience of our users.
 
- With our own blog we'll be truly independent and confident we'll always be able to express our views without restriction. This is of utmost importance to us.
 
We're interested in high-quality content, we always try to keep you happy with our useful and interesting materials and make a point of this. Our own blog is a new chapter in UMI's story!
 
Follow the link to access our blog: https://blog.umi.top
 
We've already started to post all our longreads that used to be on our Medium page, and we'll publish new ones, too. Visit our blog, read articles, like and share them with your friends. Welcome!
 
Congratulations on the good news! Yours truly, the UMI Team!

Imagine for a moment that our UMI cryptocurrency is a living person, a girl. Let’s see what kind of character it would be according to the horoscope, and if these predictions coincide with reality.

Horoscope: Yumi is a Japanese female name that carries a special energy charge. Literally translated, it means «Useful beauty» and is written with this symbol — 弓.

Reality: About the energy charge — right here right to the very point. Our UMI is simply an inexhaustible charge of energy aimed at creation. It contains endless potential that can change the future of the whole world for the better.

Successful translation to Indonesian language!

Friends, we are glad to announce that we have translated the entire UMI infrastructure into Indonesian language.

Now available in Indonesian

- The whole UMI website, including the wallet and blockchain;

- Whitepaper and all other documentation;

- Our social media;

- UMI mobile app. 

Moreover, our partners — ROY Club and the trading platform SIGEN. pro, have also fully translated their resources to Indonesian. Their websites have already been translated, but on top of that they have also localized all the infrastructure. From now on, Indonesian also available in:

- SIGEN. pro mobile app;

- ROY Assistant;

- ROY School for Beginners.

Full Indonesian translation is a new stage in the development of UMI, ROY Club and SIGE[Suspicious link removed]o. Together with our partners we have already started to directly enter the Indonesian market, which will be the beginning of the swift expansion of UMI around the world!

From now on, all members of our community from Indonesia will be able to enjoy all the features of UMI, ROY Club and SIGE[Suspicious link removed]o as comfortably as possible. Meanwhile, the leaders of the ROY Club and other UMI members will be able to easily attract new partners from Indonesia: building up the power of their communities, getting awesome bonuses and actively spreading the idea of our cryptocurrency to the public. Don’t hesitate and get started right now. We count on you and believe in you!

With respect, the UMI team!

P.S. Also note that the UMI translation on Indonesian language was included in our official goals https://blog.umi.top/en/umi-official-plans-for-the-future/ and we have successfully implemented it. The same will happen with all our other goals!

Let’s pretend that UMI is a person. What astrologers say about the character traits of girls named Yumi?

In general, the picture is as follows:

-  Yumi is very welcoming and calm when communicating with others. She is energetic and friendly, always ready to help those in need. Yumi strives to constantly reach new frontiers, but success for her does not become a reason for pride — it is very important for her to stay in good relations with everyone and give joy.

- In turn, those around him appreciate Yumi for an objective view of things, kindness, caring, striving to resolve matters peacefully, finding compromises. She loves constancy, easily yields, in very rare cases shows aggression and harshness, even if she is frankly forced to do so.

UMI Desktop Wallet (Node) to Be Released in Early 2021!

Dear friends! Some time ago we announced we had started to develop an easy-to-use UMI Desktop Wallet that would also operate as a fully featured validator node, i. e. would download the blockchain and support the network. However, due to a shift in priorities for our road map, the date of desktop node release was postponed to early 2021.

1. We’re now making a major effort to steeply increase our network capacity. Our goal is 10,000 transactions per second. To achieve this, we’re now optimizing master node operation and prepping our servers.

2. We’re also giving full throttle to the preparations for implementing a “reserve” PoS algorithm. It’s really putting us behind in terms of development and testing. Even more so since desktop nodes are supposed to support PoS. 

Thus, we’ve postponed the date of Desktop Wallet release since we’re focusing on other important issues at the moment. We need to resolve these issues before we release the Wallet.

We also want to give you some specifics regarding node operation since we regularly receive questions about this:

- The key point is that you don’t have to wait for the Desktop Wallet release to join fully featured staking. The smart contract allows you to generate new UMI coins without launching a fully featured node. All you need to do is join one of our staking structures — ROY Club or ISP Club.

- Our nodes generates near-zero load so you don’t need powerful equipment to launch it — it’ll operate on any modern PC and/or even smartphone. Yeah, that’s right, you heard us right — we’re planning to release a fully featured validator node for mobile devices which no other cryptocurrency has.

- For those of you who are interested in details of the load issue, we’re happy to go deeper into technicalities: in the validator mode, the node itself generates near-zero load while server power is mostly spent on PostgreSQL database. The reason for this is that our very first node release was designed to meet crypto exchange requirements which is exactly why we had chosen PostgreSQL as the main engine as it’s one of the best and most popular databases. We’re working to optimize this, squeezing max capacity out of both the node and PostgreSQL, but PostgreSQL settings are not optimal by default. Database settings are the responsibility of database admins while we cannot influence them in any way. Thus, capacity mostly depends on your DBA and their ability to optimize server operation to meet PostgreSQL load requirements. The desktop node will use the NoSQL database which is similar to databases used by Bitcoin and Ethereum, but also better and faster. We will provide you with the details of system requirements after optimization is completed.

Finally, some good news: we’re also actively updating the developer.umi.top portal. Our technical writers are preparing a series of detailed articles on network operation, consensus algorithms and how the backbone network is organized. You’ll soon see a lot of interesting stuff there.

Sincerely yours, UMI Team!

Why is UMI a coin?

1. UMI has a unique source code and its own blockchain, like any other full-fledged cryptocurrency. It is a blockchain platform developed from scratch that can create and execute smart contracts, based on master nodes and a unique Proof-of-Authority model.

2. UMI works in a decentralized manner, does not "parasitize" on anyone, does not depend on anyone, does not obey other people's rules, and all transactions take place within its own network. Moreover, UMI itself is capable of issuing tokens.

3. UMI is a multifunctional cryptocurrency, full-fledged "digital money" that can be "mined" by staking up to 40% per month. And without powerful equipment and without harm to the environment.

4. UMI can be used not only as payment for goods and services, but also in various spheres of human activity. And this is not only theory, but also practice. We remind you that the structure of the ISP Club develops and issues plastic cards, thanks to which it will be possible to pay UMI from almost anywhere in the world in all stores where there is a bank terminal. Moreover, the cards will allow you to convert UMI into fiat money and withdraw it from ordinary ATMs at any time.

We are starting a new digital era with you, and anyone can jump on our train right now. Join us. UMI is a confident step into the future. Let's make it together!

Currently, less than 0,001% of the total network potential is used. The UMI network is capable of withstanding hundreds of thousands of times higher load than today, it has a huge power reserve.

Moreover, the ability to scale gives UMI the ability to always keep up with the times. The UMI code ensures the safe implementation of any updates — the network can be easily modified and scaled with new high-tech solutions.

This means that no congestion in the form of a queue of transactions will ever become a problem for us. All payments will be processed quickly and commission-free. Always.

UMI is a progressive cryptocurrency that can change the world!

- People used to draw cloudless perspectives to pagers, faxes and landlines, but where are they now? They were supplanted by smartphones and the massive Internet, in which no one believed at first. New technologies suddenly appear in our world and change it beyond recognition. They replace the old - what everyone is used to - with a new and more convenient one. What is best.

- Even 10 years ago, people believed in the development of banking technologies, but unexpectedly for everyone, Bitcoin appeared, which turned the perception of humanity about financial payments. It turned out that every person on the planet can make payments without intermediaries and create new digital money on their own. Yes, Bitcoin is not perfect, but it is used by millions of people around the world. And this figure is growing rapidly every day.

- And now it's the turn of UMI - a new generation progressive cryptocurrency. She is able to lead the world to a completely different financial relationship - decentralized, which means honest and fair. And we, having joined UMI, are already building just such a relationship. The future depends on us!

Our task is to act exclusively in the legal field. It is important that both people and authorities understand that UMI is not some kind of black market product, but a completely legal instrument.

Therefore, we are working to obtain a legal document on the legalization of UMI cryptocurrency in the European Union, confirming that UMI is a fully open source decentralized payment system, and not a security, security token, utility token or something else… This will open up new possibilities for UMI use and integrations. Next, we plan to deal with the issue of cryptocurrency legalization in other jurisdictions.

There are two most popular directions in the crypto industry now:

Staking that works in cryptocurrencies on PoS. It is also called forging or PoS mining. In fact, this is an analogue of mining that does not require powerful equipment. Traditional mining, by the way, is gradually fading into the background.

Decentralized «chips» — various smart contracts, where people cannot influence the source code, change conditions, chances, and so on.

Therefore, our team decided to create such a unique system as staking on a smart contract. This allowed us to combine two popular directions, and also made it possible to use faster and more secure PoA instead of the PoS model. At UMI, staking works exclusively on a smart contract. We remind you that you can familiarize yourself with the conditions and principles of its operation in our Whitepaper.

We are planning, together with partners from the ISP Club, to issue crypto-cards, which are already being actively developed. These will be classic VISA debit cards that you can hold UMI on. Thanks to the cards, UMI can be used to pay at the nearest store or cash out cryptocurrency at a nearby ATM.

The functionality will work with conventional bank terminals and ATMs — where VISA is accepted, UMI will be accepted there. The card can be connected to Apple Pay and other similar services. You can buy a TV, a table or a loaf of bread for UMI. Anything.

In general, using UMI tomorrow will be no less easy, convenient and familiar than using a bank today. But even this is not the most interesting thing. The main beauty of UMI cards is that the coins in the account are staked. Thanks to this, the balance on your VISA card will constantly grow — up to 40% per month. No bank has ever provided such an opportunity, and it is very, very, very unlikely that it ever will.

UMI staking is an analogue of an unconditional basic income for everyone!

- Let's allow ourselves a lyrical digression. You know, recently the Finnish authorities conducted a very interesting experiment - they introduced an unconditional basic income for 2000 unemployed and paid them 560 euros just like that. For the fact that they are citizens of this country.

- The idea is that it doesn't matter whether a person works or not - he gets money, which is enough for him to “eat” and to cover other basic needs. If a person gets a job, he already receives additional income, which he can spend on travel, large purchases, and so on. Anything you like.

- Although the experiment did not improve the situation with unemployment in the country, its result was assessed as positive. To quote: “Income recipients were more satisfied with their lives and experienced less mental stress than a control group that did not receive unconditional money. They also had a more positive perception of their economic well-being."

- This is something we are striving for with staking. So that people are constantly generating new UMI coins for themselves, which can be used at their own discretion.

- We believe that this is a model of a healthy society where you can live happily and not be afraid that tomorrow you will be left with nothing. The Finnish authorities have already completed the experiment. But we are rediscovering it, and not only for Finland, but for the whole world. Thanks to staking, anyone can start receiving a kind of analogue of an unconditional basic income, only not in the national currency, but in the UMI cryptocurrency. But she's also worth something.

Technical tasks of UMI for the near future

We present our short roadmap (roadmap) for the nearest technical tasks:

- Desktop wallet with a full-fledged node;

- Detailed technical documentation and guides in the “How To” style with instructions for installing, running, configuring, updating wallets and nodes in text and video formats;

- Development and implementation of PoS consensus;

- HD-wallet integration;

- Creation of libraries to support all popular languages ​​and platforms for easy integration with businesses;

- Integration of hardware wallets (Trezor, Ledger and so on);

- Integration of accounting systems;

- Special version of the node for Windows with MS-SQL support and 1C integration;

- Development of plastic cards and terminals with NFC support;

- Creation of libraries for mobile devices with support for payment via NFC through the terminal;

- Side-chain service: comments on transactions;

- Side-chain service: sending UMI by email address, Telegram login, nickname, and so on;

- Side-chain service: internal messenger with support for pictures and various features. Analogue of Telegram, Viber and so on;

- Development and maintenance of a developer blog with technical articles for developers;

- Creation of convenient technical support services in Telegram, Slack, Stack Overflow;

- Implementation of tools for convenient collection and processing of feedback (feedback) from users.

- Development of new smart contracts.

 Naturally, this is not a definitive list. Considering all of the above, we still have many tasks that need to be implemented from a technical point of view. These are only primary goals, which, however, can be changed and adjusted depending on the circumstances.

The initial UMI issue is fully distributed!

Dear users! A historical and very important event happened today

We have fully distributed the entire initial ussue of 18,000,000 UMI:

- We have 0 coins left on our genesis address:
https://blockchain.umi.top/address/umi1funq869de06x8tdfth0hs5z8v37ral3yyalmuvj7j0z94rtxcaxq289cf9.

- There are no more sales offers created by us on behalf of SIGEN. pro and Crypto-by-Card.

Thus, ALL the coins created at the start are successfully distributed to more than 81,000 (according to the number of addresses https://blockchain.umi.top/addresses ) users all over the world.

From this moment on, the UMI team stops holding the price from rising and puts the coin completely in the hands of the users. It's up to you to decide, how many coins will be sold and when. And you decide how much UMI is going to be worth tomorrow

At the same time, we leave all BTC in the Depth of Market at SIGEN. pro. They are set to buy UMI at $0.95

We’re proud of the community and infrastructure we’ve built. And we’re certain that this is just a tiny fraction of the achievements that we can accomplish. There’s great success ahead of us all over the planet. All of this is just the beginning of a glorious journey!

Your UMI team!

DeFi is a promising cryptocurrency sector that can bring huge benefits to the world. But while this market is too imperfect, and looking at it from the point of view of benefits is still very risky.

Today it is much safer to multiply cryptocurrency using UMI staking

Our cryptocurrency offers extremely generous conditions for this. Already, staking brings up to 30% per month, and in the future — up to 40%. A reliable and time-tested smart contract for staking in the UMI network protects users from fraudsters, and the unique network architecture and economic model of the project save them from inflation.

In addition, UMI is devoid of the main disadvantages of Ethereum and other first generation cryptocurrencies. UMI has high bandwidth, no fees and no scaling issues. The future belongs to UMI!

For many DeFi players, immediate profit is more important than security. For UMI, safety comes first.

We are already providing complete transparency — the source code of the network is available in the public domain.

For all operations within DeFi, including for withdrawing coins, you need to pay very large commissions, which continue to grow. They can be charged not only by the network, but also by the smart contracts themselves. Sometimes commissions «eat up» up to half of the amount.

DeFi is now only for the rich, and UMI has no commissions at all. Except for those charged by the staking structures themselves. But in fairness — these commissions fight off in a couple of weeks and go towards the payment of MLM bonuses that contribute to the development of structures.

At the moment, the UMI code is written in 8 languages at once: GoLang, PHP, JavaScript / TypeScript, Python, Java, Swift, Object-C, C / C ++. For development, IDEs from JetBrains are used, which have built-in tools for checking code quality.

The UMI source code is available at the links:

- https://gitlab.com/umitop
- https://bitbucket.org/umitop

It often happens that some errors, for example, bugs in a mobile application, are directly related to dependence on someone else’s code. But bugs are the lesser evil that can happen.

For clarity, we will give a vivid example of the world-famous Copay crypto wallet, developed by BitPay. Due to the use of third-party libraries, one day a hole appeared in the wallet, allowing you to effortlessly steal bitcoins from users.

In UMI, there are practically no such dependencies, which means that problems in the code of other projects will forever remain problems of other projects. They will not penetrate our «abode» with you.

The issue of security has always been, is and will be a top priority for us, so we do not regret at all that we spent a lot of time and effort on creating an absolutely independent code. It was worth it.

From an objective point of view, the UMI code is perfect.  In this regard, we did our best, not allowing ourselves to relax and cheat in a single trifle.

- The UMI code is like a book, qualitatively divided into chapters, free of grammatical errors and syntactic oversights. It was read ten times and rechecked a hundred times, where every line is written with love.

- Well, as for the subjective point of view, it’s up to you to judge. The UMI network is completely transparent, the source code is open, so anyone can evaluate the quality from their subjective side.

- We’d love to hear your feedback and take note of your helpful advice. And for those who would like to see simple and straightforward metrics, we have added links to automated code review tools right in our repositories.

The UMI source code is available at the links:

📌 https://gitlab.com/umitop
📌 https://bitbucket.org/umitop

New blocks in UMI are created very quickly, there are no commissions, the network scaling is almost unlimited.

Already in the test version, UMI operates at a speed of 65,535 transactions per second, and potentially it can increase to a million transactions (there are no technical restrictions for this).

Soon 65,535 transactions per second will be no longer in the test version, but in the main network!

UMI cryptocurrency is 8 months old!

Friends, today the UMI cryptocurrency is exactly 8 months old. Contrary to all skeptics and pessimists, our innovative coin shows simply colossal results. Let’s summarize the latest summary for today.

- More than 97,000 UMI-addresses and more than 76,000 addresses in staking structures are already registered in the UMI network. That is, over 17,000 addresses have been added over the month for each of these two positions. The total number of addresses at the moment is over 173,000.

- In total, almost 3,000,000 transactions and over 1,270,000 blocks were created on the network. The network is developing at a rapid pace, despite its youth.

- The liquidity of UMI continues to grow, and therefore – the cryptocurrency is becoming more solid. Now the order book for buying UMI on SIGE[Suspicious link removed]o is over $ 12,500,000, which is 1.5 times (!) More than the amount that was fixed a month ago. And this is not even paying attention to the recent decline in the bitcoin rate. At the same time, the total amount of offers to buy a coin on the p2p platform is about $ 1,200,000. Accordingly, the total liquidity of UMI has already exceeded $ 13,700,000! Recall that you can independently track the liquidity of the coin at the link https://umi.top/liquidity

- The total trading volume for 24 hours on the exchange and p2p platform SIGE[Suspicious link removed]o, as in the previous month, continues to confidently hold in the region of $ 400,000- $ 500,000. The demand for the coin remains stably high even after the final distribution of the initial issue. You can track the trading volume yourself by following the link https://umi.top/volumes

- The total number of existing UMI coins is over 51,000,000, of which more than 46,500,000 are staked. Thus, over 91% of all coins are staked, while only less than 9% are in free circulation.

- And finally, note that after the distribution of the initial emission, the UMI rate, as expected, began to grow and rose above $ 1. Today the coin is trading in the region of $ 1.10- $ 1.20, and a liquidity wall of more than 360 BTC successfully protects the rate from falling below $ 0.95.

UMI cryptocurrency continues to develop steadily, delighting with amazing results. Our coin continues to gain well-deserved popularity around the world due to its unsurpassed capabilities and the huge benefits it brings to people.

Once again, we congratulate all users on these wonderful achievements and thank you for your active participation in the development of UMI. It is you who are the pillar that powerfully supports our cryptocurrency and leads it step by step to tremendous success!

Yours sincerely, UMI team!

For its time, bitcoin and other first generation cryptocurrencies were a real breakthrough. They showed that people can build an alternative financial system that is more advanced than traditional banking. And in this they do not need the help and permission of governments.

Over time, it became clear that PoW blockchains are too imperfect. They do not scale well, are slow and expensive, and cannot be programmed with smart contracts.

Today Bitcoin is one of the slowest cryptocurrencies in the world — it takes about 10 minutes to confirm a transaction. And the commissions can be higher than the transaction itself. Coins with these characteristics are not suitable for simultaneous use by millions of people. Therefore, bitcoin and early cryptocurrencies failed to become the new «money».

But UMI can really do it!

UMI is high scalability of the first level blockchain

Neither Bitcoin nor Ethereum managed to solve the problem of blockchain scaling. One of the options for solving it was the creation of a second blockchain layer, on top of the first level. This is a rather complex system that offloads the entire blockchain and allows you to process more transactions without changing the code of the main network. In fact: this is a new fast system working inside an old and slow one.

In the Bitcoin network, this solution was the implementation of the Lightning Network - a second layer that allows transactions in special payment channels outside the main network. The technology allows you to increase the speed of Bitcoin up to 7000 transactions and save on fees. However, it is very imperfect, difficult to use and often leads to loss of coins. Coins can only be sent online. Both the sender and the receiver must be online at all times. If the second one is unavailable, the coins will be returned or lost. Therefore, the Lightning Network is not yet suitable for mass use.

There are several second-level solutions in Ethereum: Connext, Counterfactua, Fuel Labs, OMG Network, Optimistic Rollup, Raiden, Synthetix, Plasma, TrueBit. The last two are the most elaborated. They allow not only conducting transactions, but also launching smart contracts bypassing the main layer. Alas, these solutions are also difficult to use and not suitable for mass use.

Second layer solutions promised a revolution, but failed to fix the shortcomings of the first blockchains.

UMI went the other way and managed to create a scalable blockchain of the first level, which is faster and more convenient than the second level in Bitcoin and Ethereum!

Cryptomats are a useful and convenient tool. It is not suitable for everyone and is not needed in all cases. Users who are not very concerned about their own privacy and who have access to banking services can do without them.

But for those who value privacy, as well as owners of cryptocurrencies from developing countries and simply newcomers to the market, cryptomats can help out a lot. In any case, the more such devices work, the wider the adoption of cryptocurrencies will be.

We remind you that in the future there will be cryptomats supporting UMI!

The authorities of many countries often say that cryptocurrencies should be banned, as they are supposedly an ideal tool for criminals. In fact: criminals are hundreds of times more likely to use cash and bank transfers, but no one thinks about banning them too?

Cryptocurrencies are not as convenient for criminals as they seem. This is an unnecessary intermediary link. They still have to cash out, and to do it anonymously is more and more difficult — it is much easier to receive cash by courier or accept a bank transfer through «their channels».

In fact, it is more difficult to track cash transactions than with open cryptocurrency, since information about transactions in the blockchain is available to everyone!

Who are Institutional Investors?

Institutional investors are companies that trade and invest in securities. These are large financial and brokerage firms, banks, pension and investment funds, asset managers, insurance companies.

Institutional players are one of the most important participants in the traditional stock market. They account for up to half of the volume of all trade. They usually own the largest shareholdings and have significant market influence.

In the first years of the existence of the crypto market, institutionalists were afraid to enter it. And this can be explained - digital assets were then too young and incomprehensible tool. It seemed to many that all these coins would soon disappear somewhere or the regulators would simply ban them.

Unlike ordinary people, institutions cannot just take and buy bitcoin. Their activities are strictly controlled by the state. They have to keep records, invest only in legal assets, and for trading they need their own infrastructure. But gradually all this appeared on the crypto market, and now institutional investors are beginning to actively invest in the cryptocurrency market, ensuring its development and growth.

UMI Marketing: Top Cryptocurrency Marketing Strategies

When UMI was launched, people acquired a universal money instrument that allows for instant and secure transactions charged with no fees and independent generation of new digital money—with neither energy expenses nor powerful equipment. It has the potential to fundamentally change the financial system by making it more profitable and convenient for the entire human family.

The more people will learn about this cryptocurrency, the faster this idea will spread around the world. In other words, like any new product, UMI needs mass and maximum effective advertising.

UMI allows using the most efficient strategies, established by the crypto industry. This post is about marketing strategies we prefer and why.

Nonstandard approach to advertising

Over the years of its existence crypto industry has proved to be a unique field whose promotion requires unconventional methods—you can’t present cryptocurrency as primitively as, for example, you present a bottle of soda or a chocolate bar. It’s a lot more complicated than that. Users need deep insight into the idea. For this reason, numerous educational resources, the ability to test the product, and support from those who know how it works are of great significance.

This is why the UMI Team, like many other top representatives of the crypto industry, use strategies and options which are different from traditional media coverage and internet advertising. They are based on four pillars:

- Interact directly with opinion leaders––the so-called influence agents/influencers/bloggers.
- Apply referral marketing principles and award users with various bonuses
- Hold all kinds of contests and events with cool prizes and gifts.
- Work closely with the community and actively contribute the development of the product.

CoinDesk, an authoritative crypto news platform, mentioned the above-mentioned strategies as the ones gaining more popularity with major crypto companies, while conventional advertising tactics see a gradual slide.

Experts attribute this trend to the similarity between crypto marketing model and the beauty industry like those of Faberlic, Oriflame and Avon. These world-known companies are based on well-developed referral programs which worked for decades for them. Moreover, the beauty industry is based on the same four pillars that we mentioned above. In other words, both crypto and beauty communities apply the same techniques.  Thus, beauty blogger Michelle Phan, who has over 1 mln YouTube subscribers, promotes cosmetics and bitcoin in a similar way.  She’s confident that most crypto companies are following the same marketing strategies as the beauty industry does––even if they don’t know about it.

Let’s review the strategies the UMI Team wants to use to promote the coin.

Direct-to-Customer model––work directly with the community

Top cryptocurrencies are currently shifting to DTC (Direct-to-Customer) sales model, which refers to close cooperation with the community and direct sales. With this model, a company produces a product or service in its own facility, as well as distributes it among customers with its own channels. For example, these channels may be social media and an e-commerce platform (marketplace), like Amazon or eBay.

The UMI team also bases its promotion strategy on this model. To spread information about UMI, we use social media, forums, blogs, and influencer partnership, while remaining as open as possible to the community. We also consider using social media and popular marketplaces to sell our trademark products. For instance, we can sell NFC wallets and various branded products there.

This strategy is believed to be one of the most effective ones, able to reach different social groups, even from emerging countries. CoinDesk mentions Livia as a country where social media and chat rooms are the most widely used ways to promote crypto-related goods and services.

Partnership with influencers

A person, who doesn’t know much about UMI, should first understand what it is about and why they need it, and only then they will start using it. Such conventional methods as newspaper advertising or social media ads, don’t work here. As we said before, the most essential thing is to explain the idea behind UMI to audience; demonstrate the role and potential of cryptocurrencies in the twenty-first-century world. Close, efficient and individual work with each user, including guidance on all issues at every stage, will be truly helpful.

One of the best solutions in accomplishing this is to cooperate with popular personalities, who have a lot of subscribers and an authority, which allow them to affect purchase decisions of their audience. They are known as influencers, opinion leaders, or simply bloggers. People have more trust in figures of authority rather than traditional timeworn ads. Subscribers understand that a reputable blogger will not place their reputation at risk for the sake of money—they will first thoroughly research a product before introducing it to their audiences.

Our team is collaborating closely with popular bloggers on various social media, like Instagram, YouTube and others. The information about UMI must reach as many people worldwide as possible. Only then it will gain massive acceptance. As UMI grows, we plan to get more active with advertising UMI through different platforms and engaging more influencers.

Coindesk reports about many well-known crypto companies using a similar strategy:

– The Kraken crypto exchange. Its CEO focuses on sponsoring content creators that monetize their personal brands. Kraken sponsors Reckless VR startup, founded by virtual reality meetup organizer Udi Wertheimer, and podcaster Peter McCormack, who launched his media brand Defiance last year.

– Crypto․com platform. Thanks to their influencer strategies, the startup’s user base doubled to 2 million people over the past six months.

Referral marketing (MLM marketing)

The MLM marketing strategy is based on the referral program. This strategy encourages existing users to recruit new ones who are paid a percentage of their recruits’ sales.

Binance and Gemini crypto exchanges have already proved successful with the referral model. These two giants of the crypto industry offer their customers a reward for bringing in new users. The result is remarkable: they both are the most successful trading platforms over the globe.

We have applied an “outside the box” approach. Instead of somehow integrating the referral program into the UMI network, we have developed a smart contract that allows users to join communities themselves and create structures for staking UMI. As for structures, they can apply any MLM strategy they like.

For example, ROY Club––the structure created by a partner of ours––offers a 9-level bonus program which successfully promotes not only the ROY Club itself but the UMI network. The flexibility of the smart contract will allow other structures to develop and use a different referral program to engage a new audience. All this has a positive impact on the growth and popularization of our cryptocurrency.

As our Whitepaper says, “At the moment, MLM is one of the most efficient ways of promoting crypto technologies as it involves an audience that will be really using the cryptocurrency, not only speculate on currency rates.”

Gifts, giveaways, and contests

Even a small gift is always appreciated. When it comes to cryptos, a gift could mean a lot more. Receiving UMI coins as a gift means a great opportunity to learn more about this cryptocurrency: try out instant transfers, take part in staking, etc. This strategy will engage and encourage potential users to use coins for their personal needs. The UMI team is perfectly aware of this and is always generous with their gifts.

Two weeks after the network launch, we arranged an airdrop for members of the first staking structure––Roy Club. A total number of 357,664 UMI was airdropped in two tranches:

1) The first tranche amounted to 221,504 UMI.  The transaction URL: https://blockchain.umi.top/transaction/3eb0ae61b435fb576e67344b14e535e6dda8120b6ef0ab17164f52f88ca9c394

2)  The second tranche totaled 136,160 UMI. The transaction URL: https://blockchain.umi.top/transaction/a443003b443c61d997347dad1f68d3e29da9eeab7eeadcedcf8f54e1786a43ba

The ROY Club team distributes coins among its active users in accordance with certain terms. In doing so the UMI Team allowed over 7,500 people to join UMI staking for free and build their own team.

We have also organized several contests. Anyone who wanted could take part in them and receive cool prizes. The ROY club likewise holds contests and giveaways for its members. We consider giveaway a powerful strategy which we are planning to use for UMI’s further promotion. This method is regularly used by other crypto-related fields to engage and reward new users.

UMI intends to embrace the entire world.

If used alone, each of the methods described above can produce a required effect. But to achieve greater efficiency, your promotion plan should comprise a complex of strategies. This is why we use the “4 in 1” tactic, where all the four strategies complement and enhance one another: we work closely with the community, as well as opinion leaders, apply MLM strategies, and organize contests and giveaways.

The progress is evident. For example, a little over a month ago, we released the official UMI video. During this time, it has received over 30,000 views. Another video about the partnership with ROY Club has more than 110,000 views. In addition, the number of our social media subscribers, especially on YouTube and Telegram, is increasing rapidly. Moreover, community members themselves take the initiative to record awesome videos and spread information about the cryptocurrency within their immediate circle. All this is only the beginning of the path. UMI intends to embrace the entire world.

Close interaction with the community is the most productive and fair way to promote UMI. Everyone has a right to “create new digital money” as well as to use a convenient, secure and efficient payment tool. We are confident that the strategies we use will achieve great results and all the world will learn about UMI. This process has begun. It cannot be stopped. With each passing day, our community will grow, set the trend and take the entire planet to the world of the future.

Thank you for being with us!

Best regards, UMI Team!

High profitability is one of the most important reasons why institutional investors are interested in the cryptocurrency market.

This is the most compelling and never outdated reason. The main instruments traditional for institutional investors barely exceed the inflation rate of 2-3% per year. For example, the annual yield on US government bonds is 0.1-1.4%.

In such conditions, institutional investors are increasingly paying attention to more risky instruments: stocks, corporate bonds and now — cryptocurrencies.

Cryptocurrency UMI is 9 months old!

Dear friends, time is running incredibly fast, and today our UMI cryptocurrency is already 9 months old. Congratulations!

We continue to actively develop and achieve amazing results. Let’s see together what we have achieved so far.

The UMI network has already registered about 120,000 addresses and about 100,000 addresses in staking structures. Let us remind you that a month ago their number was 97,000 and 76,000, respectively. For each position, we added almost 25% – an excellent result. The total number of addresses at the moment is over 220,000.

The total number of transactions in the UMI network is about 4,000,000, and the total number of blocks is close to 1,700,000.

The liquidity of UMI is still increasing, which means that the cryptocurrency is getting even stronger than before. Now the order book for buying UMI on SIGE[Suspicious link removed]o is over $ 19,000,000, which is 1.5 times more than the amount a month earlier. At the same time, the total amount of offers to buy a coin on a p2p platform is about $ 1,900,000. Accordingly, the total liquidity of UMI has already exceeded $ 21,000,000. Recall that you can independently track the coin liquidity at https://umi.top/liquidity

Total trading volume for 24 hours on the exchange and p2p platform SIGE[Suspicious link removed]o varies in the range of $ 600,000- $ 800,000. The demand for the coin, as before, is characterized by high stability, and this suggests that people really need UMI. You can track the trading volume yourself by following the link https://umi.top/volumes

The total number of existing UMI coins is over 68,000,000, of which almost 62,000,000 are in staking. Thus, there are only 6,000,000 coins in free circulation, or less than 9%.

UMI is currently trading at $ 1.40- $ 1.60 per coin. Like the price of other cryptocurrencies, the price of UMI is subject to fluctuations depending on the general trend in the crypto market, and this is absolutely normal. The main thing is that the coin is in demand, which means that there is no doubt about its further development!

UMI is a unique cryptocurrency, and we have been convinced of this for 9 months already. Every day more and more people around the world learn about our coin, and this, of course, contributes to its further development.

Once again, we thank everyone for the powerful support that you provide to our cryptocurrency, and it does you justice – including allowing you to multiply coins in staking already at 31% per month. UMI and its users are a unique tandem working for the benefit of each other. And it is this close-knit alliance that will lead us to colossal achievements!

Yours sincerely, UMI team!

UMI is a universal monetary instrument that provides:

- INSTANT transfers
- without intermediaries 24/7
- anywhere in the world SAFE and WITHOUT COMMISSIONS!

Large investors are not particularly interested in short-term speculation — first of all, they buy long-term cryptocurrencies. The more institutional money comes into the industry, the more liquidity grows, and, accordingly, the volatility — price fluctuations — decreases.

Bitcoin is not as volatile today as it was two or three years ago. With each large investment, the market stabilizes, which attracts new players and makes them want to invest more and more amounts. This allows the entire cryptocurrency market to develop more actively year after year.

We have already written several times that now there is a massive influx of large institutional investors into the crypto market. Among other things, this means two important points:

- Market maturation. The arrival of institutions in the crypto sector is the main sign of its maturation. The market is becoming more mature, stronger and more developed.

- Mass acceptance of the crypto market and bitcoin. The entry of institutional investors into the market makes bitcoin and cryptocurrencies in general more recognized as a tool for storing assets, investing and exchanging.

Many experts believe that institutional investors will provoke a rise in prices for cryptocurrencies, and bitcoin can become the main investment resource. At the same time, the growth will not necessarily be sharp. There is a point of view that it is no longer worth waiting for an ultra-fast rise in prices — with institutional money, the market is waiting for a slow stable growth without strong jumps.

Moreover, there are virtually no limits to Bitcoin’s growth. In June 2020, experts from the Messari analytical company calculated that if institutional investors invest only 1% of their trillion-dollar portfolios in the market, this will raise the price of BTC to $ 50,000, other cryptocurrencies will also rise in price, and the capitalization of the entire crypto market will grow to $ 1-2 trillion. But given that the threshold of $ 50,000 for 1 BTC has already been reached, in practice the numbers may turn out to be significantly higher. But what if the institutional investors invest not 1%, but much more?

Innovative staking on a smart contract turns UMI into a decentralized cryptocurrency multiplication tool that works for all of humanity. He will bypass banks and states, and new coins fall straight into your hands.

Billions of investments of large players are able to support the price of cryptocurrencies and market capitalization.

Institutional investors can enter a significant amount of money into the market, significantly saturating it with liquidity. This will help prevent crashes like those in early 2018.

Dear developers! Our team is willing to accept applications for grants awarded for the creation and development of products based on or using UMI.
 
We receive a lot of applications by e-mail, BUT they are not specific enough: without a product or its adequate presentation. We do not review such applications.
 
To qualify for a grant, please, provide a DETAILED PRESENTATION. Ideally, it must include a ready-to-use or minimal viable product (MVP) that can be used or tested.
 
In your presentation, make sure:
 
- You describe your product in as much detail as possible. Explain why it is useful for our crypto community and UMI. Why should we award the grant to YOU?
 
- You provide a step-by-step plan of product creation/development and indicate how many coins you need for each step and why. All grants will be dispensed on a step-by-step basis.
 
Please, submit your presentations to up@umi.top
Applications with no presentation shall not be reviewed and shall receive no response.
 
Sincerely yours, UMI Team!

Cryptocurrencies as an asset can become an excellent diversification tool that is used by investors in order to reduce the risks of loss of invested funds.

This is supported by research by Jim Kyung-soo Liu and Levard Hewlett on the optimal allocation of bitcoins in the portfolios of large institutional investors.

According to their calculations, the optimal share of BTC in the portfolio is 1,3%. This percentage of bitcoin diversifies risks and makes a profit.

UMI Infrastructure

From its early days, UMI has never been an attempt to copy another cryptocurrency; it was created from scratch. One of the key tasks pursued by the developers was creation of a fully functional cryptocurrency that would be just as easy, convenient and habitual to use as conventional money.

Technically, it’s a really complex task. This is why we had to find an optimal approach for an effective solution. The system’s operational speed seems to be the most important factor for the user. For instance, if you use UMI to pay for goods at various online stores, automatic transactions will be processed immediately, just as payments via a payment terminal. Many cryptocurrencies are too slow in terms of transaction confirmation which makes it impossible to actually use them as means of payment.

To ensure robust speed of transaction processing, we had to introduce new technical requirements for master node operation. At the same time, any network users, even those without a powerful PC, can launch validator nodes. If validator nodes have insufficient resources during a peak load period, a block would be processed with a minor, non-critical delay. Validator nodes cannot generate new blocks, but they do verify each newly created block. It means that even if an owner of a master node tries to defraud the system, such a block wouldn’t be validated and the master node would be blocked.

Since, however, most network users see no point in storing the ever-growing blockchain on their device and wasting resources on validating it, we’re working on a lite version of a node — the official desktop wallet that can optionally be used as a fully functional validator node. Any user who installs the official wallet on their PC, tablet PC or phone can be sure of the authenticity of data displayed on their screens. Lite nodes will operate robustly and effectively: they’re not demanding in terms of Internet connection, do not require a lot of space, make your battery go flat or slow down your device.

Another equally important task is ensuring robust operation of both the entire system and all products of the UMI infrastructure. Many people do not live in metropolitan cities or next to cellular towers and do not have a broadband Internet connection. This is why we’ve made a point of ensuring all our products can operate under rough conditions. We grow, we select time proved tools and we don’t pursue technology for its own sake. This is how we could launch an official public API while also providing reliable protection against DDoS and other malicious uses. This, in its turn, guarantees robust and secure operation of all services for our users.

Please, let us know in the comments whether you understand ideas in the article and find them interesting. What else would you like to know more about?

Sincerely yours, UMI Team!

Despite its high-tech nature, the UMI cryptocurrency primarily focuses not on cooperation with large companies and influential crypto enthusiasts. UMI plans to cover the whole world, providing absolutely all inhabitants of the planet with the possibility of simple, instant, free and secure transfers, as well as profitable staking.

Neither country, nor age, nor employment, nor political views, nor religion matter. None of this matters. The main thing is that you are human, which means that you can use the new cryptocurrency. The UMI team intends to develop a community in all countries of the world where digital money is not prohibited by law.

UMI ultimately has the potential to bring the whole world together. This cryptocurrency is able to become the main means of payment and the main source of profitable and safe multiplication of cryptocurrencies based on smart contracts.

UMI is a unique product that intends to set a trend and lead the entire planet into the future.

Cryptocurrencies are building an alternative to the existing financial system, making it more profitable, more convenient and safer.

Therefore, there is no doubt that the entire crypto market will be a huge success. And UMI is an integral part of this market, moving to the top along with bitcoin and other cryptocurrencies towards a new future.

Join us. Let’s change the world together!

Maximum convenience, easy scalability and smart contracts open a new stage of economic relations, covering all areas of human activity.

UMI is a real alternative to the current financial system, capable of creating the world’s most powerful society with billions of members around the planet!

Initially, bitcoin was created as a tool for anonymous, fast and cheap transactions. At that time, banks offered (and still do) international payments with crazy commissions, mandatory confirmation of the source of origin of funds, identity verification and a transfer that can be frozen or delayed for several days.

Bitcoin, on the other hand, allowed making fast cheap transactions without identity verification. Anyone can create a wallet and use BTC at any time.

However, over 11-12 years, the BTC rate has grown significantly, the load on the network has increased, and the fees in the Bitcoin network are no longer so small. It is quite possible to pay $ 10- $ 20 for a translation, and sometimes even more.

Therefore, new cryptocurrencies appear with more technological solutions, such as UMI. UMI cryptocurrency allows free transactions at instant speed around the globe. And as a nice bonus, you get staking up to 40% per month.

UMI is the future.

We recently talked about the problems of the Bitcoin network — long and expensive transactions. Ethereum was created as a more technological solution. Many people attribute to this cryptocurrency the status of «bitcoin killer».

Ethereum is indeed more technologically advanced, thanks in large part to advanced smart contracts that allow many different applications to be built. However, this cryptocurrency has the same problem — low bandwidth. The fact is that Ethereum is built on a Proof-of-Work consensus algorithm similar to Bitcoin.

Now Ethereum is in high demand due to DeFi. As a result, we see the cost of transactions in the amount of $ 20- $ 30, and sometimes more.

UMI uses an advanced Proof-of-Authority consensus algorithm. Thanks to this, cryptocurrency users can carry out instant and free transactions around the world.

UMI is ideal for transfers around the world.

Over the past two years, the number of cryptocurrency investment funds has increased significantly.

So, according to Crypto Fund Research, in the middle of last year there were 804 crypto funds in the world, 357 of which are hedge funds, 411 are venture funds, and 35 are cryptocurrency ETFs and private equity funds. The rise in their popularity is understandable.

For clarity: the average return of a traditional fund is 5-10% per year, and a cryptocurrency fund is 90% in 2016, 1708% in 2017, 19% in 2019.

Friends, we are constantly developing the UMI cryptocurrency ecosystem to provide you with the most comfortable and intuitive service. We have released another update of the mobile application for all operating systems at once.

List of changes:

Fixed the work of the application widget based on iOS.
Reduced the requirements for the iOS version to 12.1 (now the application works on earlier OS than before).
Added a number of minor improvements and improved optimization.

The updated UMI application is available at the links:

For iOS: https://apps.apple.com/ru/app/umi-wallet/id1527992117
For Android: https://play.google.com/store/apps/details?id=com.umi.umiwallet
For Huawei:
https://appgallery.cloud.huawei.com/ag/n/app/C104241307

Best regards, UMI team!

11 Months of Success!

11 months ago to the day, on June 1, 2020, the world welcomed creation of UMI cryptocurrency. It seems like it was just a little while ago, but it’s almost been a year.

We continue to develop, while UMI community continues to grow. We suggest that you have a look at the numbers to see what we all have achieved over this time.

- UMI network has registered nearly 220,000 addresses and additional 175,000 addresses have been registered within staking structures. So the network now comprises nearly 400,000 addresses. Our cryptocurrency is in high demand for both transfers and staking.

- UMI network has already processes over 6 mln transactions, with 2,535,000 blocks created. Both indicators have doubled over the last three months!

- The number of UMI coins has exceeded 130,000,000 with over 115,000,000 coins (88.4%) used for staking that now earns 32% a month.

- UMI price has exceeded $2.20 which is twice as much as at the beginning. The price changes depending on supply and demand, but so far we’ve only seen the price steadily grow which proves increased demand for the coin once again.

- At the same, UMI buys offers now total $22 mln while sell offers only amount to $600,000. As a reminder, you can track coin liquidity in real time at https://umi.top/ru/liquidity (the algorithm has been improved and does not include questionable offers from SIGE[Suspicious link removed]o P2P platform now).

- Daily volume of UMI trading floats around $3,000,000 — https://umi.top/ru/volumes. This indicator has been sustainably growing over the entire period of cryptocurrency evolution.

All the numbers mentioned above are gradually growing, day by day. We’re proud to see that we have created a cryptocurrency the community really needs. At the same time, we don’t stop, we continue to move forward, with UMI community grows stronger by the minute.

Let’s celebrate all our achievements, but remember that it’s just a start. UMI cryptocurrency is capable of conquering the entire world, and our cryptocommunity stands a good chance of achieving this.

In a month, we’ll have existed for a whole year. A year of sustainable and successful work!

Sincerely yours, UMI Team!

UMI Successfully Entered DeFi Market!

Friends, we regularly inform you that UMI cryptocurrency never stops to develop. Today’s news is the most dramatic confirmation of this statement.

UMI cryptocurrency has successfully entered the Decentralized Finance market — DeFi!

Our partners from ISP Club have tokenized UMI cryptocurrency and added it to the most popular decentralized crypto exchange Uniswap with operations based on the Ethereum blockchain.

What is tokenized UMI? What is decentralized exchange? Why do we need this? Read on to find out.

Tokenization is the today’s trend in the cryptocurrency industry. It helps cryptocurrency based on one blockchain exist in another blockchain (it means a tokenized coin can also be used for transfers in other cryptocurrency networks).

For instance, BTC successfully operates within the Ethereum blockchain as the WBTC token.

ISP Club Team:

- Tokenized UMI cryptocurrency within the Ethereum blockchain (thus having created WUMI in equivalent to WBTC);

- Also added a trading pair with the USDT stablecoin on the most popular decentralized crypto exchange Uniswap —

https://info.uniswap.org/pair/0x7506b59c90660af771534da97564203a60530ef7

- In future, ISP Club will tokenize UMI on other popular blockchains: Binance Smart Chain, TRON and Solana.

How and why can you obtain tokenized coins?

- ISP Club Team has created the Umiswap fast buy/sell service (not to be confused with Uniswap) — https://umiswap.online/. Here, users can exchange conventional UMI coins for tokenized UMIs on other blockchains (initially, you can exchange coins for tokenized UMIs on the Ethereum blockchain). The service is currently out of operation, but will soon be launched.

- You can also buy tokenized UMIs for USDT on the Uniswap exchange: https://info.uniswap.org/pair/0x7506b59c90660af771534da97564203a60530ef7

You can use tokenized UMIs as you see fit. You can make transfers, use coins within the DeFi ecosystem and trade them for USDT at Uniswap. Users can already launch DeFi Staking and will soon be able to launch Yield Farming of tokenized UMI.

What does it mean for UMI and network users?

- It means we can use DeFi Staking and Farming of UMI. Even now anyone can add WUMI to the liquidity pool at the Uniswap decentralized exchange and thus launch DeFi Staking — it’s when you enable use of your coins for trading and are paid a fee collected from traders for running trading transactions. The fee amounts to 0.3% and is distributed among liquidity providers in proportion to their input. Moreover, in future ISP Club will enable us to engage in profitable Yield Farming of WUMI — when liquidity providers will be awarded with both a fee and an additional reward in the form of tokenized UMI.

- Opportunity to buy/sell UMI for the most popular stablecoin USDT, with its price directly pegged to the US dollar. For instance, if you want to buy UMI for USDT, you can easily do so: buy WUMI for USDT at Uniswap, then exchange WUMI for UMI at the Umiswap service. You can also sell UMI for USDT the same way, in reverse order.

- Expansion into new markets. Decentralized Finance is the key trend on the cryptocurrency market in 2020–2021, and UMI follows this trend. Our cryptocurrency can now be used in any app of the DeFi ecosystem. We’d like to stress that the DeFi sector is already worth $136 bln in cryptocurrency while the trading volume has reached $163 bln in April.

- Coverage of a huge audience. Expansion to the DeFi market will present UMI as a promising cryptocurrency to an enormous number of crypto enthusiasts who might start using it. It means millions of new potential users.

- More opportunities for the UMI community. The DeFi sector opens up new horizons and UMI use cases on the cryptocurrency market. If you need to use UMI on the Ethereum, Binance Smart Chain and other blockchains, you will now be able to do it.

The cryptocurrency market is now estimated at over $2 trln, and UMI is now closer to each user in the industry. It’s another step on the path to large-scale acceptance of UMI all over the world. It’s just great.

We’d like to express our deep gratitude to our partners from ISP Club for their great contribution to developing the UMI cryptocurrency. It’s an important thing to do, a stepping stone to the future. We’re really proud of our collaboration and appreciate your work and high professionalism as you did all this on your own, from scratch. Expansion to the DeFi market means that millions of new users from all over the world can find out about UMI and it’s largely your achievement.

We’d like to remind you that ISP Club is our strategic, powerful IT partner that is also developing some other products, including UMI cards. We’re always happy to support them as we work together towards a common goal of making UMI as easy-to-use and efficient as possible for users from all over the world. ISP Club and the UMI Team together bring the decentralization ideology to the masses, and today’s news is one of the most important steps on the path to achieving all our goals. That’s just the beginning. ISP Club, you’re awesome!

Sincerely yours, UMI Team!

P. S. Expansion to the DeFi market is a nice supplement to the existing UMI functionality. Meanwhile, UMI blockchain as well as staking smart contract continue to operate as usual. You can still use UMI blockchain for free and instant transfers of cryptocurrency to anywhere in the world as well as for staking at the rate of up to 40% a month. Users who are not interested in DeFi will notice no changes (except new prospects). All others will have more opportunities as to how they can use UMI.

P. S. S. Here are all links as a reminder:

– Buy/sell tokenized UMI (WUMI) for USDT and launch DeFi Staking at the Uniswap exchange:

https://info.uniswap.org/pair/0x7506b59c90660af771534da97564203a60530ef7

– Exchange UMI coins for tokenized WUMI and vice versa at the Umiswap service: https://umiswap.online/

– In the near future we will also publish a detailed guideline on buying/selling tokenized coins and using them in DeFi.

Sometimes criticism is heard against the UMI cryptocurrency about the "murderous emission", which supposedly, sooner or later, will lead to hyperinflation, which will "ruin" the coin.

As a rule, this is said by people who do not delve into the principles of UMI and compare staking with a traditional bank deposit, where such high interest rates are simply unrealistic, and the cryptocurrency itself is with the notorious financial pyramid that deceives depositors.

However, both of these statements are fundamentally wrong. We have debunked all the myths about the "killer emission" of UMI for a long time in our article at the link:
https://blog.umi.top/?p=1835

The UMI team opened the source codes of the network and smart contract for staking. Like Satoshi Nakamoto, she put the instrument in the hands of humanity. Anyone can make sure that everything is absolutely transparent and honest!

The UMI source code is available at the links:

https://gitlab.com/umitop
https://bitbucket.org/umitop

UMI is very easy to use. You don’t need to be a techie to do this, be able to configure nodes, and so on. It is enough to download the application to your smartphone — and you already get access to full-fledged work with cryptocurrency and can make instant and free transfers to any country in the world.
A few more clicks will allow you to connect to one of the staking pools to create new UMI coins at a rate of up to 40% per month through staking on a smart contract.

UMI Active on DeFi Market — Today!
New blockchains and decentralized exchanges
 
A while ago the ISP Club Team took UMI to the decentralized finance (DeFi) market. The team tokenized the coin in the Ethereum blockchain, created the WUMI token and added it to the biggest decentralized exchange Uniswap: https://v2.info.uniswap.org/token/0x46943113ae84e732bb510b5f7686d8b76ff56774
 
We have three more awesome pieces of news for you:
 
- In addition to Ethereum, WUMI tokens were also created in Binance Smart Chain, TRON and Polygon (previously Matic Network) blockchains. Polygon is a layer 2 solution for the Ethereum network enabling transactions with lower fees.
 
- Tokens have been added to the most popular decentralized exchanges:
 
PancakeSwap (Binance Smart Chain) — https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x46943113ae84e732bb510b5f7686d8b76ff56774
 
JustSwap (TRON) — https://justswap.io/#/scan/detail/trx/TDH9sTjrxgrL8oogwMYw4Lq8UK25pTfp3d
 
QuickSwap (Polygon, previously Matic Network) —
https://quickswap.exchange/#/swap?outputCurrency=0x10Adf16a60F0020477c70473D6EA595D9bc29372
 
We also added reserves to the https://umiswap.online/ exchange platform so that anyone can now easily exchange UMI for tokenized WUMI and vice versa.
 
Starting from today, we expect a surge in UMI activity on the DeFi market. Meanwhile, we're preparing detailed guidelines on using WUMI in all popular blockchains for you. Our partners also regularly publish useful and interesting information about DeFi, tokenization and decentralized exchanges on their media channel: https://t.me/SIGEN_Media
 
Let's skyrocket together. Sincerely yours, UMI Team!
 
P. S. Just a reminder: you can learn more about UMI on the DeFi market on our blog: https://blog.umi.top/?p=2247

UMI staking participants do not need to freeze coins - they can be withdrawn from staking at any time without losing interest.
New coins are created immediately in the wallet, and only the user has access to them. At the same time, you can start creating new coins today with any wallet balance from 20 UMI.

Recently, the ISP Club team successfully brought UMI to the decentralized finance (DeFi) market and launched the new Umiswap exchanger. We would like to separately emphasize one important function of the exchanger.

Umiswap added support for Payeer electronic payment system for both UMI and WUMI tokens!

For now, you can:

- Buy / sell UMI cryptocurrency for Payeer USD.
- Buy WUMI tokenized coins for Payeer USD.

Today, many people use electronic payment systems (EPS), since this is a convenient way to transfer money on the Internet. Payeer is one of the most popular EPS.

Thus, the UMI becomes even more accessible to everyone, as more and more options appear for interacting with the cryptocurrency and its tokenized version.

Link to the Umiswap exchanger: https://umiswap.online/

Best regards, UMI team!

Sometimes users ask us questions: «Is UMI a coin or a token? And what is the general difference between these two concepts?»

We wrote a whole article about this. After reading it, you will understand that UMI is a full-fledged cryptocurrency, that is, a coin, and you will forever understand the difference between a coin and a token.
Read here: https://blog.umi.top/?p=2035

UMI turned one!

Dear friends, we can’t believe how fast time has flown. It’s been a year since we launched the UMI blockchain. On June 1, 2020, the network was launched. It was the day when the first master nodes confirmed their first transactions and started controlling the rules to be complied with, thus supporting the UMI blockchain. Over one year, our cryptocurrency has grown to an enormous scale.

- The total number of UMI coins reached 180 mln, with 155 mln in staking smart contract.

- Users created over 320,000 addresses; 250,000 addresses were created in staking structures. Just a month ago, these numbers were 220,000 and 175,000, respectively. Over one month, the number of wallets increased by more than 30%. It’s amazing!

- The overall number of transactions run in the UMI network totals 8.5 mln. This number was just 6 million a month ago. In other words, in May, the UMI community made 2.5 million transactions. People use UMI  for both large and small transactions running around the world.

- UMI blockchain now has over 3,000,000 blocks.

- The UMI price is over $2. The cryptocurrency price more than doubled during this year. As a reminder, the initial UMI price was $1. At the same time, UMI’s capitalization exceeds $400 million.

- Despite the bitcoin price drop, UMI’s liquidity (a total amount of buy offers) equals $14 million, against $350,000 as a total amount of sell offers. https://umi.top/ru/liquidity

- UMI trading volume reaches $3-5 mln per day. https://umi.top/ru/volumes

Even though the UMI cryptocurrency is swiftly growing, we’re striving to accomplish even more. We are continuously developing the UMI community, making UMI more convenient, more advanced, higher-performing, more efficient and eco-friendly, and less energy-consuming.

On the occasion of UMI’s birthday,  our official website and all the documentation — Whitepaper, Yellowpaper, Onepager, brand book, and presentation – have been completely redesigned:

- Site: https://umi.top/

- Wallet: https://wallet.umi.top/

- Blockchain: https://blockchain.umi.top/

- Whitepaper: https://umi.top/ru/about 

- Yellow paper: https://umi.top/ru/yellowpaper

- Brand book: https://umi.top/ru/brandbook

- Onepager: https://umi.top/ru/onepager

- Presentation: https://umi.top/ru/presentation

There’s more. Soon you will read a lot of exciting news and articles about the results of the year, new achievements, and plans for the future.

And right now, we’re celebrating UMI’s anniversary in Dubai’s best Luxury class venue — the world’s tallest skyscraper Burj Khalifa. A closed VIP party was arranged in the Armani elite club and gathered top-level leaders of the crypto industry and the most demanded developers and celebrities.

Today we will please you with other fantastic news. Meantime, join us in celebration of UMI’s anniversary.

Lots of love, UMI Team!

UMI’S 1ST ANNIVERSARY! We’ve done a lot, and there’s still a lot to do

It seems like it was just a few days ago that a group of crypto enthusiasts and programmers got together to give the universal monetary instrument to each and every person in the world. Years of development, discussion, strenuous work, and finally UMI was displayed to the world on June 1, 2020 — as a universal blockchain platform that enables fast and free transactions, can work with smart contracts and allows people to generate new coins within the wallet via staking.

UMI would have remained another mediocre cryptocurrency unless the crypto community took an interest in it. Our instrument turned out to be very much in demand. Now, a year later, the UMI community has grown to thousands upon thousands of users, with UMI capitalization well exceeding $400 mln!

UMI creation was a pretty challenging process. We analyzed existing problems in the crypto industry and came up with solutions to lay the foundation for preventing future problems. Thus, we chose the Proof-of-Authority consensus algorithm as the basis for the UMI network, allowing us to ensure high network capacity without considerable costs in terms of resources. Network health is ensured by master nodes distributed across the globe and complying with stringent requirements regarding stability and security. At the same time, we improved the Proof-of-Authority algorithm by adding validator nodes that anyone can launch. It makes the network more decentralized.

During the first year, it did not always work as smoothly as we’d like it to work. Still, we tried to resolve all problems and inadequacies in the shortest time possible. By optimizing the code all the time, our team of IT developers achieved fantastic results. For instance, at the very beginning, we selected the JSON-RPC protocol that was easy to use, but inefficient in terms of resource consumption. However, we soon switched to integrating a new binary protocol that utilizes communication channel capacity with maximum efficiency and sparingly uses computational power without harming the planet.

Over the year, there has been no disruption in public network operation, despite technical issues and emergencies. In this connection, we’d like to express particular thanks to our awesome IT department. Our team of developers has no random people. Everyone working with us today is here to change the world for the better, to build something new and valuable for people. Our specialists open their laptops each and every day and turn on their computers wishing to do something significant.

As mentioned above, while working on UMI, we often have emergencies that knock us off balance. Sometimes it causes emotional and creative burnout, but feeling your support makes us find the strength to do the things we thought impossible yesterday. We’d like to express our deep gratitude for this!

It’s also worth noting that we haven’t fulfilled all our plans during this year. We still have a lot to do, but we’re sure we can make it. With your support — there’s no other way!

On behalf of the entire UMI Team, including developers, marketers, copywriters, translators, designers and many many other specialists, we’d like to express deep gratitude to all those who believed and continue to believe in us. We’ll make sure to achieve all our goals!

Sincerely yours, UMI Team!

An interesting fact: Ethereum, along with Bitcoin, is perceived by the community as a real decentralized cryptocurrency. But did you know that the Ethereum developers gave themselves about 70 million ETH at the time the project was created?

Now the number of all ETH is 115 million. That is, the developers received more cryptocurrency than was created by users in 6 years since the launch of the network.

The UMI team took a different path. The coin also had an initial emission of 18 million UMI, BUT we did not take it for ourselves, but distributed it among the community, including by selling coins for bitcoin.

We directed the overwhelming part of the proceeds from the sale of UMI bitcoins to protect the course — to set up a wall for buying cryptocurrency at $ 0.95 worth about 365 BTC (more than $ 20 million), the other part — for the development of the coin.

We tried to solve the problem of cryptocurrency volatility and put bitcoins in the order book on the SIGE[Suspicious link removed]o crypto exchange to support the coin rate.
Now about 365 BTC has been collected in the order book. This “wall” supports the UMI rate, preventing it from dropping below $ 0.95. At the same time, nothing holds back the rate of the coin from growth.

The original UMI emissions were fully distributed to the community. This is one of the important signs of true decentralization, when the cryptocurrency is in the hands of users, not developers.

New UMI coins can only be created by cryptocurrency holders by staking according to a pre-programmed smart contract. And third parties are not able to influence this process.

This is real decentralization - power is in the hands of users, the number of which is already more than 300,000 around the world.

One of the features of Bitcoin is a pre-programmed algorithm for creating new coins.

However, not all cryptocurrencies have followed this path. For example, the emission of the same Ethereum is set by the developers. Moreover, miners are not able to resist this.

Initially, Ethereum miners received 5 ETH per block + commission. Then the developers decided that this was too much and cut the reward to 3 ETH. Then they cut it again — to 2 ETH, and now they want to exclude commissions from the reward.

In this case, UMI adopted the experience of Bitcoin and developed its own pre-programmed algorithm for creating new coins — a smart contract for staking.

Moreover, users can create new UMIs without much effort: they just need to place their coins in one of the staking structures. Further, the cryptocurrency will multiply at a rate of up to 40% per month right in the wallet.

UMI Buy Wall Placed at 365 BTC: What It Is and Where to View It

Many crypto users are afraid of the high volatility that is characteristic of cryptocurrencies. Cryptocurrency price can both surge and drop which, at the very least, raises unpleasant emotions in its holders. We’d like to emphasize that this applies to all cryptocurrencies, not just UMI.

To solve this problem, we set up a wall of orders to buy UMI at a price of $ 0.95 in the amount of 365 BTC (about $15 million at the current bitcoin price of about $40,000).

If you are wondering “where can I view this wall?”, look for the answer below.

What is a “buy wall”?

First you need to understand what an order book is.

Order book is a stock trading term which means a set of orders to buy or sell cryptocurrency. For example, if we go to SIGEN. pro exchange — https://sigen. pro/trading/UMI_BTC, below the graph we will see a list of offers to buy or sell UMI at a certain price:

The area where all buy and sell orders are displayed is called the order book.

Wall is also a stock trading term. It is used to indicate a particularly large offer to buy or sell an asset from the order book. In our case, this is the offer to buy UMI worth of 365 BTC.

Where can you view the UMI buy wall?

The UMI buy wall amounting to 365 BTC was created at SIGEN. pro cryptocurrency exchange. You can view it in the order book.

- Go to the exchange website — https://sigen. pro/trading/UMI_BTC.

- Scroll down the order book.

This is the wall:

You can also look at the total cost of all buy offers because, apart from this large order, there are other orders created by users. You can see the total cost of all buy and sell offers just above the order book:

Keep in mind, however, that in this case it’s only SIGEN. pro cryptocurrency exchange. In addition to the exchange, SIGEN. pro also has a P2P platform where there is another wall created by our partners – leaders of the ROY Club.

You can view the total amount of all buy and sell offers on the UMI website in the Liquidity menu — https://umi.top/ru/liquidity:

This is where it is best to view the cost of all buy and sell offers because:

- Here, liquidity data is pooled from three platforms: SIGEN. pro exchange and P2P platform as well as Crypto-by-Card platform;

- All amounts are displayed in dollars.

How does the wall protect UMI price from falling?

UMI buy wall ensures that even if an individual or a group holding a very large amount of coins wants to sell them instantly, they will be able to do so using the large buy offer, and the price will not fall below this value.

As you can see for yourself, the order offers to buy over 15 million UMI at a price of $0.95. Today, there is no single address that would hold such a large amount. You can see this for yourself by reviewing address monitoring data in the UMI blockchain — https://blockchain.umi.top/ru/addresses.

Moreover, even if all of the TOP 50 addresses with the LARGEST UMI balances want to SIMULTANEOUSLY sell ALL cryptocurrency on SIGE[Suspicious link removed]o, they won’t be able to bring the price below $0.95.

Anyone can use the wall to sell any amount in UMI coins at a price of $0.95.
At the same time, we’d like to emphasize that UMI has been and remains a highly liquid and popular coin with a trading turnover of about $3-5 million per day https://umi.top/ru/volumes. 

If you want to start mining BTC, then first you need to buy expensive equipment, then find a place to install it. And with this, problems also arise, because this equipment is very noisy, heats up and requires a lot of electricity.

You also need to understand the special programs that are installed for mining. This is all very complicated.

Ethereum has a similar situation, only with the equipment it is easier, because it is now being mined on video cards.

In the case of UMI, technologies are used that make it possible to create coins as simply and safely as possible.

All you need to do is create your own wallet and use it to add cryptocurrency to one of the staking pools of your choice.

Further, UMIs will be generated by themselves at a rate of up to 40% per month, and you will not have to do anything else.

Moreover, you can withdraw coins from staking at any time and send or sell somewhere. And only you have access to your coins!

UMI — control your cryptocurrency!

New Awesome Video About UMI

Dear friends! We have translated the awesome video, which was first presented at UMI’s first anniversary celebration, to multiple languages and uploaded it to our channels. What is freedom, what it takes to think big and become fully independent? Anything’s possible with UMI!

It’s a must-see: https://youtu.be/FR2Hkd_Rl2k

UMI Growing Rapidly on Chinese Market!
 
Friends, we're continuing to share information about how UMI is conquering the world market with you.
 
After the coin celebrated its first anniversary, we've seen growing user activity in China. Users and top opinion leaders now see all advantages of UMI that are openly talked about in social media in videos like this:
 
https://youtu.be/WDRXBbO-cUc
 
As we said so many times, cryptocurrencies are the future. Unique technologies allow us to unite the world and make it a better place.
 
Today, UMI is one of the most high tech and promising cryptocurrencies!
 
As you can see, more and more people from different countries learn about UMI, see advantages of this coin and actively use it. This trend is already on, and can it be stopped.
 
UMI is the future that is already here.

UMI Added to BTC-Alpha
New horizons opening up!

Dear friends, we’re happy to announce UMI has been successfully added to the BTC-Alpha exchange. Our coin has rapidly become the leader in the social listing and collected the required number of votes from users. It confirms once again a huge demand for the coin in the crypto community.

You can already deposit UMI on BTC-Alpha, and trading will start a little later.

Even though we were not the ones who initiated this listing due to the partnership with SIGE[Suspicious link removed]o, it’s still a step forward for us:

- Now more people will know about the coin — BTC-Alpha has over 350,000 active users.
- UMI liquidity and trading volume will grow. They are quite high already and will grow further.
- Now UMI meets CoinMarketCap requirement of being listed on at least two exchanges and will be added to this platform in due time. It’ll make UMI even more popular!

Listing UMI on new exchanges is another step in developing the cryptocurrency. It opens up completely new horizons for us. We’re only moving forward!

https://btc-alpha.com/

Sincerely, UMI Team!

UMI Added to CoinMarketCap and CoinGecko!

Dear friends, the UMI coin continues to develop on all fronts, and we are reaping the fruits of our hard work with dignity. We have amazing news for you!

The UMI cryptocurrency has been added to CoinMarketCap (CMC), the world’s No. 1 crypto market data aggregator. This is the world’s largest, most popular and truly leading portal on cryptocurrencies!

The UMI coin has also been officially added to CoinGecko — another most popular and largest cryptocurrency data aggregator with a huge number of users from all around the world!

The daily number of traders and investors using these largest crypto analytical services amounts to dozens of millions of people. This means that a huge number of potential users from different parts of the world will learn about our coin!

UMI on CoinMarketCap — https://coinmarketcap.com/currencies/umi/

UMI on CoinGecko — https://coingecko.com/en/coins/umi

P. S. It’s just been added to the listing so some information is still displayed incorrectly. For example, on CoinMarketCap, UMI is erroneously designated as a token, and the data on the coin and its trading volumes are still incomplete on both platforms. However, all this will be fixed in the near future and we will definitely inform you about the changes.

Congratulations on the great news and a sincere thanks for your support.

Moving on, your UMI Team!

What would be the max supply of UMI?

UMI emission is unlimited. Coins are growing thanks to staking at a rate of up to 40% per month. The staking percentage depends on the number of UMIs that are in the staking structure. At the moment, the maximum percentage in the ROY Club is 32% per month.

Full info with staking percentages:

https://i.imgur.com/yTP4FBl.png

More info about staking here: https://umi.top/staking

Best Regards, UMI team!

Data update on CoinMarketCap and CoinGecko

Dear friends, as promised, top aggregators of crypto market data — CoinMarketCap and CoinGecko — have started updating information about UMI:

UMI status has been successfully changed from token to coin since UMI is a cryptocurrency with its own blockchain.
Information on UMI/USD trading volumes on the BTC-Alpha exchange has been added.
Information about the coin has been partially updated/added.

We emphasize again that the addition of UMI to CoinMarketCap and CoinGecko will significantly increase the credibility of the coin and will have a positive impact on its reputation and growth since millions of users around the world rely on these aggregators of crypto market data every day.

- UMI on CoinMarketCap — https://coinmarketcap.com/currencies/umi/
- UMI on CoinGecko — https://coingecko.com/en/coins/umi

Moving on, your UMI Team!

UMI, like other cryptocurrencies, is becoming more and more popular every day among ordinary people around the world.

And there are many objective reasons for this. For example, when conducting transactions using cryptocurrencies, you get a number of advantages over bank transfers. Among them:

- freedom from high banking costs
- freedom from transfer limits
- freedom from nasty suspicions and pesky identity checks

In short, cryptocurrencies are freedom. This is a real revolution that makes a person independent from financial institutions and their policies! 🙌

But UMI goes even further, providing its users with unique opportunities.

Read more in our article:
https://blog.umi.top/?p=1752

One of the most popular strategies for traders on the crypto market is arbitrage trading.

Here’s how it works.

Arbitrage trading is buying a cryptocurrency on one exchange and selling it on another for profit. Due to various factors, the price of cryptocurrency on different exchanges may differ. And since some coins can be transferred quickly and with minimal fees, arbitrage trading opportunities arise.

For example, thanks to the listing of UMI on BTC-Alpha, users also have the opportunity to arbitrage trading:

- Suppose the UMI price on BTC-Alpha is $ 1;
- And the price of UMI on SIGE[Suspicious link removed]o is $ 1.1.
- The user can buy UMI on BTC-Alpha, transfer to SIGE[Suspicious link removed]o and sell there, receiving the difference between the purchase price and the sale price.

A key factor in successful arbitrage trading is the ability to perform fast and cheap transactions.

And in the UMI network, transactions are instant and absolutely free, which makes the coin incredibly attractive for trading!

Attention: how UMI can be stolen via phishing

Dear friends, with the growing popularity of UMI, there are more and more scammers whose goal is stealing users' coins. Most often, thefts happen on phishing sites — these are sites that copy the original wallet page https://wallet.umi.top/.

When a user opens a fraudulent phishing site and enters the mnemonic phrase, hackers snatch it and immediately steal the victim's cryptocurrency.

Therefore, we strongly recommend you check the address bar every time to make sure the site address is entered correctly.

The only official UMI wallet is located at the following address — https://wallet.umi.top/.

All other variations of this address are fraudulent.

Always check the address in your browser before entering your mnemonic phrase.

Sincerely, UMI Team. Secure your coins!

UMI on CoinMarketCap — 'coin' status

Dear friends, UMI status on CoinMarketCap is now displayed correctly. Previously, UMI was mistakenly displayed as a token, but now the status is correct — 'coin'.

UMI on CoinMarketCap — https://coinmarketcap.com/currencies/umi/.

UMI is a fully featured cryptocurrency with its own blockchain which is why it’s a coin, not a token. We told you about the terms in more detail before — https://blog.umi.top/?p=2035

A short UMI description has also been added. It’s not the final version, we’re now working on adding complete information about the coin to CoinMarketCap.

Additionally, CoinMarketCap will soon add data from the UMI blockchain to display them correctly.

We’re continuing to develop our cryptocurrency.  We will soon see up-to-date, complete and correct information about UMI on the top aggregator platform.

Sincerely, UMI Team!

Critics often say that cryptocurrencies are not backed by anything. But this does not mean that they have no value.

Fiat currencies of the world are also not backed by anything. Previously, they were backed by gold, but nowadays they are no longer. Opponents of this claim believe that the US dollar is allegedly backed by the American army or its economy, but this is not entirely true. The US dollar is a fiat currency that is effectively controlled by a small circle of bankers to provide value.

At the same time, the value of the same bitcoin is unique and undeniable, since the Bitcoin network is transparent and operates on the basis of simple and clear rules. Anyone with access to the Internet can become its user.

Bitcoin is protected by cryptography and mathematics!

UMI followed the same path:

- Pre-known emission rates;
- Comprehensible and transparent rules of the network.

UMI is a universal monetary instrument that makes its users free!

We decided to share some interesting information with you.

In 2014, analysts at the investment company Fidelity decided to analyze the accounts of different investors and found out an amazing thing:

The best results were on accounts whose owners had died or had been inactive for a long time.

That is, investors who buy certain assets and hold them for a long time get much better results than those who actively manage their portfolio.

The same applies to the rapidly developing cryptocurrency market. Every day there are more and more cryptocurrency users, and the price of promising coins, like the capitalization of the entire market, is growing. And even in spite of short-term price fluctuations, the entire sector is growing steadily in the long term.

And, as practice shows, the best results on the crypto market are obtained by those who bought promising coins and hold / accumulate them for a long time.

The UMI cryptocurrency has existed for a little over a year, but during this period we have managed to achieve excellent results.  And, of course, we are determined to move on!

To learn about our achievements and further plans for the development of UMI — follow the link: https://umi-1-year.top/

Detailed information about UMI has been added to CoinMarketCap

Dear friends, we previously informed you that CoinMarketCap is actively working on updating information about UMI. We are now reporting on the next step in this direction.

A detailed UMI description has been added to CoinMarketCap!

CoinMarketCap now displays full information about the advantages of UMI, the unique characteristics of the coin and peculiarities of its operations.

UMI on CoinMarketCap — https://coinmarketcap.com/currencies/umi/.

We continue to work in this area. Information from the UMI blockchain and some other data will be added to CoinMarketCap. Information on another popular crypto market data aggregator — CoinGecko — will also be updated: https://coingecko.com/en/coins/umi.

Sincerely, UMI Team!

We would like to officially share with you another nice development.

UMI cryptocurrency has been added to another exchange — C3 Exchange!

UMI is developing all the time, more and more users find out about our cryptocurrency, understand its advantages and start to actively use it. This is why cryptocurrency exchanges add UMI to their trading platforms, seeing growing demand for the coin.

As for us, listing on C3 Exchange is another step in popularizing the cryptocurrency as it has now become even more accessible to each user. It also means entry to a new market, and growth of liquidity and trading volume.

UMI is currently listed in pairs with BTC and USDT:

- UMI/BTC — https://c3.exchange/trades?currencyPairId=UMI_BTC
- UMI/USDT — https://c3.exchange/trades?currencyPairId=UMI_USDT

By the way, USDT is a completely new market for us. Previously, UMI was traded in pairs with BTC and USD.

We’re continuing to grow together!

UMI’s video report on its 1st year of operation: achievements and plans

It’s been three years of hard development effort and one year of rewarding work after the launch of the network. We’ve managed to create a coin meeting modern crypto industry standards and allowing us to reach true freedom. As a result, hundreds of thousands of people from all over the world have been actively using UMI, and it’s just the beginning.

Dear friends, over the first 12 months since the launch, we’ve completed a herculean task of developing and promoting UMI and we’re now ready to present the 1st year video report covering a period from June 1, 2020 to June 1, 2021. We’ve prepared an awesome video for you featuring our achievements over this period, as well as our plans for the future.

Video URL (it’s a must see): https://youtu.be/UbOLulkhZL0

Attention: the video features UMI achievements over the first 12 months, so all numbers were effective as of June 1, 2021. Our plans remain effective until today.

Attention, subscribe to our new account on Instagram!

Dear friends, we’re moving to a new account on Instagram to publish the highest-quality, most useful and insightful content in various formats. Not to miss out on the most relevant information and awesome visuals, subscribe now!

Link to our new Instagram account — https://www.instagram.com/umi.eng/

P.S. We will no longer support our old Instagram account, so make sure you subscribe to the new one.

Bitcoin blockchain is completely transparent.

Bitcoin has the so-called pseudo-anonymity when all transactions on the network are visible to everyone, but they are not related to users' personal data in any way.

We followed the same path and provided the community with the opportunity to not just make instant and free transfers, but to do it absolutely transparently without providing personal data.

Transparency allows everyone to monitor UMI network operations in real time. Users can see the number of addresses, transactions, coins, blocks and other information. You can even follow the «whales» (owners of large amounts of UMI).

To do this, we developed and released a convenient and intuitive blockchain browser — https://blockchain.umi.top/. You can use it to track all the above data.

UMI sponsors a sports event!
 
Dear friends, a large-scale sports event FITFIGHT has recently been held in Moscow. The competitions were held according to Muay Thai and K-1 rules at the Fitland Fitness Club. Fighters from various clubs competed for the champion title.
 
The UMI Team sponsored FITFIGHT!
 
We always support sports events and athletes in their desire to be the best in their field. Congratulations to the winners. You deserve it!

https://youtu.be/_FYRNSDDU6w

Dear friends, the top data aggregator CoinMarketCap continues to update information about UMI.

It has added data on trading pairs with WUMI (UMI's tokenized version) on the DeFi market — PancakeSwap and JustSwap decentralized exchanges.

It has also added links to the following items:

- WUMI pages in blockchain browsers of Ethereum (Etherscan), Binance Smart Chain (Bscscan), Tron (Tronscan) and Polygon (Polygonscan) networks.
- Our social media accounts.
- UMI blockchain browser.
- UMI's Whitepaper and open source code.

There's more. In the near future, we expect to see data on trading pairs on Uniswap and QuickSwap. We also working on updating the remaining information.

UMI on CoinMarketCap — https://coinmarketcap.com/currencies/umi/.

We're growing together. Yours, UMI Team!

UMI offers a number of unique solutions:
 
Instant and absolutely free transactions. Almost no other cryptocurrency can offer this, not to mention traditional payment systems.
 
Innovative staking based on a smart contract. Many cryptocurrencies use staking, but few of them can offer such convenient and attractive conditions for generating new coins.
 
Maximum security and exclusive ownership of your coins. Even the coins stored at your address within the staking structure are exclusively owned by the user. Neither the UMI Team nor representatives of the staking structure have access to user coins.
 
Complete decentralization. No one can simply turn off the UMI network because it has no single point of failure and the nodes are distributed among users around the world.
 
UMI is a new generation cryptocurrency that uses the best solutions. This is why it is in demand!

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.

madnessteat has created a flag of the first type https://bitcointalk.org/index.php?action=trust;flag=2826 so that newcomers and forum guests can see a warning box in the topic about increased risk and high probability of project scraping. For a long time it was necessary to do this, even though other dreamers come to such after hearing about the fabulous percentage of friends. I ask those who are not indifferent to support the flag.

Thanks, madnessteat!

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.

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

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

A new validator node with desktop wallet functionality released

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!

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

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 SIGE[Suspicious link removed]o, 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!

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://twitter.com/Bibox365/status/1438856886451728385
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!

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

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!

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!

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

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.

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.

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

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

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!

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!

Important: DeFi Market Entry Manifest by UMI

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!

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, October 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 SIGE[Suspicious link removed]o.
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!

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

UMI OneApp: U-Wallet multi-currency crypto wallet — what on earth is this?

Dear friends, we're right in the middle of decentralized voting for or against stopping staking and launching UMI OneApp — an entire ecosystem of DeFi products in a single location. From this day on, we will briefly review individual products of the ecosystem every day. We'll start with the basics — U-Wallet crypto wallet.

U-Wallet will have a range of key features, including:

Support for all popular blockchains: Bitcoin, Ethereum, Binance Smart Chain, Solana, Cardano, TRON,  Free TON, Minter, Polkadot, EOS and UMI, of course. All crypto assets based on the blockchains above, including cryptocurrences and all tokens, will be available in a single location: U-Wallet. 

You will be able to access all assets using a single mnemonic phrase. To do this, we will ensure U-Wallet supports all up to date crypto industry standards. It means your mnemonic phrase will grant you access to the wallet of each cryptocurrency and token present in UMI OneApp. You won't have to create a bunch of phrases and worry whether each one is secure.

U-Wallet is a non-custodial wallet. It means it doesn't store users' private keys. It ensures security as your mnemonic phrase will only be stored by you and no one else will have access to it.

Most importantly, you will be able to use U-Wallet to interact with UMI OneApp directly — to add assets to staking, farming, lending, to trade on decentralized exchanges, to dispose of NFT and many other things.

It's all in one place — secure and convenient. It's an ideal solution for anyone.
If you like it vote YES — https://umi.top/vote

Will come back tomorrow to tell you more about the Profit Center in UMI OneApp.

Yours always, UMI Team!

Voting has ended! UMI community has opted for stopping staking and entering the DeFi market

Dear friends, congratulations! Our community has made their choice.

We’re stopping UMI staking at 1 billion coins, going to the Decentralized Finance (DeFi) market and launching UMI OneApp development!

22 725 addresses with a total balance of 140 101 798 UMI have voted YES.

1 990 addresses with a total balance of 9 889 381 UMI have voted NO.

Both in terms of the number of addresses and the amount of UMI coins — the bias towards stopping staking is obvious. Each of you was free to make a choice, and most of you have chosen the path of further technological development. 📈

Voting results — https://umi.top/vote.

What happens next?

Right now, we’re starting to update UMI website to align it with the new mission and new ideas.

Most importantly, we’re launching active development of UMI OneApp. The very first DeFi products based on UMI will include:

- U-Wallet multi-currency wallet;
- First token based on the UMI blockchain;
- U-Swap decentralized exchanges as part of U-DEX.

Then, we’ll go on creating new UMI OneApp products. Thank you for each of your votes. We’re confident that an awesome future is waiting for us out there.

Always with love, UMI Team!

Powerful video about UMI OneApp and its entry to the DeFi market

Dear friends, you have voted for stopping UMI staking and entering the DeFi market. We have accepted your decision and have already started developing UMI OneApp — a common ecosystem where all DeFi products and all types of earnings on the crypto market will be represented in a single place.

To celebrate this, we have prepared an awesome video: https://youtu.be/cVuijYGJAaY

Thank you for your support!

Dear friends, today we just want to thank you for your support. For reading the Manifest, accepting our ideas and voting for entering the DeFi market. As we have repeatedly said, it is you who are our main value and achievement, something we have managed to achieve in a year and a half of development.

We understand that it didn’t turn out as perfectly as we wanted. In the first year, the UMI price grew, the coin developed, and members of the community had an extremely positive attitude. However, new emissions changed everything, and the UMI price began to fall. Some of you bought UMI at a higher price than you can sell it now, and you are worried about this. Believe us, we are also worried. We also feel bad about your assets (ours, too) growing cheaper and cheaper.

But we are not resting. We have proposed a solution to the problem, and you have supported it. Right now, we have actively started developing the UMI OneApp DeFi platform which will open up the possibility of safe, convenient and profitable use of all DeFi ecosystem products to everyone.

All types of income existing on the crypto market and the entire decentralized finance world will be available to you in one place. UMI will be UMI OneApp’s native coin, thanks to which its value should grow. Especially so, if we take into account the stop of staking and the introduction of the burning mechanism which will soon begin to operate and will lead to a shortage of coins on the market.

Thanks again for your support. It inspires us to continue working. It is only thanks to you that we continue to develop and we are sure that in the near future we will reach new heights together.

Always with love, your UMI team!

UMI listed on Bithumb Global!
 
Dear friends, we're here with very hot news.
 
The top crypto platform Bithumb Global is listing the UMI cryptocurrency today!
 
- The announcement was made at 07:00 UTC (10:00 Moscow time) — https://support.bithumb.pro/hc/en-us/articles/4409254511385-UMI-UMI-Listing-Nov-10-2021 .
- At 08:00 UTC (11:00 Moscow time), UMI deposit capability became available: https://global.bithumb.pro/asset/deposit/spot?c=UMI . 
- Trading starts today at 13:00 UTC (16:00 Moscow time)!
 
Bithumb Global (Bitglobal) is an international trading platform created by the popular top exchange Bithumb. Bithumb itself is on the 10th line in the CoinMarketCap rating, and BitGlobal is in TOP 50.
 
And most importantly, this is just the beginning. In the near future, we will continue to work on listing UMI on the world's other top crypto platforms.
 
Link to Bithumb Global: https://www.bitglobal.com
 
We continue to grow.
Always yours, UMI Team!

First UMI OneApp release — coming in December!

Dear friends, immediately after the voting ended, we set down to actively develop UMI OneApp. Over a short period of time, we’ve done a huge amount of work to develop a multitude of products that will be available to the users of our DeFi-platform. We’re happy to report that the first release of the ecosystem will be available in about a month — in December.

UMI OneApp beta version will include the following products:

U-Wallet multi-currency wallet. At the first stage, it will support the UMI, Ethereum, and Binance Smart Chain blockchains. This means that all UMI OneApp users will be able to work with any assets — both coins and tokens — from the above listed blockchains. The support for other networks will be implemented later.

U-DEXdecentralized exchange. In the beta version 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 and farming (will work via PancakeSwap and Uniswap decentralized exchanges).

U-Aggregate is the first beta version of the aggregator of decentralized exchanges which will have only the routing functionality. The aggregator will offer the user the most profitable exchange path, displaying diagrams with all pairs only on one exchange — U-DEX.

U-Staking is a page for staking cryptocurrencies and tokens. 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 various “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 earning money on UMI OneApp.

U-Dashboard is a personal smart control panel where the user can view all necessary information regarding their assets.

U-DAO is the first version of a decentralized autonomous organization where UMI holders will have the opportunity to vote for integration of certain changes into the protocol.

U-Burn beta version will display statistics on UMI burning and have an interface for burning coins.

U-Data is an analytical dashboard in the form of dashboards and graphs for tracking general activity in the UMI OneApp ecosystem. It will also include a blockchain explorer.

U-Interface is a service for downloading and installing UMI nodes.

U-API will provide a lot of options for interacting with UMI OneApp via API.

Please keep in mind that in December only the first beta version will be released, that is, some features which you read about in UMI OneApp Manifest may not be complete yet. Nevertheless, even at this stage, it will have a wide range of options: staking, farming, providing liquidity, profitable exchange at DEX, asset management via a multi-currency wallet, and a lot more. And we will not stop there.

This will be a long journey. We must develop and integrate all the solutions described in the Manifest  — https://umi.top/OneApp_en.pdf. Our ultimate goal is a fully developed app.

Thank you again for supporting us in the voting.

Lots of love, UMI Team!

GameFi has lately achieved a real breakthrough in the crypto industry. In simple terms, GameFi is blockchain-based games. Their distinct advantage is the opportunity to earn real digital assets during gameplay.
 
Alas, GameFi users have to deal with problems typical of existing blockchains: low capacity and high fees.
 
The UMI blockchain is able to solve both these problems!
 
UMI's high-tech nature will allow blockchain games to rise to a new level. Just imagine a virtual world in which:
 
- All transactions are free and instant;
- All in-game items are in the form of tokens that you can buy or sell in the game and on exchanges;
- UMI coins or network tokens are used as in-game currency;
- UMI's high scalability rules out the network overload.
 
It's clear that existing blockchain games need to be developed, and the UMI OneApp ecosystem can make a significant contribution to their development.

UMI-based NFT to take the sector to a new level

The market of non-fungible tokens (NFT) has seen a great boom this year. Digital artists sell their works for hundreds of thousands and millions of dollars; video game developers actively integrate NFT tokens into their projects, and sports clubs sell their players’ cards in the format of NFTs.

The advantage of NFTs is that each token is indivisible and unique and its owner has the exclusive right to it. In this way, NFTs can resolve a lot of problems related to copyrights — to track ownership of an asset, you just need to view the history of transactions with this asset on the blockchain. 

NFTs are actively used and developed in such areas as:

- Digital art
- Music industry
- Digital collectibles
- Sports clubs’ fan tokens
- Blockchain games, or GameFi
- Ticketing business

And this is just the beginning — NFTs can be used in many other areas which involve identity verification and documents or items authentication: law, insurance, real estate and antiques, certification and licensing.

For this reason, UMI OneApp users will have access to U-NFTCenter — a universal NFT marketplace where they will be able to create, store, transfer and sell NFT tokens. Zero-free transactions in UMI blockchain will ensure users to make transactions on the most favorable terms.

On top of it, U-NFTCenter will fully support all popular blockchains. In other words, users will be able to exchange any tokens based on Ethereum, Binance Smart Chain, Solana and other blockchains.

UMI OneApp is all NFTs in a single place!

Dear friends, we’re in the final stage of preparation to the large-scale UMI network upgrade. Right now, we’re actively testing the new node, and the upgrade of the main network is planned to happen on November 29 at 07:00 UTC.

The new node supports issue of tokens in the UMI network and coin burn!

After it’s launched, it will be technically possible to issue tokens in the UMI blockchain. GLIZE will be the first token.

The UMI network will also have a new type of transactions — burn transactions. These will be transactions that will make the much-awaited UMI burn feature!

Important: all users will need to update the UMI Wallet mobile app after the new node is released. The new app will be released along with the node — on November 29 at 07:00 UTC. The old mobile wallet version will not be supported!

You will also need to update the validator node if you installed it.

We will publish all links after the successful launch of the new node.

Yours, UMI Team!

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!

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

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!

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!

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

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 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

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!

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!

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!

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?

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!

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!

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!

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!

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!

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!

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!

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.

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.

UMI code: key advantages of the GoLang programming language

When developing the UMI blockchain, we chose the GoLang programming language to write the network code from scratch. An important feature is a special compiler that is able to translate particular program code into binary code that will be accurately recognized by the virtual machine.

In practice, this means the following:

- The ability to run a validator node on almost any device — starting with powerful servers in data centers and ending with cheap smartphones.

- The ability to create Ethereum-compatible UMI smart contracts since one of the virtual machine instances for Ethereum (EVM) is also written in GoLang.

- Most interestingly, GoLang (also used by one of the EVM versions) will allow the UMI blockchain to support smart contracts of any complexity written in any programming language. It doesn’t matter whether it’s Solidity, Rust, Vyper or Yul — the compiler converts code into binary format and wraps it in a transaction.

By the way, we have already tested the launch of the validator node on mobile devices. We will tell you more about this later.

Technical nuances of the UMI blockchain

How is the speed, security and reliability of the UMI network ensured? What role do master nodes and validator nodes play in these processes? Why is 100% decentralization difficult to achieve in today’s realities, and how does UMI seek to overcome this obstacle? We’ve got answers in a new video on our YouTube channel.

https://youtu.be/-PFx322coPo

How can you start playing and earning with UMI OneApp?

Dear friends, UMI OneApp is an integrated ecosystem that unites multiple DeFi areas. To demonstrate the advantages of our platform more clearly, we decided to publish a few guides on using certain tools. Let’s start by looking at how you can earn money on blockchain games!

So, how can you start playing and earning? It’s really easy! First, open the UMI OneApp website — https://app.umi.top/.

Then, in the big Profit Center section, select Play and earn:

This will display a list of popular blockchain games based on the P2E principle (Play-to-Earn). In these games, users can fully own their assets, buy or sell them, get rewards for various achievements and use other methods to earn money.

On the left, you will see a convenient navigation menu with the supported blockchains. You can choose games based on the following blockchains here:

- Ethereum;
- BNB Smart Chain (formerly Binance Smart Chain);
- Hive;
- Worldwide Asset eXchange;
- EOSIO;
- Polygon.

For example, let’s select the most popular blockchain — Ethereum. Although transactions are quite expensive in this network (depending on the network load, commissions vary; for example, the average transaction cost is currently about $20), Ethereum remains the most popular blockchain platform for launching various DeFi solutions.

At present, UMI OneApp offers five games that support Ethereum:

- Decentraland is a whole virtual world where you fully own your digital property.
- The Sandbox is a decentralized, blockchain-based equivalent of Minecraft and Roblox.
- Axie Infinity is a collectible NFT game that combines Pay-to-Win and Play-to-Earn mechanics.
- Alien Worlds is a metaverse where players can mine in-game TLM currency and trade various NFTs.
- Splintershards is a game for one-on-one battles with another player with similar rating.

You can select any of them by clicking its icon. This will display a detailed description of the gameplay functionality which you can use to decide whether you are ready to start the game.

For example, the popular Axie Infinity game (almost 3 million active players daily) requires initial investments which can pay off later if you win. Users need to buy and breed Axies — virtual creatures — and use them to fight with other players.

The game page also displays the in-game currency exchange rate in real time.

If you like the game, click Play:

You will be immediately redirected to the game’s website where you can start playing and earning.

If you don’t like the game after reading the description, go back to the previous menu and select another game.

Right now, UMI OneApp users have access to the TOP 10 most popular blockchain games on the GameFi market. Soon, however, we will add more games that use the P2E principle, so keep a close eye on our updates. We also plan to create games based on the high-tech UMI blockchain in the future.

Follow the news. Yours, UMI Team!

Virtual World Based on UMI Blockchain is Real!

A short while ago, we told you about the top GameFi projects that are already available to UMI OneApp users. After reading this article, you might have had a logical question – could we create something like this or even an entire virtual world based on the UMI blockchain alone? Naturally, the answer is ‘yes’!

We could create a truly unique product thanks to the ultra-high speed of UMI blockchain and zero network commissions. UMI can easily handle the heaviest load!

The UMI coin or blockchain-based tokens could be easily integrated into a GameFi project as in-game currency. NFT support on the UMI blockchain would allow you to truly own your assets — virtual real estate, digital apparel, art and game objects, among other things.

Moreover, users of the UMI-based virtual world would be able to buy or exchange their property on an NFT marketplace also available in UMI OneApp.

UMI-based GameFi is one of the areas of our future growth!

Meanwhile, we continue to actively work on improving the UMI OneApp DeFi platform in accordance with our Manifest — https://umi.top/OneApp_en.pdf.

How do I make a fast exchange using UMI OneApp?

It's easy!

- Go to the UMI OneApp DeFi platform website (https://app.umi.top/) ;
- Select Exchange;
- Select blockchain and assets to exchange;
- Run the transaction.

Review detailed guidelines with screenshots in our article — https://blog.umi.top/?p=3152.

Boom on the Virtual Real Estate Market

We recently told you about the prospects of creating a virtual UMI-based world. We also asked you what you would do in the metaverses. Most of you chose ‘Earnings — asset trading, including NFT’ and ‘Entertainment — games, casinos, gambling’. It’s interesting to note that digital real estate will also play a key role in the development of the metaverses. This sector is growing rapidly:

- Sales of digital real estate in 2021 amounted to more than $500 million.

- Starting from January 2021 until the present day, the average price of digital land in the four most popular metaverses has increased from $1,265 to $12,684.

- Some parcels of virtual land even sell at higher prices. For example, an investment firm called Republic Realm bought 100 private islands in The Sandbox for $15,000 each last year. Today, they’re selling for about $300,000 each.

Further growth of the virtual real estate market is expected in 2022. In January alone, sales totaled $85 million, and over one year this figure could even reach a record $1 billion. Given the dynamics we observe, this is completely real. Moreover, according to analysts of JPMorgan, one of the world’s largest banks, the metaverse market will reach $1 trillion in annual revenue in the coming years, a significant share of which will be accounted for by the sale of digital real estate.

It’s only natural that UMI shouldn’t ignore this growing sector. We’re gradually breaking ground in the business of creating an entire metaverse based on the high-tech UMI blockchain — in the NFT sector. In the virtual worlds, each digital parcel of land or item is an NFT token, and we’re actively developing the NFT marketplace right now.

In the future, we will be able to create an entire virtual world and integrate both UMI coins or blockchain-based tokens as an in-game currency, and NFT tokens that will be traded on the NFT marketplace in UMI OneApp.

Digital real estate based on UMI is real!

Start staking using UMI OneApp

It's easy!

1. Open the UMI OneApp website — https://app.umi.top/;
2. In the Profit Center, select Staking;
3. Click Invest, specify the amount and invest funds in the staking pool.

That's it. Your assets are now growing.

Review the detailed guidelines in our article — https://blog.umi.top/?p=3192.

How can you make money on providing liquidity and farming in UMI OneApp?

It's easy!

1. Log in to the UMI OneApp DeFi platform;
2. Open the Liquidity Pools section and add liquidity to one of the available pairs;
3. If you wish, open the Farming section and provide LP tokens.

That's it! You will receive a reward for providing liquidity.

Read more in our article — https://blog.umi.top/?p=3212.

Browser UMI Wallet for Google Chrome

We continue to develop the large-scale DeFi ecosystem — UMI OneApp. The basic component of the DeFi industry is an easy-to-use, secure and intuitive crypto wallet. And we have some great news in this respect.

UMI now has its own browser wallet!

A browser wallet is the foundation of the decentralized finance industry because it allows you to safely and conveniently interact with various apps.

You can use it to do the following:

- Securely connect to UMI OneApp to work with your assets on the DeFi platform: review your balance, exchange, stake or transfer coins or tokens. You only need to indicate your mnemonic phrase in the UMI browser wallet once and then you can use it to confirm all transactions in UMI OneApp.
- Directly work with crypto assets from the Chrome browser.

When you connect to UMI OneApp, the system will automatically prompt you to download the browser wallet.

UMI browser wallet for Google Chrome - https://chrome.google.com/webstore/detail/umi-wallet/einhphiffjfjogeofkpclobkcgennocm/related

UMI scam project!

No.

Our team works non-stop on developing products based on UMI blockchain. How would that make us a scam project? What proof or arguments can you provide to support such accusations?

NFTs on the UMI blockchain: the functionality is already being tested, and the first NFT is ready!

Dear friends, we have awesome news!

We are now successfully developing the functionality to mint and work with NFTs on the UMI blockchain. It is already being tested!

We are testing the functionality on the UMI test network, and we have already minted the first NFT there! You can find the image attached to the post, and the NFT-creation transaction can be viewed on the test blockchain.

The first NFT in the UMI network — https://testnet.umi.top/api/nfts/5b3b07b31f295f515852fd90b35530e16f76a94770b9af44403ad6f631a8dafe

The link to the NFT-creation transaction in the test network — https://blockchain-testnet.umi.top/transaction/5b3b07b31f295f515852fd90b35530e16f76a94770b9af44403ad6f631a8dafe?block=5

This is an important step in the development of our UMI OneApp DeFi platform in accordance with the Manifest. The addition of the functionality to work with NFTs opens up unlimited possibilities to express yourself and create great new UMI-based products, such as the NFT platform and games that support NFT.

We will shortly make the public testing of the NFT functionality available for our community.

Continuously developing, Your UMI team!

UMI-based card game: proudly presenting our first GameFi product!

Fellow blockchain enthusiasts, please welcome a truly unique product in our DeFi universe — the UMI Jack card game. It uses the same principle as the world-famous Blackjack, but players are paired not with a dealer but with other players, like in the also-popular Twenty-One.

UMI Jack functions on top of the UMI decentralized blockchain, which enables the following advantages for the players:

Complete transparency and security. All the game operations are transactions in the UMI blockchain. This means that any player can easily check that all the game rules are strictly followed by monitoring the respective blockchain operations thanks to the transparency of UMI.

Fairness. The inherent transparency also lets anyone see which cards any of the players had when the game ends. The algorithm allows these data to be published openly.

High performance. The ultra-high throughput of UMI and complete absence of fees have made it possible to create a genuinely innovative blockchain-based product. Moreover, the UMI OneApp platform itself does not impose any fees as well.

A new way to obtain UMI. Since UMI Jack is based on the UMI blockchain, the UMI coin is organically used as the in-game currency. Play, win, and get your prizes in UMI!

As UMI Jack becomes more and more popular, the demand for UMI will also grow since the beginners wishing to try their luck in it will need to buy the coin.

Make sure to be one of the first to play, challenge your friends, choose your opponents, and start winning to get your UMI prizes! Get to the top of the leaderboard!

UMI Jack (based on the UMI blockchain) — https://app.umi.top/gamefi/umi-jack.

P.S. This is just the first release: the development of UMI Jack will continue, so the game will continuously improve and new features will be added. Best of luck!

UMI Jack game updated

Dear friends, we’ve updated the UMI Jack game — now the gaming process is more pleasant and convenient. The new features include:

- Sound notifications;
- Auto-authorization (you don’t have to log into your gaming account every time);
- The game update timer is reduced to 10 seconds;
- More games are displayed on the screen;
- The game filtration system has been change;
- Other technical points to improve UMI Jack.

Most importantly, we’ve fixed the bugs that made the game hang and shut down — you can now play with maximum pleasure!

We continue to improve UMI Jack and we’ll make a pleasant announcement very soon.

Play UMI Jack — https://app.umi.top/gamefi/umi-jack.

Have a nice game. Yours, UMI Team!

New answers to your questions

We greatly respect our community; therefore, we want to answer the questions you are most concerned about right now. We have compiled a list of questions from the chats and, idle talk aside, here are the answers.

1. You used to say that UMI bought from the wall return to the wall again. Why then is the wall shrinking?

To keep the wall from shrinking, we need to sell UMI bought from the wall for bitcoins, and return the received BTC back to the wall. That is, the procedure should be as follows:

- A UMI buy wall is created — and users use it to sell coins;
- The UMI coins bought by the wall holders are sold for BTC at a higher price;
- The received BTC are returned to the UMI buy wall at the wall price.

This is exactly what we did before when we set up the first buy wall in the first year of UMI development.

But the wall that exists now is completely different — it’s the second wall which we have nothing to do with. Last summer, during the panic sale, our former partners bought the entire wall from us. That is, they sold their UMI and received all BTC from this wall. Not to push the price down, we did not offer all the UMI coins we bought for sale at a higher price. 

After the situation stabilized, our former partners set up the second UMI buy wall using these bitcoins at on SIGE[Suspicious link removed]o where UMI is now sold at 0.00000035 BTC per coin. As far as we know, the price was calculated in such a way that all UMI in circulation could be bought. After that, our former partners closed down and left the market. Even though they did not take away the bitcoins from the wall on SIGE[Suspicious link removed]o, they also stopped managing the wall, according to their news about the closure. As far as we know, when selling UMI to the wall, they can easily withdraw these bitcoins from the exchange. It means that the wall is real, but we have nothing to do with it. It shrinks for a simple reason — users sell UMI using the wall and take bitcoins for themselves.

2. Will the wall keep UMI from falling below 1 ruble?

UMI is an international project that has nothing to do with rubles or any other national currency. In the previous answer, we already mentioned that the UMI buy wall was set up by our former partners so that all UMI coins in circulation could be bought for BTC. And the UMI team has nothing to do with this wall.

3. Why don’t developers launch a service to exchange fiat money for stablecoins linked to fiat currencies or gold? Stablecoins can be launched on the UMI network. For example, UMIG is a gold-bound stablecoin, UMIT is a dollar-bound asset.

Since these are two separate questions, we will answer each of them.

We plan to launch a service for exchanging fiat currencies for crypto assets within UMI OneApp. In our Manifest, we told you about U-DEXP2P — a decentralized peer-to-peer platform for exchanging cryptocurrencies and tokens for fiat currencies and vice versa. It will use a smart contract to protect the interests of both the buyer and the seller.

Read more about this service in our Manifest —https://umi.top/OneApp_en.pdf

As for the stablecoins in the UMI network, we also plan to launch them. But we’re still working on the implementation options. Stablecoins can be different. For example, we can create backed stablecoins (such as USDT or USDC) or algorithmic stablecoins (for example, UST). If we create backed stablecoins, then we need to work out the issue of storing stablecoins backing. For example, to create UMIG, we first need to resolve the issue of purchasing and storing gold. Since we support the idea of full decentralization, it is not so easy to do this.

There are also options to issue tokens of other stablecoins in the UMI network. For example, USDT or UST. We can create bridges to transfer them between different networks. Thus, in the UMI network, it will be possible to tokenize any crypto asset from other networks, including stablecoins, to then transfer it within the UMI network at instant speed with zero transaction commissions. If necessary, this asset can be transferred back from the UMI network to another network.

In general, the issue of adding stablecoins to the UMI network and UMI OneApp is an interesting one and we’re actively working it out. As UMI OneApp develops, we will definitely develop this area. Follow our social media accounts to learn news firsthand.

4. After UMI OneApp is released, will the platform somehow develop to contribute to the growth of the UMI price?

Of course! We are making every effort to further develop the UMI OneApp DeFi platform. After the release of the first beta version, we have already presented:

- End-to-end authorization for UMI Wallet and UMI OneApp for more convenient and secure interaction with the DeFi ecosystem;
- UMI Wallet browser wallet in Google Chrome for quick connection to UMI OneApp via browser;
- The UMI Jack card game based on the UMI blockchain.

We are also nearing the finish line for the launch of NFT in the UMI network.

All this attracts users to the DeFi platform and creates demand for UMI. In the future, there will be a lot more awesome DeFi products; in some, UMI purchase, storage or burning will be mandatory. This may have a positive impact on UMI pricing and shortage. We believe that our qualitative development will allow us to achieve a positive change in the value of our coin.

We would also like to note that after new UMI OneApp updates are released and the DeFi platform is improved, we plan to launch a large-scale advertising campaign to attract a larger audience of crypto users from around the world.

So the large-scale development of UMI and UMI OneApp is still ahead of us!

5. Will UMI be listed on well-known and large exchanges if UMI OneApp has a positive impact on the coin?

Listing on new exchanges, including large ones, has been planned and included in our strategic development concept. The development of UMI OneApp will help us because the coin can become more well-known and popular.

At the same time, we are now more focused on the development of various DeFi areas (including DEX) because they ensure true decentralization and independence from various centralized structures. We can see how the entire crypto world is moving in the same direction, and we fully support it.

6. Will there be a possibility to shorten addresses in the UMI network in the future? For example, could there be something like a umi-nickname instead of a long and hard-to-remember address?

Yes. We have planned to develop the alias functionality, as we indicated in the Manifest. This solution will be presented in our DeFi universe within U-SideChain — the second layer on top of the main UMI blockchain (sidechain) for the integration of aliases, comments on transactions and other features. More specifically, alias is a short, easy-to-remember unique name that can be specified instead of a long and complex public address. For example, you can use your e-mail as an alias and actually receive cryptocurrency transfers “by email”.

That’s all for today. If you have some urgent question and you haven’t received an answer to it, don’t worry. We monitor what happens in our community and will definitely cover the most important issues that concern our audience.

Since comments in our Telegram channel are now open, as in many other social networks, you can safely ask new questions right there. We will select the most frequent, urgent and interesting questions to answer them in one of our future articles.

Love, UMI Team!

What challenges do UMI developers face?

“If a user has to click more than one button to start working with a product, they won’t want to do it”

Dear friends, we have always tried and continue to try to create products that will be the most high-tech, easy-to-understand, secure and user-friendly for any user. In today’s article, we want to share with you the problems that we, UMI developers, face, as well as solutions we find. After all, you only see the final product — an app that is convenient to interact with on a smartphone or computer. However, “under the hood”, this app has a complex infrastructure with a range of solutions.

Today, we will tell you about the path the ready-to-use program code has to go before our users can start using it. It seems obvious that a nice and operating code is not enough to create a convenient product. We need to assemble and package the program in such a way that it is convenient for the user to work with.

A variety of operating systems and architectural platforms

There are a huge number of operating systems based on various architectural platforms, but it does not make any sense to try and create solutions for all of them at once. It would be more logical to target the most popular systems when creating an app.

Historically, three operating systems have become the most popular: Windows, Linux and macOS. However, they can be run on different hardware which is why a new variable appears — the processor architecture.

Previously, the mostly used processors included i386 (IA-32, 32-bit) and AMD64 (x86-64, 64-bit). However, as various mobile devices became more popular, active development of the ARM architecture platforms began, which also took the path of improvement from 32-bit to 64-bit version.

For the user, there’s just one difference between the 32-bit and 64-bit versions — the latter allows for the use of more than 4 GB of RAM with no particular difficulties. Since we knew that the UMI network could process a huge amount of transactions, we realized that network nodes would consume more memory. Accordingly, running a node with a small amount of addressable memory makes no sense in the long term.

Based on the above, we decided to support 64-bit architectures only. In practice, this means supporting four operating systems and corresponding processor architectures:

- Windows OS and AMD64 processor architecture;
- Linux OS and ARM64 processor architecture;
- Linux OS and AMD64;
- Two options for Apple devices that can be combined into one: Darwin operating system and ARM64 processor architecture (for M1 processors) or AMD64 processor architecture (for Intel processors).

We have managed to get rid of external dependencies which streamlines the assembly of the software core — the Go (golang) compiler is all we need.

However, the difficulties are still there because we need to pack the app into a package. Let’s consider a solution to this problem using Linux OS as an example.

There are a huge number of Linux distribution kits. They mainly differ by the set of libraries included in the distribution kit. This is where difficulties arise. For example, if you build an app with dependencies for CentOS 5, it may not work on a more recent release due to the different version of the libraries the app depends on.

Therefore, we are building the UMI app with no dynamic dependencies, that is, it does not depend on the environment it is launched in, at all.

It may seem it has solved our problem — we just need to download or compile a binary UMI file from the source files and run it. But it’s actually a little more complicated than that. In fact, our entire architecture was initially built around the Kubernetes open source software. Therefore, we used Docker as a packaging tool. We assembled Docker images for the AMD64 platform, and it all worked just fine. Docker was also good in a local environment.

However, a different Docker version for the new Apple M1 platform has recently been released, so we had to assemble two versions of the package — for AMD64 and ARM64. At first, it went smoothly thanks to buildx, an experimental Docker functionality. But following transition to the binary blockchain, we had to abandon Kubernetes because we had new requirements for the speed of the disk subsystem. Since we use Amazon Linux 2 based on the RHEL distribution kit to run virtual machines in the Amazon cloud, we decided to try using Advanced Packaging Tool (APT), a regular package manager, and RPM.

Initially, we had no problems with assembling RPM packages using Docker for the AMD64 platform. Later, while optimizing the server architecture cost, we tried using AWS instances on the ARM64 platform. To do this, we had to assemble RPM packages for the ARM64 architecture. Buildx handled the task perfectly well.

At around the same time, the UMI community asked us to add support for the Yum package manager used in Debian and Ubuntu. We delivered. As a result, we now have our own package repository — https://pkg.umi.top/.

So, while preparing each release, we assembled three versions of Linux packages — each package designed for two architectures. In total, it means six stages of development, if we leave out the pipelines for updates and repositories synchronization.

Later we ran into some issues:

- After each update of macOS (used by our developers as the main OS), the programs we used worked worse and worse.
- After another Android Studio update, the network stopped working in the Android emulator;
- We had some problems with network operation in VirtualBox which we actively used to test network interaction.

Working in such conditions became more and more difficult — we had to spend more and more time on repairing the tools rather than on the work itself. When we say ‘tools’, we mean compilers (packagers) we use to prepare products for release.

We decided to try the option with a test environment based on Google Cloud and created a new account to do this. In practice, however, it turned out that this has no major advantages, so we abandoned this idea.

Step by step, we came to the option with an ESXi hypervisor running on a local computer. We liked this option the most, so we just settled on it. But then, we still had the problem of assembling packages for different architectures. The most logical option would be to run separate servers to assemble packages for the target architecture. This would mean maximum efficiency with a relatively small increase in infrastructure costs.

But the recent instability in the world has forced us to reconsider the idea of using “foreign” servers for critical services. Therefore, we started looking for a solution that would allow us to solve the problems with assembling all the necessary packages and updating repositories within one local server. This solution would have to be easily reproducible in the event we need to move all the components to another environment.

As a result, GoReleaser became the solution of our choice. The first impression was quite good. We are now gradually transferring assembly lines to this tool. As we work, we carefully review and test everything; we also have to tackle with multiple peculiar things. It takes a lot of time, but so far this approach seems the most rewarding.

Dear friends, as you can see, the development of complex blockchain products is a time-consuming process most users don’t even notice. We are constantly facing new challenges and sometimes we spend a lot of resources and creative energy on solving the emerging problems. However, it’s definitely worth it as we want to create the best-of-class product that would be accessible to as many users as possible.

In the future, we will continue to be in close touch with you and publish technical articles to share our experience. We hope it’s been interesting.

Love, UMI Team!

Exchanging assets in U-DEX

How to exchange crypto assets via U-DEX on UMI, Ethereum and BNB Smart Chain blockchains using the UMI OneApp ecosystem? Watch the new video on our YouTube channel and find out everything!

https://youtu.be/Wt8sRucA1e4

UMI wall: where did it go and what happens next?

Dear friends, the “UMI wall” on SIGEN. pro disappeared this morning, and we’re now receiving questions regarding this. We have no idea where the wall went, what happened and why because we had no control over it (which we mentioned more than once).

The UMI price is currently free floating and the actual demand and supply will demonstrate what the coin is worth now. We’re sure that panic mongers and haters will sell the coin for nothing while true UMI believers will, on the contrary, buy as many coins as possible. We do not know what will happen to the coin price next. But we do know that nothing can stop us on our path to reaching our goals.

Our team will continue developing UMI OneApp. We have a great potential in the development of a DeFi ecosystem, decentralized NFT’s and the GameFi sector. We will soon offer you new games, tournaments and a lot more. Blockchain games + NFT = future, especially considering that it’s a super-fast blockchain with zero commissions.

In near future, you can expect a series of reports on NFT and new interesting products. If you believe in us — stay with us. We believe that the demand for UMI will grow in the future thanks to the products we develop, and it will be based on the genuine interest rather than a speculative wall.

Love, UMI Team!

GLZ support added to UMI Jack

Dear friends, we’re happy to announce that we have received an excellent idea — multiple times — through the new form for ideas, issues and suggestions.

You can now use GLZ to play UMI Jack!

You asked — and we did it! Log into UMI Jack right now, choose a crypto asset of your choice for the game and win.

Play UMI Jack — https://app.umi.top/gamefi/umi-jack

We continue to grow.
Always yours, UMI Team!

New UMI transaction type. Everything you need for decentralized exchange

The realm of DeFi (decentralized finance) and DEXs (decentralized exchanges) as its significant part have existed for quite a long time; however, practically all the popular platforms are now using the same set of tools. We decided to follow a different route and develop our unique decentralized exchange solution: a new mempool for atomic exchanges within the UMI blockchain and a new transaction type called “exchange”.

The “exchange” transaction type allows for creation of transactions to directly exchange various types of crypto assets directly within the UMI blockchain. For example, your can exchange UMI for GLZ, or GLZ for uBTC (a synthetic bitcoin that will be added into the blockchain later). Essentially, within the UMI network, you’ll be able to work with any tokens, whatever thei might be in the future.

1. First, the maker specifies the wallet address and the number of coins to send, as well as the address and the amount of any other crypto assets they would like to receive in exchange. And then clicks on “Publish transaction in mempool”.

2. The taker then chooses the transaction they need from the mempool, adds their wallets’ addresses for the respective coins/tokens, signs the transaction with their private key (using their mnemonic phrase), and then sends it into the network.

When the transaction is successfully confirmed, it is written into the additional storage, and a master node creates two surrogate transactions in the main blockchain: exchangeWitness.

In other words, an “exchange” transaction is similar to a limit order, with the UMI mempool acting as the order book. Consequently, the UMI network itself becomes a full-fledged decentralized exchange.

We would like to note here that to create the new mempool, we had to create a new protocol to synchronize it both ways. This was needed because atomic swaps, among other things, will also become the foundation of the future integration of farming and liquidity pools.

We have also provided for decentralized NFT trade. We’ll get into the details on that in our future posts.

UMI-based SocialFi — opportunity to get cryptocurrency in exchange for content

SocialFi is one of the most innovative sectors combining the best practices of the crypto market and the social media.

Decentralized social networks based on the blockchain have become particularly popular after numerous scandals with Meta (formerly Facebook). Over the years, this social network has been accused of selling user data to marketing companies, spreading fakes and leakage of data on 90 million users.

Today, the user base of the social media includes about 4.55 billion people (!), with Meta alone accounting for 2.5–2.9 billion active users per month, according to various estimates. All these people might potentially fall victim to the issues described above.

At the same time, these risks could be mitigated via blockchain-based social media which also offer multiple new opportunities and advantages, including:

- Protection of user data stored in the blockchain;

- No centralized content censorship;

- New opportunities for content monetization through a donation system based on cryptocurrencies;

- NFT integration which opens up new opportunities for both users and artists.

Moreover, it is quite likely that SocialFi will become one of the key development vectors for the mass introduction of crypto technologies into everyday life, and UMI could become an important player in this market. See for yourselves:

UMI offers totally free and instant transactions allowing you to implement various blockchain-based projects.

UMI can execute smart contracts of any complexity level allowing you to launch various SocialFi products.

The UMI blockchain is decentralized and secure — users of the future social networks do not need to worry about the safety and privacy of their confidential data.

Thus, SocialFi is one of the many areas that we intend to develop within UMI OneApp. Our plans for the future include a few interesting products:

- U-Messenger — a simple, secure and fast cryptomessenger based on the UMI blockchain. Users will be able to use it to exchange encrypted messages, as well as make money transfers.

- U-Media — a decentralized platform for combining media resources of varying formats and topics.

- U-Donation — a system for collecting donations for any needs: for yourself or the community.

- U-SocialCapital — a reputation system allowing you to access various services and participate in voting when making important decisions.

Thanks to the high-tech nature and decentralization of the UMI blockchain, we can create a unique platform for communication, content and information exchange, video streaming, and socialization. Integration with the UMI donation system will provide additional incentives for content creators to join the innovative environment and grow.

We continue to work on improving UMI OneApp in accordance with the Manifest — https://umi.top/OneApp_en.pdf.

Stay with us. Yours, UMI Team!

UMI Jack - play and earn

We have launched the first game on the UMI blockchain in the Play-to-Earn format. Watch our new video to learn about all the nuances of the new product. This episode is also dedicated to games on the Ethereum blockchain, which can also be used as one of the ways to increase crypto assets!

https://youtu.be/IoMaiO9uRyo

Public call to the Administration of CoinMarketCap

With this public call, the UMI blockchain development team once again requests CoinMarketCap to take notice of the unjustified alert on the UMI coin monitor page at https://coinmarketcap.com/currencies/umi/markets/ dated November 2021, which reads, “The Central Bank of the Russian Federation has issued a warning that the ROY Club (UMI) has signs of a ponzi scheme.” Here’s what it looks like:

It is unjustified because the ROY Club and UMI projects are equated.

UMI is not a ROY Club project, and vice versa — ROY Club is not a UMI project. These projects have different development teams, different beneficiaries and stakeholders.

The ROY Club used the UMI cryptocurrency as an asset along with, for example, the PRIZM coin (https://coinmarketcap.com/currencies/prizm/). Nevertheless, PRIZM does not have the same alert as UMI, with reference to the Russian regulator. Meanwhile, the official message of the regulator only references UMI and PRIZM in domain names “umi-club.ru” and “prizm-club.ru” which have never been owned or used by UMI.

Besides, the message of the regulator (https://cbr.ru/inside/warning-list/detail/?id=6823) clearly defined the “name, service mark, commercial designation and other means of individualization of a person” — “ROY Club” and “Roy Club”. The name “UMI” is not included in the warning issued by the Central Bank of the Russian Federation. This is how the warning of the Central Bank of the Russian Federation looks like:

The UMI team has repeatedly appealed to the CoinMarketCap Administration with legal requests, trying to resolve the current situation or at least get a clear and reasonable response. After all, it is only logical to expect an adequate response to official requests from “the world’s most popular website for tracking prices for crypto assets in the context of the rapid growth of the cryptocurrency industry” (as CoinMarketCap positions itself).

First, the above selectiveness of the CoinMarketCap aggregator in relation to the UMI coin is hard to comprehend since the aggregator must be impartial and avoid giving preferences to anyone, as CoinMarketCap declares on its website (for example, https://coinmarketcap.com/about/). It is obvious that an impartial and independent aggregator should not unreasonably post false information about any assets. In relation to the UMI coin, however, we can see that CoinMarketCap behaves contrary to what it publicly declares.

Second, in the light of the violation of all conceivable norms of international law by the Russian Federation and its unleashing of an aggressive war – an attack on the neighboring Ukraine – the Central Bank of the Russian Federation, as a financial institution that fully supports the criminal foreign policy of the Russian Federation, does not look (and has never looked, in the light of the oppression of the rights and freedoms within the Russian Federation) as a respected and trustworthy regulator. We believe that in this light, CoinMarketCap is not an impartial aggregator and acts under pressure from Binance Capital Mgmt and the Central Bank of the Russian Federation – this unfair abuse of centralization in the cryptocurrency sector does not only fail to strengthen the vision of promoting the idea of crypto revolution and ensuring transparency of the crypto industry declared by CoinMarketCap, but also discredits it.

Thirdly, the current collapse of the crypto market, including the fall of Terra (LUNA) by more than 99.9% (more than 1,000 times) in just a couple of days (more than UMI has ever seen) and the collapse of the UST stablecoin, which dropped below $0.17 at one point, vividly demonstrates the price vulnerability of the entire crypto market. Unfortunately, absolutely any asset can lose in value, and critically so — not only UMI. However, LUNA, UST and other collapsed assets do not have such a mark on Coinmarketcap, while we do. How is this fair? Quite unfair, at the very least.

We, the UMI team, have done everything in our power to reach the CoinMarketCap Administration and are extremely saddened by the current situation. We believe that we have the right to draw the attention of the general public to this issue. We hope that this way we will be able to understand the real position of CoinMarketCap, to prevent unjustified actions on the part of popular and trusted aggregators of crypto industry data, which could potentially be directed to any of the blockchain projects in the future.

Link to article Crypto Daily:
https://cryptodaily.co.uk/2022/05/umi-team-accused-coinmarketcap-of-double-standard-policy
Link to article Cryptopolitan:
https://www.cryptopolitan.com/umi-vs-coinmarketcap-conflict/

#SAVEUMI

https://www.cryptopolitan.com/umi-vs-coinmarketcap-conflict/
Hello, I would like to see some kind of justice done. UMI Coin has received a warning on CoinMarketCap. This was not justified because the coin only has real products, like OneApp, and the addition of NFT is also forthcoming. The warning prevents the coin and the whole community from developing normally. I would be glad if this problem would be noticed and solved soon.
#SAVEUMI

https://cryptodaily.co.uk/2022/05/umi-team-accused-coinmarketcap-of-double-standard-policy
CoinMarketCap has mistakenly placed a sign on the UMI page. Let's make an effort together to get CMCs to pay attention to us. This is a normal project where developers are constantly working on the product and releasing good updates. UMI is a coin with a good development trend. The established mark is completely unjustified. It is unfair to UMI #SAVEUMI

What will tournaments be like in UMI Jack?

Dear friends, we work on improving UMI Jack every day. Today, we’d like to share some details about the weekly tournaments among players, to be added in one of the future updates.

According to the plan, tournaments will be held each Friday (isn’t the end of the working week the best timing?!).

To take part in the tournament, you will need to make a certain contribution in UMI.

Tournament addresses will be displayed to everyone — so you will be able to see the prize pool of each tournament.

Part of the prize pool will be burned for a positive impact on the UMI tokenomics.

The remaining coins will be transferred to the tournament winner’s address.

The tournament itself will be based on the Olympic system (knockout game): the loser is immediately eliminated and the winner of the match-up plays in the next round against the winner of another match-up. The tournament lasts until only one winner remains. They scoop the entire pool.

We know you want to play right now and hit the jackpot. We’re also looking forward to the day when we can launch this new functionality. The actual release of the tournaments is expected in mid-summer — but a few more nice surprises will be there for you even before that.

We carry on. Love, UMI Team!

Hello. Thank you for your support of our efforts in restoring justice and removing false notification about UMI on CoinMarketCap. We have already noticed some progress in resolving this issue. Thanks to a broad response to our open letter, several media publications and support from our community, the CMC team has finally begun to review our request.

Unfortunately, they have not given us any timeframe on how long the reviewing process will take. But we are glad that the situation is moving forward and will make sure that it is resolved no matter what. We will update our community about any changes in this situation ASAP.

And thank you once again for your support!
#SAVEUMI

Mini-report on the development of UMI OneApp in April-May. Plans for the future

Dear friends, we would like to share with you a mini-report on what we have recently done to develop UMI OneApp. We will also tell you about our current projects to be integrated in the near future.

So, what this is what we have been doing lately:

- We presented a new design of the game table in the UMI Jack game;

- We added a form for ideas, issues and suggestions on the UMI OneApp website;

- We added GLZ support in UMI Jack;

- We added cross-chain exchanges and finalized related documentation;

- We designed the tournament service and worked out the rules;

- We adapted UMI Jack for future tournament integration;

- We added a huge number of new tokens based on the Ethereum blockchain networks (MKR, SNX and SHIB and others) and BNB Smart Chain (1INCH, GMT and DOGE and others) to UMI OneApp.

- We systematized and added all relevant information on UMI OneApp to the Integrated Help Desk, dividing the materials into user and technical documentation.

In the course of this work, we had some difficulties which slightly delayed the launch of the services. We were forced to abandon the initial tournament architecture in order to make the functionality more load-resistant and create a universal solution for managing tournaments in various games on the UMI OneApp platform. We also encountered some difficulties in implementing cross-chain exchanges which is why we performed additional research.

Now we are:

- Working on adding another game to UMI OneApp — we will present it to you in the near future.

- Finalizing analytics on p2p exchanges and moving on to designing functionality.

- Working on the logic for the tournament admin panel and prepping to launch the long-awaited service.

- Working on adding a plugin for the UMI Wallet browser wallet to the Firefox browser extension store by analogy with the Chrome browser.

We also continue to work on improving other UMI OneApp features, including integration of the GLIZE NFT marketplace into the platform. New releases coming soon!

Love always, your UMI Team!

Latest UMI news

Implementation of NFT in UMI blockchain, technical articles from developers, new version of UMI Wallet - great news that doesn't lose relevance. Watch the new video to stay on top of the latest developments in UMI life. 

Liked the episode ? Share the video on social media!

https://youtu.be/EGsYiD7N2tU

UMI is two years old already! Let’s reminisce a bit about the journey so far — and consider the prospects in DeFi, NFT and GameFi!

Dear friends, the first day of summer came unexpectedly, as usual, and brought with it something to celebrate — UMI’s birthday. Yes, as of today, June 1, our cryptocurrency is officially two years old.

Seems like only a few days ago, the first master nodes started supporting UMI and adding first transactions into it. And now, there are as many as 42.5 million. Notably also, a year ago, the number was just 8.5 million, which means that UMI is growing rapidly, despite all the ups and downs that we all had to go through — and were able to overcome!

For the last two years, we have witnessed explosive growth and active acceptance of UMI — as well as decreased activity among our users. However, this challenging time taught us a great lesson.

Together with you, we have decided to discontinue staking, due to the UMI inflation it results in, and choose a new development model: to create a large-scale UMI OneApp DeFi platform based on the UMI blockchain and integrate the crypto burning mechanisms. UMI OneApp allows us to confidently make our way into the DeFI, NFT and GameFi while also providing our users with a unique solution that will unify the top-tier blockchains, popular crypto assets and tools needed, all in one place.

We are making strides towards our shared goal, developing more and more advanced DeFi solutions within UMI OneApp. The UMI Jack game, the cross-chain and DEX exchanges, the multi-currency wallet, farming and staking — all these are already available and in demand with the members of our community.

All the while, we are constantly improving the existing solutions and working on new ones to make UMI and UMI OneApp even better. To give you just one example, there is some NFT functionality and an NFT marketplace in line for release soon. Also — and now we’re sharing secrets — we are already working on another UMI-based game, which we will tell more about at a later time.

Binance CEO Changpeng Zhao recently noted: “In bear markets, it is actually easier to spot the weak projects, and founders who are money driven instead of mission driven.”

We feel that the UMI ecosystem has long proven to all of the crypto world that it can withstand the crises and make it through tough times. As for our mission, it is, of course, to give you access to the best crypto solutions available on the market. We have always strived to create a truly decentralized ecosystem, and we are doing our very best to implement the plans we laid out.

To achieve the goals set, we have everything we need: an awesome team of developers, a hi-tech cryptocurrency, a loyal community — and the absolute certainty of success. We do believe that, as the range and number of UMI-based DeFI products grows, more and more crypto enthusiasts and regular people will become interested in our cryptocurrency, creating an even higher demand for it.

With that, we keep moving forward and making UMI even better, despite all the difficulties, be it past, present or future. We are certain that we will have even more reasons to be proud in a year’s time. And with your support, we are bound to succeed!

With love, as always, your UMI team!

Sign the UMI petition addressed to CoinMarketCap

A few days ago, we shared the idea to create a petition on Change.org with a call to CoinMarketCap (CMC) to finally address the issue and remove the unjustified alert on the UMI page, and you supported us. We are glad to inform you that the petition has been put up!

Dear friends, you are the true power, and we need your help again to make this appeal for justice heard by CMC. And so — we ask you to sign the petition. This is really simple and will only take a couple of minutes:

1. Go to the petition page —https://www.change.org/p/yбpaть-нeoбocнoвaннoe-yвeдoмлeниe-нa-cтpaницe-umi-нa-coinmarketcap

2. On the right, specify your first and last name and your e-mail and click on “Sign this petition”

3. Confirm the signature by following the link in the e-mail you receive

Done. Your signature is now registered!

You can also sign the petition by first creating a Change.org account, which can be done using the simplified registration process via Google and Facebook.

We contacted CMC multiple times, asking them to remove the unjustified alert on the UMI page, and even publicly addressed them, describing the situation in detail and providing proof for our claims. The request was noticed by popular crypto-related media, Crypto Daily and Cryptopolitan, which also covered the issue, writing about the unjust actions of CMC. Moreover, many of our users were very active on the social media of CMC, Binance and Changpeng Zhao, as well as on the UMI page on CMC itself.

However, CMC’s response so far has been far from what we hoped for: the alert on the UMI page still remains, and the only formal reply we actually received was a perfunctory notice that our request is being reviewed.

So, let’s join our efforts, muster the energy and collect as many signatures as we can. It’s important to make CoinMarketCap notice the issue that we all are affected by and urge the service to remove the unjustified alert from the UMI page, which will allow the product to develop towards its full potential on the market.

Stronger together!

Yours as always, the UMI team.

UMI's petition to CMC: over 1,000 signatures
Sign it by all means

Dear friends, our petition to CoinMarketCap (CMC) urging them to remove the unjustified alert from the UMI page is collecting more and more signatures. It's already been signed by over 1,000 people.

However, it's still not enough for the CMC team to pay attention to the problem. Our community is so much bigger — and we need help from each of you to see justice done. So we urge everyone who hasn't signed the petition yet to do so by all means. It's really simple and will just take you a few minutes:

1. Go to the petition page —  https://chng.it/djnw9r98.
2. Specify your first and last names and email address on the right side of the page and click Sign Petition.
3. Confirm your signature via email by clicking a special link.

Let's be as active as possible to get rid of this unjustified alert on the UMI page and continue to grow.

We believe in you!
Love always, UMI Team!

UMI OneApp: one solution — a million opportunities

Dear friends, while we’re actively adding functionality to work with NFT, we’d like to remind you that our UMI OneApp DeFi platform already has a huge number of solutions on offer. Go to the UMI OneApp website to access the following:

- Non-custodial crypto wallet — send, receive and view your crypto assets in just a few clicks.

- Decentralized exchange in the UMI, BSC and Ethereum networks.

- Cross-chain exchange in the BSC, Ethereum, Polygon, Optimism, Arbitrum, Fantom and Avalanche networks.

- Token staking.

- Addition of liquidity into pools to earn on commissions.

- Farming.

- Various blockchain games, including our very own and unique UMI Jack.

In the future, UMI OneApp functionality will be significantly expanded — we’ll add support of new blockchains, capability to buy ready-to-use crypto portfolios (just like the ones the top traders own) in just one click, NFT and many other solutions to work with various DeFi tools in a single place.

All DeFi solutions in a single place — https://app.umi.top/

The staking mechanism reminds me of LP. More u buy off the pool more commission goes to the provider. And here, more is locked away for staking, much reward u can potentially grab. What concerns me is how can we change the code to be able to drain the coins being staked from the network to a personal wallet. Squeamish face of yours must have found a way to somehow exploit the network when it reaches maturity or great usage.

Please formulate your question more precisely. UMI does not support stacking so it is not clear what do you mean and what information you would like to find out.

UMI Royal Flush update

Dear friends, we have updated the UMI Royal Flush game - the bugs are now fixed and we also improved a few features:

- Improved modal window for changing nickname;
- Turned off the button of joining the table if there are already 9 players;
- Fixed a bug of games and game list freezing;
- Fixed a bug that did not allow the user to reconnect to the table after being kicked out due to low balance;
- Fixed errors in texts and rules;
- And added other technical fixes and improvements for smooth performance of UMI Royal Flush.

Have fun playing - https://app.umi.top/gamefi/umi-royal-flush/list

P.S. Thank you all for your feedback.

Problem of transferring UMI to the gaming balance fixed

We have been notified that some users have had problems with transferring UMI to the gaming balance in UMI Jack and UMI Royal Flush as well as with withdrawing the coins. There was a bug in the UMI OneApp operational logic, but it has been successfully fixed by now. We have also stabilized the funds transfer service to prevent such situations from happening again.

All transactions have been processed. Check your gaming balance and start playing.

- UMI Royal Flush — https://app.umi.top/gamefi/umi-royal-flush/list
- UMI Jack — https://app.umi.top/gamefi/umi-jack 

P.S: If you still have problems, please use the feedback form on the UMI OneApp website.

Update: UMI Wallet app has been fully restored
 
The new version of the UMI Wallet mobile app has been approved by the App Store and Google Play. Download the updated to ensure smooth functioning of the UMI crypto wallet.
 
UMI Wallet Mobile App:
 
- iOS: https://apps.apple.com/app/umi-wallet/id1527992117   
- Android: https://play.google.com/store/apps/details?id=com.umi.umiwallet   
 
Sincerely yours, UMI team

Where and how you can buy UMI

The new users who learn about UMI and our games in UMI OneApp for the first time often wonder where and how they can buy UMI coins to start using them. So we've decided to write an instructive tutorial on buying UMI.

Feel free to tell your friends and acquaintances about the benefits of UMI OneApp, invite them to play UMI Jack or UMI Royal Flush and send them a link to this article so they know where to buy UMI coins and how to start using them.

Tutorial — https://telegra.ph/How-and-where-you-can-buy-UMI-07-22