Umbrella Cryptocurrencies BetaUniversal Umbrella Symbol: Ʉ
Latin Capital Letter U Bar - Unicode Character (U+0244)
“Innovations in cryptocurrency can come in many forms, only one of them being new algos.”
--Robert Murray - Founder of Umbrella
Mother Thread: https://bitcointalk.org/index.php?topic=687265.0
Monday July 28th 2014 - 11:00AM EST
Umbrella-LTCTicker Symbol: ULTC
Algorithm: Scrypt
Type: POW
Merge-Mined with: Litecoin
Total Coins: 6,000,000
Block Reward: 10
Block Time: 270 s
(2)Halving: Proprietary (diaBR/r)
Difficulty Re-target: Every Block
(3)Insured: Yes (CABI)
IPO: None
(1)Preallocation: 2%
CDIC Preallocation: None
(1) - 1.5% For Development, Giveaways and Promotions. .5% Donation to the CDIC.
(2) - (diaBR/r) = Decreasing Insurance Allocation Block Reward/Rate
(3) - (CABI) = Crypto-Asset Backed Insurance
http://umbr.la/p_R
Umbrella Website:
http://umbr.la/CryptocurrenciesUmbrella Press Release:
http://umbr.la/p_RCDIC Website:
http://umbr.la/Cryptsurance
Twitter:
https://twitter.com/UmbrellaCryptosFacebook:
https://www.facebook.com/umbrellasecuritiesGoogle+:
http://umbr.la/googlePluS
Umbrella Forums:
http://umbr.la/forumSUmbrella Q&A:
http://umbr.la/QanAReddit:
http://umbr.la/ReDiT
Umbrella-LTC Linux:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc-5.3.5.1-linux64.ziphttps://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc_5.3.5.1.debWindows:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc-5.3.5.2-win32.zipOSX:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/Umbrella-LTC-Qt-5.3.6.5.dmg.zipSource:
https://github.com/UmbrellaHoldingsBackup source for wallets:
https://mega.co.nz/#F!iRMGwAwY!i68bqcWpyC7vF7BP9VvT_A
rpcuser=user
rpcpassword=password
rpcallowip=127.0.0.1
rpcport=13801
daemon=1
server=1
gen=0
addnode=104.131.135.126
addnode=162.243.240.231
addnode=128.199.148.246
addnode=104.131.135.122
addnode=104.131.227.173
addnode=128.199.148.245
|
Pools:http://simplemulti.com/http://myriad.p2pool.geek.nz/mergehttp://give-me-coins.com/Mine Litecoin/Umbrella/Pesetacoin in parallel. No loss of hash.
Got our 2nd merged-mine pool. Mine Doge and Umbrella-LTC.
http://www.simpledoge.com/===========================================================
http://ultc.hardcoreminers.com/http://x11-x13-pool.org/umbrella-ltc/public/index.phphttp://www.flash-mine.com/
Exchanges with active CDIC policies (Fully Insured):
Exchanges without CDIC policies (Not Insured):
http://umbr.la/ULTCBCE
http://umbr.la/BountY
http://umbr.la/hELPhttp://umbr.la/QanA
http://umbr.la/pressKIT
I am a compulsive gambler, where are the gambling websites?Sorry, Umbrella cryptos are not meant to be used in this fashion. People may choose to develop these websites, but we will not actively seek out these types of projects. On the flip-side, gambling websites would benefit from Umbrella products as an added layer of protection. We would encourage these types of sites to hold Umbrella as a way to protect it’s customers and self.
Why aren’t we buying our way onto exchanges?Umbrella is not looking to become the next pump and dump alt-coin. We are here to fill a gap in the market that has existed for some time. We will not support buying our way onto any exchange. The CDIC is currently reaching out to a number of exchanges in an effort to make they’re work more transparent. We anticipate exchanges who are onboard to have access to a larger customer base. Coexisting as partners would be beneficial to all.
Where is the IPO?We believe in letting the market determine a securities price (as it should be). No IPO, ever.
Why POW and not POS?Proof of work has stood the test of time. We have always attributed POW coins to being more akin to a commodity. We feel this element is irreplaceable. This was one of the driving forces for our initial involvement in Bitcoin and cryptocurrencies in general. With that being said, we have no plans to release a POS coin.
Why release multiple cryptocurrencies, huh?We took notice of the gargantuan amount of hash pointed at Bitcoin, Litecoin, and other popular cryptocurrencies. We were not looking to compete with these giants. We didn’t believe our currency would displace dominant industry leaders with large followings, large cash influx, and entire ecosystems built around them. We had to be honest with ourselves and figure out a way to coexist with them. Coming from a use-case perspective, we knew we had something unique that would bring value to the ecosystem. By taking the secondary, or auxiliary blockchain role, we would allow ourselves to break into a large market with the path of least resistance. By not forcing the miner to sacrifice his hash for Umbrella, we feel we have put ourselves in the best position to succeed. Choosing one leader from each algorithm allows almost anyone access to Umbrella, no matter what they mine.
Why is the term “Hedging” used when referring to Umbrella?Let’s first look at the definition of “hedge”.
(Taken from investopedia.com & investinganswers.com) Hedge: Making an investment to reduce the risk of adverse price movements in an asset. Normally, a hedge consists of taking an offsetting position in a related security, such as a futures contract.
How it is used: Hedging is like buying insurance. It is protection against unforeseen events, but investors usually hope they never have to use it. Consider why almost everyone buys homeowner's insurance. Because the odds of having one’s house destroyed are relatively small, this may seem like a foolish investment. But our homes are very valuable to us and we would be devastated by their loss. Using options to hedge your portfolio essentially does the same thing. Should a stock or portfolio take an unforeseen turn, holding an option opposite of your position will help to limit your losses.Umbrella uses the term to describe a risk management strategy. By owning two different cryptocurrencies; Bitcoin and Umbrella-BTC for example, you are reducing your exposure to risk by diversifying. Umbrella takes this one step further by being a fully insured cryptocurrency, this transfers the remainder of risk to the CDIC. Since Umbrella borrows various methods and strategies from a host of securities, it is hard to classify it as solely insurance.
Example: John owns 1 BTC and an equal amount (in value) of Umbrella-BTC. Bob owns 1 BTC. Both are held on Exchange XYZ. Exchange XYZ fails and declares bankruptcy protection. John opens up a claim to the CDIC and gets his Umbrella-BTC returned to him. John is still out 1 BTC, but not completely wiped out by the exchange collapse. On the other hand, Bob has lost all his money and has no where to turn for help. He posts a sympathy thread on reddit hoping for donations :-(
Why do I need Umbrella?As a community we have embraced autonomous digital currencies and have driven them to great heights. We have enjoyed all the benefits they provide, from decentralization, to a certain amount of anonymity for everyday purchases. The achilles heel is they are only as good as the exchange who holds them. A look at history begins to paint a picture of extreme loss, fraud, and other misuse by these “trusted” exchanges. Exchange fraud and insolvency have all too frequently become common headlines. We want to see Bitcoin and other cryptocurrencies flourish, these irresponsible acts are inexcusable as they tarnish the image of something we truly believe in. The miner is almost always in the crosshair and has no where to turn for help. We envision decentralised exchanges helping to solve some of the problems. Other issues will not be solved anytime soon, such as the conversion to fiat. Since fiat is not on a blockchain, we see no way for a complete decentralised exchange.
Enter Umbrella, the merge-minable aspect makes it effortless to mine your own insurance without sacrificing your hash. Move it to a trusted CDIC approved exchange, or offline to the CDIC’s cold storage vault and you are covered, simple as that.
How Can I Get Involved?We are always looking for people to get involved in any way possible. We would like to take this opportunity to start the Umbrella Ambassador Program. We have set aside a portion of pre-allocation funds to compensate these team members. What does an ambassador look like? They are the ones populating our Q&A’s, forums and Sub-Reddit. They are the ones tweeting away helping Umbrella gain traction. They are the bounty hunters and the advocates. Everyone can contribute, we understand people from all walks of life with a host of skillsets subscribe to these forums. PM us for more details. Let’s build something great together!
Much to Do...We have a long road ahead of us. Product development includes a single multi-algo wallet once all Umbrella cryptos are finalized and out of beta. The wallet will include in-app updates and a host of other features. We are also working with the CDIC to insure Umbrella crypto’s while being held locally in their wallet. We are working on several ways to satisfy their security requirements. We have a number of test environments setup that include two factor authentication via a token for the wallet, an Umbrella Linux distro similar to Qubes which would secure the wallet by isolation (Based on a secure bare-metal hypervisor - Xen). Also, we are playing with some facial recognition API’s!
Coming soon.
Thank You!We are happy with our progress thus far. At this point we have thousands of hours invested with no plans on slowing down. Part of the 1.5% pre-allocation is going to fund further development of our products, services, and the Umbrella ambassador program. Stay tuned, and a deep thank you for taking to time to read this (we know it’s a lot).
Mother Thread: https://bitcointalk.org/index.php?topic=687265.0
