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Summary of UMI
Key Points
- UMI is a decentralized payment blockchain network with open-source code.
- It allows for almost instant and free transactions worldwide.
- The UMI cryptocurrency is used as a unit of accounting within the network.
How UMI Works
- The UMI blockchain is public, transparent, and cannot be forged or canceled.
- It uses the innovative Proof-of-Authority (PoA) consensus algorithm.
- Master nodes generate new blocks, and validator nodes check for correctness.
- Any user can launch a light node to view and send transactions.
About UMI
UMI is a decentralized, open-source, and community-driven cryptocurrency project that leverages the advantages of blockchain technology to provide a robust, secure, and efficient platform for users.
Introducing UMI: A Revolutionary Cryptocurrency
UMI is a decentralized payment blockchain network with open-source code, facilitating near-instant and entirely free transactions globally. The UMI cryptocurrency serves as the unit of account within the network.
UMI is a cutting-edge, fully-fledged blockchain platform, meticulously crafted from the ground up to facilitate the seamless creation and execution of smart contracts. The UMI blockchain is founded upon a novel Proof-of-Authority (PoA) consensus algorithm, wherein master nodes and validator nodes assume responsibility for ensuring optimal network performance.
UMI is a pioneering cryptocurrency that leverages staking via a smart contract, empowering network participants to form synergistic structures and generate new coins at an impressive rate of up to 40% per month, simply by holding them in their digital wallets.
The Operational Dynamics of UMI: A Comprehensive Overview
The UMI blockchain is a public ledger, ensuring that all transactions are transparent and immutable, thereby preventing any potential forgery or cancellation. Furthermore, the UMI network’s code is openly published on GitLab, allowing for public scrutiny and audit.
Explore the UMI code repository on GitLab:
https://gitlab.com/umitop/umi-master
.
Bitcoin and the overwhelming majority of other cryptocurrency blockchains rely on the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms, as well as their variants, such as Delegated Proof-of-Stake (DPoS). This approach imposes significant constraints on their throughput, resulting in considerable transaction fees.
UMI has embarked on a distinctively innovative trajectory. At the core of the network lies the pioneering Proof-of-Authority (PoA) technology, which facilitates near-instant transactions and ensures the secure operation of the network, all while eliminating commission costs.
The UMI cryptocurrency cleverly circumvents the inherent drawbacks of both the Proof of Work (PoW) and Proof of Stake (PoS) algorithms:
Master nodes, distinguished by their exceptional network speed and bandwidth, bear the critical responsibility of generating new blocks.
Validator nodes play a pivotal role in maintaining the integrity of the network by verifying the authenticity of blocks and preventing fraudulent activities. Notably, any UMI user can launch a validator node, thereby further decentralizing the network and enhancing its overall security and reliability.
Furthermore, any network participant is afforded the opportunity to deploy a lightweight node, thereby enabling the viewing and sending of transactions without the necessity of downloading the entire blockchain history.
The integration of master nodes enables a substantial boost to the UMI network’s bandwidth, thereby significantly accelerating the speed of transactions within the network.
Notably, the master nodes operate anonymously, with their locations unknown to all, thereby precluding any potential interference or manipulation. Furthermore, these nodes are strategically dispersed across the globe, ensuring optimal decentralization and mitigating the risk of a single point of failure. Any attempt by an unauthorized node to create a block is automatically rejected by the network, thereby guaranteeing maximum security and safeguarding UMI against potential attacks of any kind.
Thus, PoA entirely eradicates the risk of fraud and hacking, thereby guaranteeing the unwavering security of users’ coins.
What Sets UMI Apart?
The inaugural PoA model inherently precludes both forging and mining, as users are explicitly prohibited from generating new blocks for security considerations. On one hand, this restriction has a silver lining – there is no necessity to invest in powerful and costly equipment or install specialized software. On the other hand, this limitation also means that users lack the incentive to maintain optimal network performance, which constitutes a significant drawback. Notably, unlike other cryptocurrencies that employ PoA, UMI diverges from this paradigm, incorporating mining or its equivalents.
The UMI network leverages an advanced iteration of this technology, harnessing its benefits while mitigating its limitations. Notably, the traditional processes of mining and forging have been supplanted by a pioneering staking technology, powered by a smart contract, which serves to incentivize users through rewards.
The innovative Proof-of-Authority model, bolstered by smart contract staking, provides unparalleled security for the UMI network, while also yielding substantial rewards for its users.
UMI Advantages
Experience near-instant transactions, sans commissions. The UMI network boasts an impressive bandwidth of up to 65,536 transactions per second, dwarfing that of Bitcoin by several thousand times. In fact, it surpasses even the processing capacities of VISA and Mastercard.
Unwavering Safety and Reliability. UMI is a fully decentralized blockchain network, fortified against a plethora of threats, including hacks, leaks, unauthorized alterations, 51% attacks, Nothing-at-Stake vulnerabilities, third-party interference, and devastating DDoS attacks that spawn spam transactions. Moreover, a user who possesses a mnemonic phrase exercises complete ownership and control over their digital assets.
Empowering smart contract capabilities, UMI presents a comprehensive blockchain platform, facilitating the creation and seamless execution of complex smart contracts.
Prominent crypto-media outlets have extensively covered the numerous advantages of UMI, including:
Discover the buzz surrounding UMI Blockchain Ecosystem through esteemed publications:
CryptoPotato
,
Bitcoinist
,
NewsBTC
,
Bitnovosti
, and
DeCenter
.
The Genesis of UMI: Unveiling the Creators
UMI was conceived and developed by an autonomous and independent team of innovators, who, at their own expense, brought this vision to life. Echoing the pioneering spirit of Bitcoin, the creators of UMI have chosen to remain anonymous, thereby ensuring the network’s decentralization and immunity to external influences. By doing so, they have precluded the possibility of any single entity exerting control over the UMI network, thereby safeguarding its integrity.