Umi Blockchain Ecosystem: Instant Transfers, Smart Contracts And Profitable Staking

Wednesday 25 November 2020, 9:31 PM AEST - 2 months ago

Thus far, the number of issued cryptocurrencies and digital tokens has exceeded 7 thousand, and in this ocean of crypto Projects, it is difficult for investors to recognize promising services at an early stage of development, however, at the same time, investments at this stage maximize the profits.

UMI is one of the young projects created at the crossroad of DeFi and digital assets trends, which draws attention not only by its unique functionality but also by its future plans. UMI is a universal monetary instrument that allows users to make instant, secure, and free financial transfers, as well as earn crypto through profitable staking. In addition, UMI is a full-fledged blockchain platform capable of executing smart contracts of any complexity. Lets take a closer look at UMI capabilities.

Watch a video about UMI here.

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The UMI network can execute approximately 4500 transactions per second. This significantly exceeds the capacity of most other blockchains, including fundamental ones like Bitcoin or Ethereum.

The UMI Mainnet was launched in the summer of 2020 and its continuously improving. In the future, the UMI team will roll out an update that will increase enough high capacity to execute 10,000 transactions per second. This brings the UMI platform closer to the transactional conductance of major payment systems such as VISA and MasterCard.

The UMI developers also have a long-term goal – to achieve the capacity of 1 million transactions per second. Although this sounds too ambitious, there is a chance to reach it in the long run, and here is why.

insert-1.jpgSource: Idolme Agency

First, the UMI network operates on an improved version of the Proof-of-Authority consensus (PoA consensus characteristics will be discussed in detail later in the article). Secondly, such scaling can be achieved through the optimization of programming languages ​​and smart contracts, as well as with such tools as Kubernetes. Finally, upgrades of the UMI network can ...

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