Stacking cryptocurrency up to 40% per month on a smart contract

Innovative Stacking technology of cryptocurrency UMI (Universal Money Instrument) based on a smart contract helps UMI holders multiply their coins up to 40% per month by simply storing them in their wallet

121 min readSep 2, 2021
UMI (Universal Money Instrument)

UMI is a Universal Money 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 stacking 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.

How to participate in UMI stacking up to 40% per month:

1. Create your own UMI wallet on the website or in stacking structure or on the exchanges Sigen
2. Convert Bitcoin, Ethereum, Litecoin, TON, PRIZM, BIP, USDT, USD in UMI or buy UMI on the exchanges: Sigen or C3 or BTC-Alpha
3. Join stacking structure

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.

Stacking 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 stacking 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 stacking, 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 stacking of their structure + bonuses. By creating your own projects on the UMI basis you can earn even more.

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 stacking, 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.

The reward amount depends directly on the structure size ((total number of UMI coins)

The more coins are used for stacking, 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%.

Stacking 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 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!

UMI — Universal Money Instrument. The future is already here!

Code on Github:

Web wallet:
Blockchain / statistics:

Brand book:




General issues:
Business proposals:
Developer team:

We are in social media:

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.

Answers to your questions

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,

All of them will be equivalent to the standard format UMI addresses. For example, umi-andrew, @andrew and 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:

2. The second tranche totaled 136,160 UMI. The transaction URL:

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!

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.

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.

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!

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!

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

⭐ With 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.

How to participate in UMI stacking up to 40% per month:

1. Create your own UMI wallet on the website or in stacking structure or on the exchange Sigen
2. Convert Bitcoin, Ethereum, Litecoin, TON, PRIZM, BIP in UMI or buy UMI on the exchange Sigen
3. Join stacking structure

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, 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.

🔥 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 —
✅ GitLab —
✅ Bitbucket —
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!

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,

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.

- 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:

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!

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:

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.


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.

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.

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 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.

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.

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:

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!

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.UMI is a progressive cryptocurrency that can change the world

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:UMI is a progressive cryptocurrency that can change the world

- 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 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 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!

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.

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.

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:


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.

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.

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.

How to participate in UMI staking up to 40% per month:

1. Create UMI wallet on the exchange Sigen or on the UMI Wallet
2. Invest Bitcoin, Ethereum, Litecoin, TON, PRIZM, BIP in UMI
3. Or/and Invest in UMI using a bank card
4. Join the structure

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!

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!

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.

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.

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.

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:

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) —

JustSwap (TRON) —

QuickSwap (Polygon, previously Matic Network) —

We also added reserves to the 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:

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:

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!

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.

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.

Telegram: @cryptexx