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

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Umi Blockchain Ecosystem

Thus far, the number of issued cryptocurrencies and digital tokens has exceeded 7,000 and in this ocean of crypto projects, it is difficult for investors to recognize promising services at an early stage of development, however, at the same time, investments at this stage maximize the profits.

UMI is one of the young projects created at the crossroad of DeFi and digital assets trends, which draws attention not only by its unique functionality but also by its future plans.

UMI is a universal monetary instrument that allows users to make instant, secure and free financial transfers, as well as earn crypto through profitable staking.

In addition, UMI is a full-fledged blockchain platform capable of executing smart contracts of any complexity. Let’s take a closer look at UMI capabilities.

Watch a video about UMI below:

Transactions

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

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

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

Transaction UMI

First, the UMI network operates on an improved version of the Proof-of-Authority consensus (PoA consensus characteristics will be discussed in detail later in the article).

Secondly, such scaling can be achieved through the optimization of programming languages ​​and smart contracts, as well as with such tools as Kubernetes.

Finally, upgrades of the UMI network can be carried out faster and with less effort with the planned changes in the internal architecture of the ecosystem.

Another planned function of the UMI ecosystem payment service also appears to be very promising – offline transactions.

Other blockchain systems focus on transactions exclusively via the Internet, while in the UMI ecosystem, the procedure of sending transactions can be carried out without access to the World Wide Web using ordinary SMS or other communication methods.

For example, the length of a UMI transaction is 150 bytes. That’s 1200 bits of information. The standard length of an SMS is 1120 bits (140 bytes), which means that only 2 SMS are required to send a transfer through the UMI blockchain. This is convenient if the transfer needs to be sent urgently, and the Internet is temporarily not accessible.

Technically, the UMI ecosystem is already capable of sending offline transactions without the Internet connection, but the service for initiating transfers has not been launched yet. The UMI team is currently developing it.

Although, the main feature of the UMI blockchain is not the network’s capacity, the absence of any fees. This has been achieved by the unique technology on which the ecosystem is built, as well as a different economic model in comparison to other popular cryptocurrencies.

Technology

The UMI blockchain is based on Proof-of-Authority technology, a concept created by Ethereum co-founder Gavin Wood.

The difference between PoA and the popular Proof-of-Work algorithms (which Bitcoin runs on) or Proof-of-Stake (Ethereum plans to switch to PoS) is that in the PoA network there is no place for the contest between the miners and forgers for the right to generate a block and get a reward.

The generation of blocks, and most importantly, their integration into the blockchain, is handled by trusted nodes – ‘master nodes’. In the UMI network, master nodes are large authorized nodes that meet stringent speed requirements. This feature significantly increases the network’s capacity.

However, the original concept of PoA also has its drawbacks. The original PoA model assumes that ordinary users cannot influence the operating mechanics of the system, and only trusted nodes have the right to confirm transactions and record them in the blockchain, and those usually belong to one organization or affiliated companies. These factors increase the risks of network centralization, which deprives the cryptocurrency of its main value – decentralization – and make it little different from other already existing traditional payment systems.

In order to avoid the risk of network centralization, the nodes in the UMI blockchain are divided into two types – ‘master nodes’, that integrate blocks into the blockchain, and ‘validator nodes’ that validate the blocks. Only certain types of nodes can become master nodes – they include nodes launched both by the UMI team and their numerous partners from different countries, while any user can launch a validator node. Validator nodes monitor the work of the master nodes, and if the suspicious actions are detected, the unscrupulous masters are automatically disconnected from the system.

Along with the distribution of power among master nodes and validator nodes, another mechanism which is designed to prevent centralization is planned to be implemented in the UMI system in the future – integration with Proof-of-Stake consensus.

The UMI blockchain will continue to operate on the PoA algorithm, but if any problems with the master nodes arise, the system will automatically switch to the reserve PoS consensus.

Even if all of the masternodes suddenly stop functioning, the performance of the UMI network and its ability to conduct transactions will not be affected. PoS nodes do not need computing equipment to work, a regular laptop is enough. Any UMI user who has installed a desktop wallet with a validator node will be able to launch a backup PoS node.

Moreover, staking works on a smart contract in the UMI system, which means that the staker does not need to keep the computer on all the time. Thanks to staking on a smart contract, you can generate new UMI coins: up to 40% per month in 24h mode. With such a profitable economic model, UMI encourages users to actively join the system. This model is one of the features that allows UMI to avoid commissions for transfers – staking participants are interested in developing the ecosystem without additional incentives, such as commissions.

Smart contracts

The UMI blockchain allows you to create many specialized multifunctional smart contracts, including those suitable for integration into e-commerce services or for launching decentralized autonomous organizations (DAOs). These include various decentralized finance (DeFi) services.

Areas of application for the UMI blockchain smart contracts:

  • Decentralized exchanges and applications;
  • DeFi protocols, including Yield Farming and lending;
  • Online stores;
  • Crowdfunding platforms;
  • Gambling sites;
  • Gaming platforms;
  • Cashback and bonus programs;
  • and many other services.

Thanks to its high capacity, the UMI network will ensure the smooth operation of large DeFi projects, decentralized exchanges (DEX) or decentralized applications (DApps), and users will not face unprecedented high transaction fees, as it happened before with the Ethereum network.

Thus, the launch of UMI-based DeFi services will not have a negative impact on those who use the system exclusively for money transfers.

Staking in detail

Currently, UMI coins can be mined in two staking structures (pools) – ROY Club and ISP Club. In order to start mining, you need to create a personal wallet in the UMI blockchain and transfer a certain amount of UMI coins to your address.

Create UMI

Create UMI

After replenishing the wallet address, you can place your coins for staking in two pools. Unlike other staking systems, coins in the UMI system do not get frozen after joining a pool. They remain in the user’s wallet and no one can access them except the owner. Staking rewards accrue 24/7. The user can withdraw and sell them at any time.

structures UMI

You can buy UMI coins via the SIGEN.pro trading platform, which includes an exchange, an automatic exchanger and a p2p platform. According to the statistics, the daily trading volume of UMI ranges from $ 250,000 to $ 300,000, and the liquidity of the order book for buying coins has already exceeded $ 3.2 million, taking into account the p2p-platform. For the project that was launched only four months ago, the numbers look very promising. The interest in UMI on the market is indirectly evidenced by the rapidly growing number of active users: their number exceeded 47,000.

Mobile apps

Thanks to high-quality and fast mobile apps, users can perform all key operations using a smartphone or tablet. The applications for Android or iOS can be downloaded from Google Play and App Store, respectively.

mobile apps UMI

UMI mobile apps offer a wide list of functions. One can create and manage one or several UMI wallets, receive and send coins, connect to staking structures, view the history of transactions and get in touch with technical support.

The applications provide the ability to authorize using Face ID, fingerprint or PIN-code.

You can find all the latest information about the UMI project in the blog.

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Nigerian Developer to Launch New First-person Shooter Game

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NCHE: The Escape

By Aduragbemi Omiyale

A Nigerian developer, Mr Okolie Uchechukwu, will launch a new first-person shooter game, NCHE: The Escape, on Monday, March 14, 2022.

A statement from Mr Uchechukwu disclosed that the mobile game, a product of an inquisitive mind, entails the player using the resources available to make his way through lasers and zombies in the quest for survival.

According to him, a test was carried out last year and based upon the feedback, he and a co-developer, Cleec Designs, an indie studio based in Nigeria, improved the skill balance, gameplay experience for both android and IOS devices, and boosted the overall graphics and UI design.

He stated that the online showcase uploaded via his official YouTube channel has gathered interest from fans of the genre across the world.

When officially unveiled in less than two months’ time, game lovers would be able to download and play NCHE: The Escape for free by both iOS and Android users.

Mr Uchechukwu further explained that NCHE: The Escape thrusts players into a mysterious mental facility where escape is seemingly impossible.

“You’ll have to keep your wits about you as you try to find a means to escape. As the perfect icing to the cake, the facility is overrun by bloodthirsty zombies, so making it out of the place alive is indeed a challenge.

“Players will go through a series of eerie levels each time, encountering zombies, picking up defence supplies, and avoiding the lasers. NCHE: The Escape places players in a strange mental facility where the existence of life is unthinkable.

“So, making your way through the facility overrun by violent zombies will be a challenging task. Players can pick up guns and ammo on their way as they move ahead in levels, in search of their way to escape.

“The hitch here is that players have to be critical when using their weapons as ammo is limited. They will come across moving lasers and zombies that can be shot down any moment but sometimes simply dodging them would be a better alternative for players to make it through the advancing intense levels.

“The difficulty level increases with every progress as players will find it more and more challenging to withstand the approaching obstacles,” he added.

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Nigeria to Launch Another Satellite in Space Soon—FG

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NigComSat

By Adedapo Adesanya

The federal government has disclosed that it plans to launch another satellite through the Nigerian Communications Satellite (NigComSat) before the end of the year.

This was disclosed by the Minister of Communications and Digital Economy, Mr Isa Pantami, during a tour of facilities at the agency’s base in Abuja.

He said: “That approval of federal government which I have secured has been forwarded to NigComSat. Now, it is on the table of NigComSat to answer that question. I want to make sure that as I said that 2022 is NigComSat year along with NIPOST. I want to make sure that all work in progress must be completed by 2022.

“As I said earlier, 2022 has been dedicated to NigComSat and NIPOST, and I want to do the best I can to improve what we have achieved in the previous years.

“I recently approved two subsidiaries of NigComSat and I am here to supervise what they have been doing, and I discovered some areas where we need to work to improve their performance significantly.”

He also stated that for the agency not to be considered for privatisation again, it must provide quality service and generate good revenue for the federal government.

He added: “Before I was made the Director-General, National Information Technology Development Agency (NITDA), there was the Oronsaye report which recommended for the scrapping of NITDA. But when I was able to turn things around from a generation of N7 billion to N19 billion in a year, no one talks about scrapping NITDA again.

“So, if you are able to turn things around, render quality service and generate income, no one will talk of privatising your company again.”

On her part, the Director-General, NigComSat, Mrs Abimbola Alike, appreciated the Minister for his immense support.

Mrs Alike stated: “We all know what our budget used to be N200 million-N300m, for a company that needs capital after overhead.

“He stood for us and said there must be something good in NigComSat because he is a man who believes that we can actually turn around NigComSat.”

She assured Mr Pantami of the agency’s readiness to deliver quality service and generate revenue to justify his efforts at revitalising the agency.

According to her, this year, Nigerians would see new significant changes that will make them know that NigComSat is a new company that can compete with its global counterparts.

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Balthazar Secures $3m to Achieve NFT Gaming Platform Growth

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Balthazar John Stefanidis

By Aduragbemi Omiyale

The sum of $3 million has been raised by an NTF gaming platform, Balthazar, through the sale of tokens, with Animoca Brands emerging as the lead purchaser.

Other token purchasers were Finder Group (through Hive Empire Capital, which is led by Fred Schebesta), Zip co-founder Larry Diamond, Digital Asset Capital Management (DACM), Fantom, ZED Run, Darling Ventures, Pluto Digital, San Francisco-based VC Side Door Ventures, Algorand, and Three Arrows Capital’s TPS Capital.

With the new development, Animoca Brands, a global leader in gamification and blockchain with a large portfolio of over 150 investments in NFT-related companies and decentralised projects, will provide advisory services to Balthazar, which aims to be the leading NFT gaming platform in the metaverse.

Balthazar, which commenced operations in 2021, wants to be the largest decentralised autonomous organisation (DAO) in the play-to-earn space.

The company is a community-focused platform, removing the barrier to entry for gamers to access play-to-earn games through its scholarship program with no upfront costs.

Balthazar is more than a guild, with plans to develop its tech platform, its rent-to-earn lending model, and to scale up its community.

Prior to the token sale, Balthazar deployed 1,100 scholars into several NFT games including Axie Infinity, Splinterlands and Thetan Arena, with a further 30,000 people on its waitlist, and a community of more than 70,000 people in its Discord channel.

“We are so thrilled to be backed by Animoca Brands and all of our supporters in helping to shape the metaverse and to continue assisting and expanding our community.

“This support means we can fulfil our vision of empowering the biggest community of gamers to create a self-sustaining, wealth-building ecosystem.

“We are developing the most incredible platform that will bring together gamers, crypto holders and individuals through our own NFT games, valuable tokenomic strategies and gaming partnerships.

“I’m excited about the future of the play-to-earn space, in particular how it’s spreading earning opportunities to those who need it most, as well as providing a new use-case for cryptocurrency,” the CEO of Balthazar, John Stefanidis, stated.

Also commenting, the Executive Chairman and co-founder of Animoca Brands, Yat Siu, stated that, “Balthazar has a thriving and fast-growing community, offering opportunities for all people to be involved in the NFT gaming space, including gamers, game companies, and crypto holders.

“With its dynamic leadership, we believe that Balthazar will be able to tap growth for NFT-based gaming in new markets, and we are excited to be part of its journey.”

Balthazar has opened a private token sale round, with plans to sell $8 million of tokens at a token cap valuation of $150 million by February 2022.

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