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:
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.
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.
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.
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.
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.
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.
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.
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.
MTN Nigeria Blames System Error for October 9 Outage
By Adedapo Adesanya
MTN Nigeria has apologised to its subscribers, blaming the network outage experienced on Saturday, October 9 on a system error.
In a video message sent to Business Post on Sunday, the Chief Executive Officer of the company, Mr Karl Toriola, said the downtime was a result of system error from its end and not a result of sabotage as many feared, especially because it occurred a day after Facebook suffered a similar issue.
MTN users had October 9 experienced hours of network disruption, which affected calls and connections to the internet.
Mr Toriola explained that the technical team traced the cause of the downtime to an error that shifted all 4G customers to the 3G, overloading the band.
“Last Saturday, we had an outage that left our customers without a connection for several hours. On behalf of the entire MTN team, I want to start with a heartfelt apology. We are truly sorry for the disruption this caused for so many in our MTN family,” Mr Toriola said.
“We know that millions of people rely on us to stay connected to their loved ones, to manage their businesses, to coordinate their lives. We take that responsibility and privilege very seriously. That’s why we are putting new measures in place to make sure we never experience anything like last Saturday again.
“Our technical teams have traced the cause of the problem to an error that shifted all our 4G customers onto the 3G band. This overloaded the 3G band, causing a domino effect that impacted the whole network. Our engineers were able to resolve the problem.
“I know that recently other technology companies suffered outages. I want to reassure you that last Saturday’s event is in no way connected to those. This wasn’t [a] sabotage, it was a regrettable error,” the MTN chief added.
He further announced that MTN had refunded customers airtime and data used yesterday in addition to the time-bound subscription extension earlier promised.
He also assured users that MTN was working to ensure that they never experience such challenges with the network again.
“While we work to strengthen our network to prevent further disruptions of any kind, we wanted to find a way to say sorry. Something more than extending the validity of all time-bound plans by 24 hours, which we did as soon as service was restored,” he added.
“So, while we can’t give you back the time you lost last Saturday, we can give you back what you spent yesterday. Every customer on the MTN network has received a refund for the data and airtime that they used between 12 noon and 7 pm yesterday.
“We hope it shows how much we value our customers. You truly are our most important focus.
“We all have challenges, each and everyone, young or old, personally or professionally. What matters is how we respond. With you by our side, we will continue to improve and grow,” Mr Toriola stated.
This newspaper understands that many MTN users were given 1MB of data valid till October 31.
FG Inaugurates Governing Boards to Fast Track Development
By Sodeinde Temidayo David
In a bid to fast track the development of the country as well as overcome science, technology and innovation (STI) challenges, the federal government has inaugurated governing boards and councils of agencies or institutes under the Ministry of Science, Technology and Innovation.
Recall that recently, President Muhammadu Buhari approved the change of name of the Ministry of Science and Technology to STI in a bid to focus on ensuring the provision of STI-based solutions to overcome societal challenges.
On Thursday in Abuja, the Minister of STI, Mr Ogbonnaya Onu, during the inauguration, noted that in spite of the present challenges, his team was determined to break grounds by building a world-class ministry that would be the best in Africa and comparable with the best in the world.
However, he stressed that the team must work together efficiently to achieve this noble goal, as they are now in the path of repositioning and strengthening the Ministry to emphasize the desire to contribute to national development efforts of this administration to lift 100 million people out of poverty within the next decade.
According to Mr Onu, using the enormous power of STI, the focus will be on the development of abundant natural resources as well as the orderly exploitation of huge potentials of people and businesses.
The Minister further noted that the role assigned by the federal government on the ministry as custodian of all the fundamentals of innovations in Nigeria carries enormous responsibilities coupled with the recent change of name by the ministry.
“The new logo, vision and mission statement, our core values and critical success factors (CSF) would be unveiled very soon. A rebranded Ministry is emerging with implications for the commitment of all stakeholders within the STI ecosystem, especially the members of the various boards and councils of the Ministry.
“I employ you all to be diligent and unrelenting in the new journey to greater heights of service to our nation,” he noted.
The Minister also urged the governing boards and council members to familiarise themselves with the relevant instruments governing the operation and supervision of their respective agencies and institutes.
He expressed that the role and responsibilities of governing boards are stated in the relevant government circulars, laws, public service, administrative guidelines regulating the relationship with parastatals and government-owned companies.
In his remarks, Mr Micah Umoh, who represented the Chairman Senate Committee on Science, assured to give their full support to achieve the goal for the initiative.
Third Telecom Consumer Initiative Holds October 15
By Sodeinde Temidayo David
The third edition of the Telecom Consumer Town Hall on Radio (TCTHR) will take place on Friday, October 15 2021, at 7:30 am, the Nigerian Communications Commission (NCC) has said.
The telecom consumer initiative will air on the Human Rights Radio, 101.1 FM, Abuja and will focus on the benefits of the National Identification Number to Subscriber Identity Modules (NIN-SIM) integration.
Interested individuals can tune in to listen and participate in the discussion via life streaming on the Human Rights Radio social handles, the telecommunications industry regulator said.
The TCTHR is the modified version of the Consumer Town Hall Meeting, a consumer outreach programme of the Consumer Affairs Bureau of the NCC.
Like its forerunner, the TCTHR is a train that will traverse Nigeria in keeping with management’s commitment to reach and engage every telecom consumer wherever they are.
It could be recalled that two editions of the TCTHR had taken place earlier in Kano and Lagos.
The key purpose of the programme is to create greater awareness on the linking of SIM to NIN and to educate consumers on the benefits and how to achieve NIN-SIM integration, and which consumers can reach the commission.
This initiative over the years has made it easy for consumers of telecom services in the country, who are dissatisfied with services rendered to them by any of the service providers to file a complaint.
The NCC has insisted on October 31 as the deadline for users to link their NIN to their SIM cards, stressing those who fail to do this would soon be denied the opportunity of acquiring driving licences and passports.
Like Our Facebook Page
Latest News on Business Post
- COVID-19: Jesus Christ Would Have Supported Vaccination—APC Group October 17, 2021
- MTN Nigeria Blames System Error for October 9 Outage October 17, 2021
- UN to Cut Food Rations in North-East Nigeria October 17, 2021
- NGX Gains 0.75% as FBN Holdings Sustains Aggressive Buying Momentum October 16, 2021
- Land Grabbing: Group Tells Lagos to Obey Supreme Court Judgement October 16, 2021
- FG Urges UK to Ease Restrictions, Tariffs on Nigerian Businesses October 16, 2021
- Naira Gains 1.7% at Official FX Window as Devaluation Fears Quell October 16, 2021
- NASD OTC Ends Week in Stalemate October 16, 2021
- Brent Nears $85 Per Barrel on Global Supply Deficit October 16, 2021
- Group Laments Absence of Sign Language Interpreters at TV Stations, Hospitals October 15, 2021
Feature/OPED2 years ago
Davos was Different this year
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology10 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Economy5 years ago
How To Identify Fake Naira Notes
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy4 years ago
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist