UMA (UMA)

The UMA project is an open source infrastructure for importing and managing synthetic supplies at Ethereum. The project will allow programmers to quickly and smoothly create synthetic tokens that are looking for free activity. In addition to this resolution, it is possible to create and possess synthetic assets, related to the price of a traditional original activity. Thanks to this, it is possible to transfer traditional values to Blockchain technology, which is more transparent and the conclusion of transactions based on smart contracts, which is very important in a secure process. As a precaution, it is possible to consider the presence of true values only of their synthetics. This type of tokens can be created, for example, from anything that can be tracked by price.

History of UMA

    UMA is a very young project, not much can be told about its history. The ICO of the project had a place on May 29, 2020. Sold for a total of 100 million tokens, valued at $ 0.26. The next important events are the development of the project, the introduction of new cooperation and implementation of tokens on further exchanges. Even so, August 31, the UMA took place at the OKEx, and the 9th went at one of the largest giants in the world - Binance. The project, among others, will increase its pool and, most importantly, cover all the markets, where there is the greatest need for and involvement of cryptocurrencies, among others in the Philippines.

Principle of operation

    The project enables the creation of synthetic resources using two basic components: Priceless financial contact templates and Optimistic oracle service. Combining two components, UMA has enabled the possibility of creating fast, reliable and safe synthetic torches in the chain of Ethereum blocks. Priceless financial contact templates are financial contracts that do not impose on-line pricing and minimize the use of the Oracle network, in order to reduce the number and scope of Oracle attacks. In addition, they shall have a mechanism in place to provide contractors with regular securing of positions. Among other mechanisms, the discovery of the insecurity of a secured position. Optimistic Oracle service is the name of a Data Verification System (DVM) service offered through UMA. It solves a big problem, because they go to take the data into the blockchain from outside the blockchain. Until now, a so-called oracle was responsible for the accuracy of the data, which made up the data chain, however, it does not guarantee the absence of damage. The DVM system proposed by the UMA project does not provide in-line pricing, it only serves to resolve disputes involving liquidation and the resolution of synthetic token contracts after termination. The entire ecosystem allows you to create synthetic tokens, both for raw materials, such as gold, silver, and for shares listed on various exchanges, but even tracking, for example, entries and downloads of a program. This gives great opportunities and opens up new space for the Blockchain market.

Wallet

UMA cryptocurrency can be stored on most Ethereum token-accepting wallets. Unfortunately, both Trezor and Ledger do not allow UMA to be kept on their devices. However, it is worth considering keeping tokens in the UMA ecosystem. They are utility tokens operating within the DVM service. Thanks to this, users can get rewards, and just holding the token in the ecosystem gives the right to receive the appropriate part from the pool of all tokens..

Notifications

Currently, UMA ranks 48th in terms of capitalization among all tokens. This is a high rank considering that the project has been running for less than a year. This confirms the interest in the project by the entire cryptocurrency market. UMA recorded its highest price on February 4, 2021 and it was USD 43.72. The daily turnover exceeds $ 64 million. The cryptocurrency is listed on 17 exchanges. The largest volume of the stock is traded on the Coinbase Pro stock exchange and accounts for 35% of the total turnover, further slightly lower on the Binance stock exchange 23% and OKEx 17%. Other platforms that deserve attention are BitMart with 14% of the turnover and Huobi with 5% of the turnover. UMA tokens can still be purchased on large global exchanges such as Poloniex, Bittrex, but the turnover on these platforms does not exceed 1%.