Dear friends, when we started working on UMI – universal money instrument – our initial goal was to create a network that would be able to process a lot of transactions.
We realized the significance of this. Otherwise, the blockchain of our cryptocurrency neither would be different from Bitcoin or Ethereum nor would compete with other existing payment systems like Visa or Mastercard. Even being hundreds of times faster than Bitcoin or Ethereum, at the launch, in practical terms, UMI was inferior to the leading payment systems. This didn’t stop us from developing the cryptocurrency, and you from using it. But to achieve global recognition and maximum comfort, we had to do more.
Today we have not only reached the giants of the market but also outperformed them by as much as 2.5 times (the peak of VISA’s capability is no more than 24,000 transactions per second).
Today we’re going to reveal a secret. Since the launch, the UMI blockchain has been able to process up to 65,535 transactions per second. But due to the lack of necessity and in order to protect the network against overload, we’ve been artificially restricting UMI’s capacity.
Even though the number of transactions on the network is continuously growing, we still don’t need such a high capacity (the network successfully copes with the load). However, in about a year of optimization in order to raise the network to a new level of development and demonstrate its power, we developed a new node and thus switched the master nodes into their maximum performance mode, generated and sent several hundred thousand transactions to the network.
Several consecutive full blocks can demonstrate the UMI network power and verify its claimed performance.
Thus, right now, the UMI network is processing up to 65,535 tx/second — more than VISA and Mastercard (not in the test network, but the main one). And all of this does no harm to the environment.
With such a high capacity, UMI ensures immediate transactions. We will tell how we managed to achieve these results without causing any harm to the environment in our next article. Keep the finger on the pulse.
🔥 To successfully demonstrate UMI’s capacity, we sent 2 transactions of 0.02 UMI to all existing addresses with a non-zero balance (2 symbolizes the second version of the node). In total, there were 371,329 addresses and 742,658 transactions. We generated 5 blocks filled each with 65,535 transactions. It took the UMI network only 10 seconds to process all the transactions. In other words, each block was processed in 1 second.
Links to blocks:
🚀 Thus, UMI has become the fastest cryptocurrency network in the world, which has proved in practice that its main network, not the test one, can achieve incredibly high capacity. It are faster than Solana, Cardano, Free TON and all the others.
The new node also paves the way for high-quality, convenient, and fast implementation of new UMI-based products, such as the DeFi ecosystem products (tokens, stablecoins, decentralized exchanges, etc.), new smart contracts, a coin burning mechanism, games using UMI, and a lot more.
As soon as the new node was successfully integrated, we started developing new products. We will tell you more about them in our weekly reports.
🥇 Another important point: a move to a new node made the UMI blockchain 6 times more lightweight. This will allow the network not only to actively grow and scale but also protect the master nodes and validator nodes from overload.
🧑💻 The code of the new node has been successfully uploaded to Gitlab: https://gitlab.com/umitop/umid. Other useful technical links:
– API documentation: https://api.umi.top/
– Main network: https://mainnet.umi.top/
– Test network: https://testnet.umi.top/
– Technical / Structural wallet: https://techwallet.umi.top/
Thank you to everyone in our community for helping UMI grow.
Thanks to you and for your good, we are moving forward. Sincerely yours, UMI team