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!
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.
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, [email protected].
All of them will be equivalent to the standard format UMI addresses. For example, umi-andrew, @andrew and [email protected] 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.
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.
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.
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.
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 SIGEN.pro 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.
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.
In the white paper is written “Forging”, although on the Internet it seems like everywhere is written “Forging” (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.”
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.
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.
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.
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 SIGEN.pro 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:
- 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.
- We will focus only on large trading floors with an excellent reputation, real users and non-wound volumes.
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.
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!