How to burn UMI?

We continue to talk about the functionality of the UMI OneApp DeFi platform. Today, we will discuss burning of UMI coins in detail. First, let’s answer the main question: why is it even necessary?

Burning is the complete withdrawal of cryptocurrency from circulation, its destruction. For example, if there were 600 million UMI in circulation, after burning 100 million, 500 million UMI will remain in circulation. This means the potential supply on the market will decrease. Burning coupled with increasing demand for the coin leads to growing deficit which, in turn, may lead to value growth. 

In the UMI network, the burning functionality is implemented through the special Burn function. Anyone can call this function and thus destroy the coins for good. All UMI holders will be able to use it to help cryptocurrency grow by burning their coins and thereby taking them out of circulation. Be extremely careful, however: right now, users do not receive anything in return although in the future they will be offered interesting functionality which we will tell you about at the end of this article. 

Step-by-step instructions for burning UMI

Now, let’s go directly to burning. Thanks to the created functionality, it is very easy to burn coins in UMI OneApp. First, open the UMI OneApp website — https://app.umi.top/

Then, connect to your UMI address. You can do this using your mnemonic phrase and SSO in the UMI Wallet mobile app or the UMI Wallet browser extension. Let’s use the second option as an example. 

On the UMI OneApp website home page, select Connect:

https://lh5.googleusercontent.com/HlWvGLHzsS8BGwo0MqmlmvpTX8VEqrhu1zJWzAxNw9RBnXndyoDGDVgmErPoUXMkjpfLeerNwhMLS9ccEuGZJAmUNloE3VWeTB8J8QttOGX76-wBpljlmaOWM06sUOtQO6CQy3UGFEWm0OwcZA

Select UMI QR code:

https://lh4.googleusercontent.com/vxqKU58THPA0pXvEC7C65uKyb7SFdglk-Rv4UQVWLhvs_f22VrHLE3CCTx8Sy6cefjeNCgqcuW0MwoY3lC_WhXQtFrUt4QSHoQnVO423BeQeJ3V0_FrfAbhp6xU5CoCDfG1u9R5cSjBQxYi1uw

A window with a QR code will appear. 

https://lh6.googleusercontent.com/u_94SC0KFYUTrnfrhR4KNaYcgl9K7o5dnEejyzg7gDZGNvVOEGI55NhpS-yAuKF_Po2wBkylGYCZHUxr21tjC894sjkMR62zxtFv9nd4qlYrgDBbNLEzFPQLxibdA_aHNV7TPiTBMVDwA_74gQ

Then, open the QR code scanner in the UMI Wallet mobile app:

https://lh5.googleusercontent.com/Og_Evc8JVGMya5qusw1KH72hDfeOy6PevYWYHBMIDTIkFy0Uycf4WWBbECwLJZCrZWfhTTLLsQkd638fn7O97oRDBkpPgxSPctZvrAvjMfXKL97oU_GbLEZeAy4sj2J-PUW9VWQ_NiC9PqmiSA

After that, the camera will open on your smartphone. Hover it over the QR code in UMI OneApp. 

If you don’t want to use SSO, you can simply log in using your mnemonic phrase or the UMI Wallet browser extension. 

Next, select Burn on the More tab:

https://lh6.googleusercontent.com/Z035RHpyzH0upMxb0zesoH6kvIslfjioDa6-v_k7g423_3RSnzwQu8-ADyWHMpZez1Uj9iaNlm1Lc2Sy3PmJ-O0aKSsiKjHXSZxwtJYHFKdLNtxRvG06RFStpcSfaCHR5GnoTTrAbKVCQUpjzw

On the page that opens, you can see the following information:

  • total amount of UMI coins burned;
  • amount of coins burned in the last 24 hours;
  • amount of coins burned over the week;
  • recent burning transactions.

Let’s now turn to the burning functionality. Click Burn:

https://lh4.googleusercontent.com/RHgXhxURKtjLhAyOKhuRyq_7kjhQnF6V7UXAnC430EAHEaQnNLk0GaWA2PdbgdakOk2ON0gAZ_XBUp14-bb8hVJ3P83XhwKnNA1lFTisFsBpSO8TpwC5UVLj4pPaqlCpm_7SkHSVf8nNc_-84A

In the menu that opens, specify the amount for burning and click Burn:

https://lh4.googleusercontent.com/-XOKA0zY0jgF85oa5yeewPN59QsaFV_M-lMoveZcIgvF5sm4DoKt05dXMxq4kudNS7tpXQFjPrS7ZXVE7Izg9eyeVjuUGwyQTgTw0aOzR6H1sgYG6NwdRUk4BTktp4fiVKKNf6xdtck1vufQ1Q

Confirm the transaction. In this case, we will confirm it in the UMI Wallet mobile app since we connected this wallet using the QR code. 

That’s it, the transaction has been successfully sent:

https://lh5.googleusercontent.com/fjoerRICyL6KLeWcOlA2RRgRmO5_GNW52UOhUp8T-t9Pw6YYOA02s-3oCqzk-VzdY5XaA78CqHngljLvPENpE-e8GI3ZEx0zDt5tp7xnauWpcEwhdMXMJjSu_x5U9sSM9NkLw8xYjPKKpBVqhg

That’s it, basically. UMI coins have been successfully burned. You can also use similar functionality for burning in the UMI Wallet mobile wallet:

https://lh5.googleusercontent.com/b-WSXbyDqrybFVV6aqWEWfPKYjOtVxJbdWHR-Lgtp_4Y9B_qcyWbxQq6JnGXGzIGGCn9dBkdgUWZh3MQJzuN7AmmgjvlhrtDXRdP5Ig_RAPO8_KM_ui1Q--Nyvla408Pd4ivbj0xVovRBEok5g

The principle is the same: call the Burn function to burn UMI coins. 

In the future, burning will become part of large-scale U-SocialCapital functionality. This will be a reputation system allowing you to access various functions of UMI OneApp and participate in voting when making significant development decisions. 

Each user of the UMI OneApp ecosystem can form their own social capital in different ways — by burning coins, funding projects, working as an arbitrator, doing charity work, and so on. In return, the user receives special tokens. The more tokens they have, the higher the level of their social capital — and the higher their ‘rating’ in the ecosystem. The social capital functionality can be made available not only for UMI, but also for other crypto projects present in UMI OneApp.

So in the future, users will be able to raise their rating by burning and increase their significance in the UMI OneApp ecosystem. In addition, we will be able to burn other coins and tokens supporting this functionality on the DeFi platform in the future. 

That’s it for today. In the future, we will continue to review the UMI OneApp functionality. We have other things we want to share with you.🙌 

Stay tuned. Always yours, UMI Team!💚

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