If you follow the news of the cryptocurrency industry, you must have heard of the recent discussions of mining harmful effects. They started when Tesla stopped accepting bitcoins citing environmental impact. Then other participants of the crypto industry also started analyzing the Bitcoin network power consumption, carbon footprint, and other eco-related issues. Media SIGEN.pro, our partners’ portal, made a thorough review of this situation. Long ago we also wrote about mining harmful effects in our blog.
As you probably know, the Bitcoin network is based on the Proof-of-Work algorithm, which is also the basis of the Ethereum network. Huge energy costs and low capacity make this algorithm economically impractical and inefficient. Today bitcoin uses as much electricity as a medium-sized country, or only twice less than the ENTIRE global banking system.
UMI is an efficient, fast and eco-friendly blockchain
By launching UMI, we initially attempted to provide the world with an efficient and fast blockchain that would have no negative environmental effects. While forging the future and creating new technologies, we shouldn’t sacrifice the world around us.
A protective attitude towards limited, and especially non-renewable resources or in other words wise and sustainable consumption are not mere words for us. Therefore, we use Proof-of-Authority. This consensus algorithm achieves high capacity with no harm to the environment. While initially we processed 4,369 transactions per second, now the main UMI network managed to achieve the capacity of up to 65,535 tx/sec.
Since miners or forgers don’t have to compete for a block reward in our blockchain, the network requires less computing power. At the same time, we came up with a non-standard way of protecting the network against DDoS attacks (spam transactions) – during each operation, the user’s device solves the easiest mathematical problem. In the case of a DDoS attack, these tasks get much more complicated, thus making the attack not dangerous for the network.
However, our developer team hasn’t stopped only at using the most efficient consensus algorithm. We’ve done a lot of work on optimizing the program code and achieved excellent results. Since the network launch, we’ve halved CPU usage, which has significantly reduced electricity consumption and decreased the number of servers maintaining the public infrastructure.
65,535 transactions per second without harm to the environment
But high power consumption is just one of the many problems that cryptocurrencies cause. Another serious problem is the shortage of computing devices. Today, due to the hype in the cryptocurrency market, ordinary users can’t buy video cards at affordable prices. Resellers buy video cards directly from manufacturers and then double the price. We have seen a massive shortage of SSD and HDD drives so far. It was caused by the popularity of Chia and other similar cryptocurrencies whose mining is based on SSD and HDD drives.
We believe that the sustainable use of resources is in every way profitable strategy, so we don’t want to have any negative impact on the IT sector. New UMI blocks are created via master nodes which are distributed over the world. Users don’t need ASIC, video cards and other devices to take full advantage of the cryptocurrency. Instant and free transfers, as well as staking with a 40% monthly reward are available to anyone with a smartphone or computer. So there is no need for specialized computer devices.
However, even with this, we don’t rest. As we’ve mentioned above, we were able to increase the network capacity to 65,535 transactions per second causing no harm to the environment. In fact, this task is not easy to do, since it usually requires increasing the disk subsystem capacity, while with such a load the volume of the blockchain grows at the rate of up to 1 TB per day. We can’t do this partially because ordinary users won’t be able to install the node on their device.
Therefore, with each new update, we try to decrease both the system requirements and the space and load on the storage device. You need the simplest and most accessible disk to run a fully functional validator node. At the same time, it doesn’t use much network capacity or other resources like disk memory or electricity. We developed and improved UMI in a way that avoids a possible shortage of computer components.
We should note that while developing and maintaining the UMI network we also faced problems and errors. For example, at the very beginning, we chose the JSON-RPC protocol, which is quite easy to use, but consumes a lot of resources. However, soon we started working on the integration of a new binary protocol which:
● Utilizes communication channel capacity with maximum efficiency.
● Wisely consumes computing power.
Even with a slow and unstable Internet connection, the new protocol allows you to efficiently send transactions and sync the blockchain.
We treat the user experience of our network participants as a high priority, so transitions to new protocols will go unnoticed. For example, together with the release of a new node, we released a special proxy server that can convert requests from the old version to the new one and back. Our user can significantly save resources without changing anything.
With UMI, we try to provide the market with a tool that consumes little resources and is convenient for a regular user. Once again, we want to focus on our incredible success: we have achieved the capacity of up to 65,535 transactions per second. In other words, UMI is now much faster than not only traditional cryptocurrencies like Bitcoin or Ethereum, but it is also more efficient than Visa or Mastercard. With this, it is also
● Environmentally friendly;
● Extremely convenient and easy-to-use.
UMI is a universal monetary instrument of the future – the future which is already here!
Best regards, UMI Team!