It seems like it was just a few days ago that a group of crypto enthusiasts and programmers got together to give the universal monetary instrument to each and every person in the world. Years of development, discussion, strenuous work, and finally UMI was displayed to the world on June 1, 2020 — as a universal blockchain platform that enables fast and free transactions, can work with smart contracts and allows people to generate new coins within the wallet via staking.
UMI would have remained another mediocre cryptocurrency unless the crypto community took an interest in it. Our instrument turned out to be very much in demand. Now, a year later, the UMI community has grown to thousands upon thousands of users, with UMI capitalization well exceeding $400 mln!
UMI creation was a pretty challenging process. We analyzed existing problems in the crypto industry and came up with solutions to lay the foundation for preventing future problems. Thus, we chose the Proof-of-Authority consensus algorithm as the basis for the UMI network, allowing us to ensure high network capacity without considerable costs in terms of resources. Network health is ensured by master nodes distributed across the globe and complying with stringent requirements regarding stability and security. At the same time, we improved the Proof-of-Authority algorithm by adding validator nodes that anyone can launch. It makes the network more decentralized.
During the first year, it did not always work as smoothly as we’d like it to work. Still, we tried to resolve all problems and inadequacies in the shortest time possible. By optimizing the code all the time, our team of IT developers achieved fantastic results. For instance, at the very beginning, we selected the JSON-RPC protocol that was easy to use, but inefficient in terms of resource consumption. However, we soon switched to integrating a new binary protocol that utilizes communication channel capacity with maximum efficiency and sparingly uses computational power without harming the planet.
Over the year, there has been no disruption in public network operation, despite technical issues and emergencies. In this connection, we’d like to express particular thanks to our awesome IT department. Our team of developers has no random people. Everyone working with us today is here to change the world for the better, to build something new and valuable for people. Our specialists open their laptops each and every day and turn on their computers wishing to do something significant.
As mentioned above, while working on UMI, we often have emergencies that knock us off balance. Sometimes it causes emotional and creative burnout, but feeling your support makes us find the strength to do the things we thought impossible yesterday. We’d like to express our deep gratitude for this!
It’s also worth noting that we haven’t fulfilled all our plans during this year. We still have a lot to do, but we’re sure we can make it. With your support — there’s no other way!
On behalf of the entire UMI Team, including developers, marketers, copywriters, translators, designers and many many other specialists, we’d like to express deep gratitude to all those who believed and continue to believe in us. We’ll make sure to achieve all our goals!
Sincerely yours, UMI Team!