UMI Legend WhitePaper
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  • Briefly: main features of UMI
  • UMI Mission
  • Tokenomics
  • Unique features
    • An ecosystem of many different products
    • Instant transactions without commissions
    • Staking with dosed withdrawal
    • Monthly overflows
  • Technology
    • Main technical features
    • Consensus Algorithm, Nodes and Blocks
    • Complete decentralization
    • Addresses
    • Transactions
    • Smart contract
    • Security
  • UMI is your future in the present
  • Useful links
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  1. Technology

Main technical features

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Last updated 1 month ago

  • The initial issue is about 100 UMI coins, all distributed via Airdrop to the community.

  • All subsequent coins are created exclusively through staking within a smart contract.

  • The UMI team did not conduct an ICO, raise investment or organize a pre-sale of coins prior to the launch of the network. The cryptocurrency was launched with funds from the UMI team.

  • Each block in the UMI blockchain holds up to 65,535 transactions. New blocks are generated approximately once per second, giving the network a throughput of up to 3,932,100 transactions per minute.

  • Trading addresses on the network start with the prefix “umitrade” and contain 62 characters (Bech32 format). Example address: umitrade....iut7s Staking addresses on the network begin with the prefix “umistake” and contain 62 characters (Bech32 format). Example address: umistake.....8hjgt.

  • The wallet address is generated using a mnemonic seed phrase (256-bit), which is a random series of words. For example: school marriage run dependence demise join pink loop when rather admit pledge like display divorce name door horror motor until manual just novel soccer

  • Secure mnemonic seed-phrases are used for wallet login instead of traditional usernames and passwords.

  • Transaction hash/ID (TxID) consists of 64 characters and contains digits from 0 to 9 and Latin letters from “a” to “f”. An example of the format for writing a transaction hash is: 6c30a24bcbbb33d540739dade880e98f9d18b12dc6f411fefd715f748600b77b

  • UMI is not a stablecoin. The coin's exchange rate is not pegged to USD or any other currency.

  • UMI is a completely independent coin with its own blockchain. Not a token, but a coin.

  • The network's blockchain is open and available for public viewing through specialized blockchain explorers. This provides the network with maximum transparency.

  • All transactions are pseudo-anonymous. They are not anonymous because the addresses and amounts are visible to everyone for transparency purposes. However, they do not contain any personal data: name, age, location, occupation. Thus, transfers are confidential (if no one advertises that you own a particular address).

  • The UMI blockchain platform is very versatile. For example, it can be used to create any products within the ecosystem.

  • The source code of the network and smart contracts are posted on the most popular repository in the cryptocommunity, GitLab:

https://gitlab.com/umitop/umid.