Transactions
With the exception of staking and burning, transactions are the only way for UMI addresses to change the state of their balances. Each transaction performs a single function and its information is stored on the network forever from the moment it is included in the blockchain.
Due to the public availability of records in the blockchain, it is easy to verify transactions that have taken place at a particular address using public viewing tools. For example, in your own wallet, you will see every transaction you have ever made on the UMI network, from the first to the last.
UMIs are sent pseudo-anonymously (not anonymously) - addresses that in no way reveal the identity of the network user are used to send and receive coins, as well as record transactions on the blockchain.
There are no internal transaction fees on the UMI network - no exceptions, even for excessively large transactions from a single address.
The details of the creation and processing of a UMI transaction are summarized below.
The sender specifies a mandatory set of transaction parameters:
amount;
2.recipient's address;
3.address and digital signature of the sender (specified automatically).
All parameters of incoming transactions are verified.
Transactions are considered valid if the digital signature is verified and the balance of the sender's address is greater than or equal to the transaction amount.
If the sender's address has enough coins to make the transfer:
A new transaction is created with all the specified parameters included and a unique transaction ID number is generated;
The server responds and issues the following code options depending on the result:
transaction network acceptance message;
a code error or an error message if any of the parameters do not meet the requirements.
Also integrated into the UMI code is the message signature function, which is used to authenticate ownership of an address without sending a transaction or transmitting a mnemonic phrase.
For example, this function can be used to attach an address to an application in the UMI ecosystem.
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