UMI PriceUMIInactive

What is UMI (UMI)?

UMI is a cryptocurrency launched in 2020 that positions itself as a decentralized payment blockchain network with open source code. The project aims to enable almost instant and absolutely free transactions worldwide, using UMI as the unit of accounting within its network. The project describes UMI as a blockchain platform developed from scratch that supports smart contracts; this is a project claim and has not been independently verified. The network is built on a Proof-of-Authority consensus algorithm where master nodes and validator nodes are responsible for performance. UMI is issued via staking based on a smart contract, allowing network participants to generate new coins at a rate of up to 40% per month by holding them in their wallets. The project spans multiple blockchain ecosystems including Ethereum, Polygon, and BNB Chain, and also includes a separate Layer 2 initiative called Umi Network that brings MoveVM technology to Ethereum.

Key Specifications & Tokenomics

• Name: UMI
• Ticker/Symbol: UMI
• Consensus Mechanism: Proof-of-Authority (PoA)
• Smart Contracts: Yes, supports creation and execution of smart contracts
• Category: Decentralized payment blockchain network
• Launch Year: 2020
• Ecosystem Tags: Ethereum Ecosystem, Polygon Ecosystem, BNB Chain Ecosystem
• Contract Address (Ethereum): 0x4932d890891ec3296045456ebe53a224a94008de
• Contract Address (BNB Chain): 0x59b74B6BF465051A11023d8CBD9952B4CdC16a00
• Total Supply: 586,141,472 UMI
• Max Supply: 586,141,472 UMI
• Self-Reported Circulating Supply: 586,141,472 UMI
• Source Code Repository: https://gitlab.com/umitop/umi-master
• Block Explorers: etherscan.io, bscscan.com, tronscan.org, polygonscan.com, blockchain.umi.top
• Security: the network code is published on GitLab (gitlab.com/umitop/umi-master) and available for audit.
• Official website: https://umi.top
• Whitepaper: https://umi.top/whitepaper_en.pdf
• CMC ID: 9632
• CMC listing date: 2021-05-07
• Launch date: 2020-05-31

Who created UMI?

Detailed public information about the founding team and individual creators of UMI is currently limited. The project maintains an open source code repository on GitLab, and its community presence includes platforms such as X, Medium, Telegram, and Discord. In November 2021, the Russian Central Bank issued a warning that the ROY Club (UMI) shows signs of a pyramid scheme (cbr.ru/inside/warning-list/detail/?id=6823). No specific founder names, company registrations, or team member identities are disclosed in the available materials.

How does UMI work?

UMI operates on a Proof-of-Authority consensus model. Master nodes are responsible for generating new blocks and are subject to ultra-high requirements in terms of network speed and bandwidth. Validator nodes check blocks for correctness and rule out forgery, and any UMI user can launch a validator node to increase decentralization. Any network participant can also launch a light node that allows viewing and sending transactions without downloading the entire blockchain history. The use of master nodes significantly increases the bandwidth and transfer speed of the network. Master nodes are described as operating anonymously and distributed globally; the project does not disclose the number of master nodes or how they are selected. The UMI blockchain is public, so transactions are transparent and cannot be forged or canceled. Holding UMI still carries market and smart-contract risk, so users should verify contract addresses and use hardware or software wallets. The network code is published on GitLab and available for audit.

What makes UMI unique and valuable?

UMI distinguishes itself from Proof-of-Work and Proof-of-Stake blockchains by using Proof-of-Authority to bypass the throughput limitations and commission costs inherent in those algorithms. The project claims almost instant transactions and operation without commission costs; these are project claims rather than independently verified performance figures. The staking mechanism based on smart contracts allows participants to generate new coins at a rate of up to 40% per month simply by holding UMI in their wallets. The project also includes a separate Layer 2 solution, Umi Network, which brings MoveVM technology to the Ethereum ecosystem, offering reduced development costs and enhanced security while leveraging Ethereum's existing user base and liquidity. Unlike traditional Ethereum smart contracts, Umi Network runs on MoveVM, which offers better safety guarantees and more efficient execution.

What is UMI used for?

UMI serves as the unit of accounting within the UMI network. It is used for transactions on the network, which are designed to be instant and free. UMI can be staked to earn passive rewards, with the staking mechanism based on smart contracts. UMI is issued via staking based on a smart contract, and holders can generate new coins by holding UMI in their wallets. The token is also used within the broader UMI blockchain platform, which supports the creation and execution of smart contracts of any complexity.

How Is the UMI ecosystem developing?

The UMI ecosystem includes the original UMI blockchain network and a separate Layer 2 project called Umi Network. Umi Network operates as a Layer 2 solution for Ethereum, enabling developers to deploy Move smart contracts while benefiting from Ethereum's security and liquidity. Umi Network documentation provides guides for setting up a wallet, bridging ETH from Ethereum to Umi, and deploying Move smart contracts. Community support is available through Discord. Installation guides for the Umi Network binary on macOS, Linux, and Windows are provided. UMI is tracked across the Ethereum, BNB Chain, Polygon and Tron ecosystems; contract addresses should be verified on each chain before interacting. UMI was listed on CoinMarketCap on 2021-05-07. Its market data is currently marked as untracked due to inactivity or insufficient data.

How to mine UMI?

UMI is not mined through traditional Proof-of-Work mining. Instead, UMI is issued via staking based on a smart contract. Network participants can generate new coins at a rate of up to 40% per month simply by holding them in their wallets. This staking mechanism allows users to earn passive rewards. Total and max supply are both fixed at 586,141,472 UMI. The project states that staking can generate new coins at up to 40% per month; readers should treat this figure as a project claim and verify how it is reconciled with the fixed supply. Running a validator node is another way to participate in the network, as validator nodes support the network by checking blocks for correctness. Any UMI user can launch a validator node, and any network participant can launch a light node for viewing and sending transactions.

How to keep your UMI Coin safe?

UMI can be stored in hardware or software wallets. Before interacting with UMI tokens, verify the contract address on the relevant chain (Ethereum: 0x4932d890891ec3296045456ebe53a224a94008de; BNB Chain: 0x59b74B6BF465051A11023d8CBD9952B4CdC16a00). The UMI blockchain is public, so transactions are transparent and cannot be forged or canceled. The network code is published on GitLab and available for audit. For Umi Network interactions, users need to configure a Rabby wallet and bridge ETH to the Umi Devnet. Users should always verify contract addresses when interacting with UMI tokens across different chains, including Ethereum and BNB Chain, and exercise caution given that the project's market data has been marked as untracked due to inactivity or insufficient data.

Risks and uncertainties

UMI carries market risk, and its price can fluctuate significantly. Regulatory treatment of crypto assets varies by jurisdiction and may change. The project's mechanisms, including its staking rewards and network performance claims, have not been independently verified, and smart-contract risk remains. UMI is tracked on major market data platforms; trading liquidity is limited and should be checked on the relevant venue before trading.