Quick Guide about UMA (UMA) and Its Optimistic Oracle
UMA protocol functions as an outlet to create synthetic assets on the Ethereum (ETH) blockchain. A self-described Optimistic Oracle (OO) that records data using the blockchain, which can be used in various Web3 applications.
What is UMA (UMA)?
UMA (Universal Market Access) was launched in December 2018.
The protocol functions as an outlet to create synthetic assets on the Ethereum (ETH) blockchain. A self-described Optimistic Oracle (OO) that records data using the blockchain, which can be used in various Web3 applications such as cross-chain bridges, prediction markets, customizable DAO (Decentralised Autonomous Organisation) tools, and insurance risk analysis.
Universal Market Access Protocol and Smart Contracts
UMA’s synthetic asset class underpins an array of underlying assets that share identical values with their counterparts. UMA's unique system provides a framework for users to develop self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain. Essentially, UMA can digitalize and automate real-world financial derivatives including futures and CFDs (Contracts for differences). It also can be used to develop self-fulfilling contacts such as derivates and other cryptocurrency-based smart contracts.
Through smart contracts, UMA’s OO offers “true unless disputed” data. UMA’s Optimistic Oracle allows contracts to swiftly request and receive live data. The Optimistic Oracle operates as a generalized escalation game between contracts that initiate a price request, and UMA’s dispute resolution protocol is dubbed the Data Verification Mechanism (DVM).
$UMA Token Utilities
The UMA token is utilized by holders to preside over UMA protocol decisions, such as voting on UMA Improvement Proposals (UMIPs), price requests, and disputes made to UMA’s Data Verification Mechanism (DVM).
The UMA token is the cornerstone of the UMA ecosystem as it guarantees the economic security of UMA smart contracts and its oracle system. The Primary objective of the UMA token is to enable the optimistic oracle to remain secure by utilizing a fully decentralized and permissionless system.
Team
UMA was co-founded in 2018 by two former, long-serving employees of the established investment bank Goldman Sachs.
Allison Lu was the Vice President of Goldman Sach for a 6-year term, managing a $30 billion dollar balance sheet with over 100 million in annual revenues. Before Co-Founding UMA, Lu refined his taste for DeFi through his time with One Daijo ltd, serving as an advisor for the P2P lending platform built on Stellar.
Hart Lamber was a government bond trader on behalf of Goldman Sachs and is experienced in electronic trading. Lamber is the Director of Risk Labs which is the decentralized financial contacts platform that developed UMA.
Where to Store UMA (UMA)
Guarda wallet supports storage for UMA (UMA) and a variety of other crypto assets. Guarda Wallet is a Multi-Crypto wallet available as a Web Wallet, Desktop, Mobile, and Chrome Extension.
Leading hardware wallet providers such as Ledger are integrated with UMA (UMA), and wallets are supported on their devices. If you are looking to hold a large amount of UMA (UMA), ledger offline storage solutions can offer a high level of security.
Where to Buy and Sell UMA (UMA)
You can Buy & Sell UMA (UMA) by heading over to the Buy Coins page of our website. UMA (UMA) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying UMA (UMA) has never been easier, simply place your order and provide your wallet address. Once your payment arrives UMA (UMA) will be sent directly to your wallet.
If you choose to Sell UMA (UMA) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.
UMA (UMA) Resources
Website: https://umaproject.org/
GitHub: https://github.com/umaprotocol
Twitter: https://twitter.com/UMAprotocol
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
