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How to buy Umi Coin in 9 steps: The Complete Guide
Luis Clark
In this how to buy UMI Coin Guide, we will go through the specific procedures to purchase UMI in South Africa, but first lets understand what is UMI.
What is UMI?
UMI is a decentralized payment blockchain network. It has an open-source code, enabling you to conduct almost instantaneous, cost-free transactions worldwide. Within the network, the UMI cryptocurrency is used as a unit of accounting.
UMI is a fully featured blockchain platform, and the UMI code is written from scratch. It enables the creation and execution of smart contracts.
UMI is a unique cryptocurrency issued through staking based on a smart contract. A UMI user can either create their staking structure or join an existing one and generate new coins at a rate of up to 40% per month. Also, UMI coins are not locked for staking, and only the user always has access to them.
Statistics show that the daily trading volume of UMI ranges between $250,000 and $300,000 and that when the p2p platform is considered, the liquidity of the order book for buying coins has already surpassed $3.2 million. For the project that was launched a few months ago, the trading volume looks very promising. UMI is currently actively entering the DeFi market. UMI was tokenized in four popular blockchains — Binance Smart Chain, Ethereum, TRON, and Polygon, and also added to popular decentralized exchanges.
UMI has been listed on several cryptocurrency exchanges; however, unlike other major cryptocurrencies, it cannot be bought with fiat money straight away. Nevertheless, it is still simple to get this cryptocurrency by first purchasing Ethereum from any fiat-to-crypto exchange and then transferring it to the exchange that deals with UMI.
UMI Blockchain Ecosystem
UMI catches attention not only for what it can do but also for its exciting plans for the future. Thanks to UMI, people can easily and quickly send money without worrying about security or fees. Now, let’s take a closer look at what UMI can actually do.
Transactions
The UMI network can execute roughly 4,500 transactions per second. This significantly outperforms the capabilities of the majority of other blockchains, especially the most prominent ones Bitcoin and Ethereum.
The UMI network is extremely fast. To be precise, it is 300 times faster than the Bitcoin network. It can process about 1,000-4,369 transactions per second and strives to outclass VISA and MasterCard ultrahigh-speed payments systems. In the UMI network, transfers will always be free.
Technology
The Proof-of-Authority (PoA) technology forms the foundation of the UMI blockchain. There is no contest between miners and forgers for the right to create a block and get a reward in the PoA network; hence, it differs from popular Proof-of-Work (PoW) algorithms on which Bitcoin operates) and Proof-of-Stake (on which Ethereum aims to transition to PoS). The generation of blocks, and most notably, their integration into the blockchain, is handled by trusted nodes – ‘master nodes’.
Master nodes within the UMI network are big approved nodes that follow precise speed requirements. This characteristic significantly boosts the network’s capacity.
But there are also problems with the original PoA idea. According to the original PoA model, only trusted nodes, which are typically owned by a single organization or affiliated companies, have the authority to confirm transactions and record them in the blockchain and thus cannot be influenced by ordinary users.
These considerations raise the risks of network centralization, which deprives cryptocurrencies of their primary value – decentralization – and renders them different from other currencies used for traditional payment systems. To reduce the risk of network centralization, UMI blockchain nodes are split into two categories—”master nodes,” which integrate blocks into the blockchain, and “validator nodes,” which validate the block. While any user can launch a validator node, only a select group of validator nodes, including those created by the UMI team and their multiple global partners, can become master nodes.
Smart Contracts
You can develop a number of specialized multifunctional smart contracts on the UMI blockchain, including those that can be integrated into e-commerce services or used to start decentralized autonomous organizations. Several decentralized finance services are among them.
The UMI network’s huge capacity will guarantee the efficient functioning of significant DeFi projects, decentralized exchanges (DEX), or decentralized applications (DApps), and users won’t experience abnormally high transaction fees, as was the case with the Ethereum network previously. Hence, consumers who use the system for money transfers won’t be negatively impacted by the introduction of DeFi services based on the UMI.
Staking in Detail
The staking technology enables UMI holders to multiply their coins by storing them in their wallets. Staking is based on a smart contract. To start mining, a user must create a personal wallet in the UMI blockchain and transfer a certain amount of UMI coins to the user’s address. Currently, ROY Club and ISP Club are the two staking structures (pools) where UMI can be mined. UMI can be traded (buy or sell) on SIGEN.pro, comprising an exchange, an automatic exchanger, and a p2p platform.
Mobile App
The UMI MI mobile app has an array of features. One can create and manage one or more UMI wallets, send and receive coins, join staking networks, see transaction history, and contact technical support. The app allows users to authorize via Face ID, a fingerprint, or a PIN code.
How to Buy UMI
If you want to buy UMI Digital, which is currently not listed on Binance, for example, you can follow the step-by-step guide below. It will demonstrate how to purchase UMI Digital by linking your crypto wallet to a decentralized exchange (DEX) and using your Binance account to purchase the base currency.
1. Get a Metamask wallet
Within the Ethereum network, there are several wallets to select from, but Metamask is the most integrated. You can download Google Chrome and the wallet Chrome extension using a desktop computer. If the wallet is available, you can download it from the iOS App Store or Google Play if you prefer using your smartphone. Visit the Metamask website to make sure you are getting the official Chrome extension and mobile app.
2. Set up your Metamask
Register and set up the crypto wallet using the Google Chrome extension for the wallet or the mobile app you downloaded in Step 1. You can use the support page for the wallet as a resource. Make a note of your wallet address and keep your seed phrase secure. Later, when you are on Steps 4 and 6, you will need it.
3. Buy Ethereum as Your Base Currency
Some platforms are relatively simple to use, but others are not. In general, buying cryptocurrency with a fiat currency like the US dollar will be simpler than doing it with another currency. If you must use another crypto to buy UMI, you must first create a UMI-compatible crypto wallet.
Once you’ve got your wallet ready, simply log in to your Binance account and head over to the page where you can buy and sell cryptocurrencies. That’s where you can easily get yourself some Ethereum.
4. Send Ethereum From Binance to Your Crypto Wallet
Go to your Binance wallet section and search for the Ethereum you bought. Click on “withdraw” and provide the necessary data. Set the network to Ethereum, enter data such as your wallet address, then enter the desired transfer amount. The price varies according to the complexity of the transaction, network activity, and desired speed of completion. Click the withdraw button and wait for Ethereum to appear in your Metamask.
5. Choose a Decentralized Exchange (DEX)
There are several DEXs available where you can purchase the UMI coin from; you only need to confirm that the exchange supports the wallet you choose in Step 2.
6. Connect Your Wallet
Using your wallet address from Step 2, link your Metamask wallet to the DEX you wish to utilize.
7. Trade Your Ethereum With UMI Coin
Choose Ethereum as your payment method, and then choose UMI Digital you wish to purchase.
8. If UMI Digital Doesn’t Appear, Find its Smart Contract.
You can use https://etherscan.io to find the smart contract address UMI digital is not listed on the DEX. Afterward, you can copy it and paste it into 1 inch. Be on the lookout for frauds and confirm that you have the correct contract address.
9. Apply the Swap
When you are finished with the previous steps, select the Swap button.
Our extensive analysis of the South African Crypto Space doesn’t stop here. You can also check out our Guide regarding Buying Bitcoins in South Africa.
FAQ
Most frequent questions and answers
The UMI cryptocurrency offers some interesting features in the crypto market and can be considered for its reliance and ambitious vision.
UMI price hit an all-time high of $0.760000 on 09 July 2021.
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