Have a nice day or evening, everybody!
Today we will talk about the project called UMEE
This project has long been in the hands of good and confident people.
Pretty useful article which describes things about this project and also for new people as never before this article will be required reading.
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What topics will be covered in this project?:
- What is Umee?
- The foundation of Web3’s own debt market
- Security and Audit
- Gravity Bridge
- Functions
- Token Utility
- Networking fees
- Protocol management
— — — — What is UMEE? — — — —
Umee — permission-free, autonomous betting algorithm built as a blockchain that pioneers the next generation of globally accessible financial markets.
As a base-level blockchain, applications and monetary primitives can be built on top of Umee to access cross-chain leverage, liquidity and debt instruments.
Umee blockchain facilitates interoperability between the Cosmos ecosystem, Ethereum, sidechain architectures, Layer 2 scaling solutions, hoarding packages and alternative base layer protocols.Umee — first borrowing and lending platform aimed at offering universal DeFi interconnect functionality that combines the strengths of blockchain architecture with the fundamentals of traditional debt markets.
Umee will replicate $200 trillion worth of global debt capital markets using open source, cryptographic primitives and web3 technology, building a universal yield curve and laying the foundation for modern monetary policy that is globally unified, transparent and decentralized.
— — — — The foundation of Web3’s own debt market — — — — —
Umee combines traditional debt market fundamentals with the capabilities of next-generation blockchain technology.
Traditional debt market fundamentals will provide Umee with the basis for creating: Term
A structure that uses time-to-maturity and creditworthiness to determine rates;
A crypto format for debt primitives such as bills, bills, bonds, CDS, structured products and other assets.
— — — — What will the UMEE web3 architecture provide? — — — —
- Decentralization
- Transparency
- Immutability
- PoS-based interest rates
- Decentralized credit rating systems
— — — — Security and Audit — — — —
There are certain industry standards to help protect users, including extensive code audits to identify any potential weaknesses before a product launch, when any real money is at stake. Security is a priority for Umee, so Umee has hired several leading auditors to review every line of code and identify any potential vulnerabilities before launch.
— — — — Gravity Bridge — — — —
What is Umee’s Gravity Bridge? — chain bridge optimized for transfers between Ethereum and the Umee blockchain, with future plans to integrate Omni-EVM functionality
(including the ability to transfer to and from multiple EVMs).
The advantages of the Umee gravity bridge over conventional bridges are security and investment efficiency. The multisignature bridge, which signs state changes (account balances) for transactions between chains, is controlled by 100 decentralized and permission-free Umee validators, greatly improving security and minimizing trust assumptions. In this documentation, we will delve into the economics of Gravity Bridge and Peggo, which is a Gravity Bridge orchestrator that assists relayers in exchanging messages between chains.
— — — — Functions — — — —
The primary function of Gravity Bridge is the secure transfer of ERC-20 assets to Cosmos and vice versa.
The key stakeholders of Gravity Bridge are users, relays and validators. Validators are the same actors that protect the Umee blockchain. In order for validators to relay transactions, they must run software on their nodes called Peggo, which is an orchestrator that allows them to verify events (account balance changes) occurring in both Ethereum and Cosmos.
All 100 Umee validators must sign a multisignature for Gravity Bridge via Peggo, making the bridge decentralized and robust in its security setup.
— — — — Token Utility — — — —
Validator Infrastructure.
The Umee blockchain is built on a network of validators that contribute to the Tendermint BFT protocol. Tokens are tied to validators that bid to provide Proof of Stake consensus on the network. Validators come from an open ecosystem of participants and infrastructure providers. Users can also delegate tokens to validators to participate in the underlying consensus mechanism. This helps ensure that the Umee network is decentralized.
— — — — Networking fees — — — —
Network fees will be collected by validator infrastructure providers in the form of UMEE tokens.
Validators receive a blockchain fee in the form of UMEE, similar to how transaction fees are handled in native blockchain protocols
— — — — Protocol management — — — —
UMEE’s own token is also a protocol management token used to facilitate the management of the Umee blockchain in the chain.
The UMEE token, when stacked, can be used to vote on protocol parameters and updates to improve the functionality of the blockchain infrastructure.
The UMEE token will also manage the parameters of DeFi applications that are on top, community grants and future development.
Let’s summarize a little bit about this project.
For those who are new in the industry, then I highly recommend this project, (below will be listed all the necessary links for review of the project) as well as for the giants, too, this project will be to your liking.
— — — — — — — — — Happy New Year 2023 !!! — — — — — — — — — —
If you have any questions, always write to them in the Discord group, or join us in the Discord or Telegram chat, and we will always answer your questions.
