Buy Uma in India

Developer mining, as coined by UMA, it is designed to trigger idea creation and ‘building’ on UMA, by rewarding and recognising the developers with UMA tokens.

It’s an initiative to allow developers to gain ownership in the network they help create and incentivizes them to build on UMA rather than another protocol.

This initiative was launched on November 10, 2020, where every week, devs those who build on and deploy synthetic assets using UMA receive an attractive share of 50,000 $UMA tokens weighted by the value locked in the financial contracts they design: the more popular a synth is, the bigger share of the weekly rewards that the developer will get.

The developer mining program could potentially be a multi-year program as UMA is allocating 35% of their token supply currently which is valued at over $250K to developer rewards.

UMA price today is $29.78 with a 24-hour trading volume of $175,700,041. UMA price is up by 2.5% in the last 24 hours. Coinbase pr0 is the current most active market trading it. The UMA has a total market cap of $1,655,388,976

The UMA's peak trade price hit as high as 13 January 2021 at $32.64 this year and since it is an OG cryptograph, we have years to measure it against pre- and post-cryptographic bubbles. It began 2005 at about US$1 and is now approaching a constant amount of $1.60 in 2021.

UMA puts the derivatives in the blockchain. It builds a synthetic token for the asset if sufficient collateral is deposited, creates the contract terms for the issued token, and enforces them using financial incentives.

Rather than using a price oracle to determine when a token issuer is undercollateralized, not enough finances backing the tokens, they are issuing due to a change in price, users on UMA are given financial rewards to identify and liquidate token issuers they believe are undercollateralized.

Oddly enough, UMA recognises the usage of oracles to be one of the biggest hindrances in Defi, basically because they are prone to failure during black swan financial events for example. Instead, UMA uses its oracle only to resolve disputes about liquidates (and these disputes are designed to be rare).

Though the UMA is conceptually complex, how it works is surprisingly easy to understand. At its very core, UMA involves three factors: its framework for creating synthetic token contracts on the blockchain (Token Facility), its Data Verification Mechanism, and its governing protocol.

The Token Facility refers to a smart contract on UMA which enables the creation of synthetic tokens representing an asset. You can create a smart contract within the Token Facility by defining or meeting the 3 characteristics noted earlier i.e the price identifier, the expiration date, and meeting the minimum collateralization requirement. The entity that creates a smart contract for synthetic tokens is referred to as a Token Facility Owner.

At this point, any other user can participate in the smart contract to issue more tokens after depositing collateral. These participants are known as Token Sponsors. Let us take an example, person A is a Token Facility Owner, creates a smart contract to create synthetic gold tokens and deposits the necessary collateral.

Person B is a Token Sponsor thinks this synthetic gold token could be valuable and wants to issue some tokens themselves, so they deposit some collateral to issue more synthetic gold tokens themselves.

1. UMA allows you to trade any asset using ERC-20 tokens without having actual exposure to the asset. This allows anyone to have access to assets which would otherwise be out of reach.

2. The UMA cryptocurrency token is utilized for governance over the protocol and for the price oracle.

3. There is a three-step process wherein the cost of corruption (CoC) is to be measured, where the profit of corruption (PoC) is to be measured and creating a protocol where the Cost of Corruption is always greater than the PoC.

4. The holders of UMA token have two responsibilities: to vote on the price of an asset whenever a request is given to the DMV and to vote on changes for the upgrades in UMA protocol.

UMA is a 100% unique Defi project with immense and unimaginable potential. There is perhaps no more qualified team to build a Defi protocol than earlier Goldman Sachs veterans.

It has given a 100x return on investment for those who got in early and it seems that even with these gains the UMA remains relatively unknown if we look at metrics such as Medium claps and social media interaction.

Some of you may be thinking that how UMA can be compared to Synthetix, another synthetic token issuing protocol. Other than the noticeably more seasoned team behind the project, the biggest similarity between Synthetix and UMA is that Synthetix uses its SNX token as collateral to create synthetic assets, whereas lets you use almost any cryptocurrency as collateral (theoretically). Synthetix is also not a ‘priceless’ like UMA and depends more heavily on oracles, one of which exploited for 1 billion USD last year.

Step 1: Open your free crypto wallet BuyUcoin Account

Step 2: Register & Open your free Cryptocurrency account with BuyUcoin

Step 3: Visit the BuyUcoin Exchange menu in your crypto wallet to find Factom Coin or exchange pair with UMA-USDT pair.

Step 4: If you don’t have USDT, add funds from your favourite UPI payment mode to buy USDT i.e Paytm, PhonePe, Mobikwik, Google Pay, Bhim Pay or credit card and debit card.

Step 5: Buy UMA in India with your USDT token

You can purchase UMA legitimately utilizing the best crypto exchanger named BuyUcoin because you can spare UMA in a wallet that is profoundly viable for it. UMA is traded for about $240,000 a day and BTC is the only trading pair. For desktop systems, the enterprise has its Wallet.