With the advent of blockchain technology and its increasing popularity (at the time of writing, the value of the whole market is $2.83T), smart contracts have become more and more essential in order for financial transactions to be facilitated through a unique user apparatus. Universal Market Access, or UMA, is trying to enable users so that they can easily create smart contracts on the Ethereum blockchain. These are actually derivatives of the Ethereum chain.
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UMA builds open-source infrastructure for “priceless” financial contracts on Ethereum. If we are to be more specific, it includes two things. The first is the priceless financial contract templates used to create synthetic tokens. The second is the decentralized oracle service used to manage and enforce contracts on UMA.
The priceless decentralized finance (DeFi) contracts consist of APIs that recurringly submit price data on-chain to manage DeFi contracts. But these contracts are weak to corruption, manipulation, flash loan attacks, and ad hoc market events. Priceless financial contracts, on the other hand, are contracts that only require writing a price on-chain in the vent of a dispute (which is designed to be rare). Priceless contracts minimize reliance on oracles, making contracts on UMA less vulnerable to attacks.
As far as the oracle is concerned, it is based on two things: the optimistic oracle and the data verification mechanism (DVM). The optimistic Oracle allows contacts to quickly request and receive price information. It acts as a generalized escalation game between the contracts that want to initiate a price request and UMA’s dispute resolution system, the DVM. The price set by the optimistic oracle won’t be sent to the DVM unless it is disputed. The mechanism allows the contracts to get price information within the pre-defined length of time without the need to have the price of an asset written on-chain.
Price Movement – UMA (UMA)
At the time when this article is being put down into words, the price of UMA token is $20.98. This is a 28.90% increase over the past twenty-four hours. The current trading volume of UMA is $422,926,792. This is a 453.54% increase over the past twenty-four hours. This can be mainly attributed to the Across Protocol launched by UMA just a week ago. Just a week ago, the value of the token was $11.1. Since then, the value of the token seems to have seemly doubled. The future prospects of the token look bright as well as the Ethereum blockchain transitions to the L2 blockchain to resolve the NFT issues and the power problem.