submitted by UMITop to u/UMITop [link] [comments]
Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
Welcome!I would like to warmly welcome everyone to waltonchain
This is an updated, extended community-written post and I will try to update it regularly over time.
As for the phase 1.0 of the project, the team has developed the clothing system integration scheme based on RFID. The application scenarios at phase 1.0 will establish Golden demonstration template
At phase 2.0, our RFID beacon chip will be massproduced and can be used in clothing, B2C retail and logistics.
At phase 3.0, manufacturers will achieve traceable customization of intelligent packaging.
At the project phase 4.0, with the upgrading and iteration of assets information collection hardware and improvement of blockchain data structure, all assets can be registered in Waltonchain in the future.
Please note that before the token swap,
DO NOT transfer your ERC20 WTC tokens to the WTC wallet!!
Waltonchain (HK) Development Co. Ltd. (Head company)Walton Chain Technology Co. Ltd. (Korea)
Silicon (Shenzhen) Electronic Technology Co. Ltd.
Silicon (Xiamen) Electronic Technology Co.Ltd. (RFID Chip Research)
Silicon (Quanzhou) Electronic Technology Co. Ltd.(IoT Intelligent Switch Chip)
Nanjing Sleewa Information Technology Co. Ltd. (Blockchain)
Quanzhou KEDIHENG Electronic Technology Co. Ltd
Xiamen IOT Technology Co. Ltd.
Untuk memaksimalkan profit kamu, beli Bitcoin di harga yang tinggi dan jual di harga yang rendah. Setelah kamu memasukkan nominal Bitcoin yang akan kamu beli, klik ‘Buy BTC’. Perlu diperhatikan juga bahwa harga pasar Bitcoin dan aset crypto lainnya masih sangat flluktuatif. Dashboard Binance memang akan cukup membingungkan untuk traders pemula, tapi jika kamu mengikuti langkah-langkah yang ... Hallo trader Bitcoin Indonesia , pastinya dari kalian sudah mendapatkan profit dari kenaikan IGNIS/IDR hari ini, hanya butuh waktu 1 jam IGNIS naik 68% lebih. saat artikel ini ditulis, IGNIS Pump hingga tembus Rp 625 (saat artikel ini ditulis) , dari harga terendah hari ini yaitu Rp 380. berikut penampakan chart kenaikan ignis pada market indodax ... Jelajahcoin.me – Bitcoin Mining, Maraknya situs penipuan bitcoin membuat para investor dan mineral kebingungan untuk memilih platform.. Namun, untuk kamu yang ingin melakukan mining bitcoin gratis maupun berbayar, sekarang saya akan memberitahukan situs-nya.. Dengan mendaftar pada situs ini, kamu bisa mendapatkan gratis Giga Hash (Gh/s) sebesar 250 Gh/s. Bitcoin Profit = Bitcoin Scam. Chyba nikogo doświadczonego na jakimkolwiek rynku finansowym nie musimy przekonywać, że pieniądze nie spadają z sufitu i nie da się ich zarobić ot tak, niemal nic nie robiąc i wcale nie ryzykując. Prawdziwe kryptowaluty kupuje się na dedykowanych, sprawdzonych giełdach czy w kantorach. Istnieje też ... Strategi Trading Bitcoin tanpa perlu keahlian khusus, tanpa harus meninggalkan pekerjaan utama, cocok untuk Pemula dengan SpartanBot dijamin Profit berkali-kali, Penggunaan Bot Trading Auto Profit : Trik Rahasia Profit Trading Bitcoin dengan Bot Premium NET89 Pro - Free Trial 7 Hari. 1. Tool bot trading net89 ini hanya bisa digunakan di Platform Binance. 2. Siapkan modal minimal 0.00125 BTC (Pada akun Binance), jika belum memiliki akun binance, silahkan daftar disini : Daftar Akun Binance. 3. Tool bot trading premium ini bekerja secara otomatis : Auto ... Rahasia Profit 100% di Binance Futures. Buat yang belum tahu Binance future adalah market derivatif Dimana kita bisa mendapatkan profit baik harga naik maupun turun dan dalam transaksinya kita juga mendapatkan fitur yang namanya Leverage yang fungsinya sebagai modal pinjaman bahkan sampai 125 kali. Dimana kelebihannya kita bisa mendapatkan profit yang lebih besar dengan modal yang lebih kecil Ngak di sangka-sangka , admin scal tinggal makan malam , chat grup 1000 an dalam 1-2 jam. Rupanya emang ada Trader yang memperliatkan hasil tradingnya ke teman-teman di grup. Dari pagi , dia ngomong modal 500ribu, cuma saya cuek aja karena saya rasa biasa aja sih. Setiap trader punya modal masing-masing . Crypto Profit jako platforma do inwestycji w Bitcoin dlaczego? Umiejętne inwestowanie w kryptowaluty otwiera drogę do zarobku ogromnych pieniędzy. Szczególnie na początku trzeba być jednak bardzo uważnym, aby nie popełnić prostych błędów i nie stracić cennych oszczędności. Podpowiedzi można zdobyć przy użyciu Crypto Profit. Jest to nowoczesne i bardzo skuteczne oprogramowanie ... Binance Academy – Bitcoin Halving Countdown Binance also has a statistical page dedicated to the BTC halving and the countdown from Binance Academy says 79 days until the halving.
[index]          
Get Profit Trailer Here: https://profittrailer.com/pt/CryptoGnome/ Get Profit Trailer Feeder HERE: https://cryptoprofitbot.com/?ref=CryptoGnome *NEW* PT TRAC... Download: https://bit.ly/3blks8F Live Trading Bitcoin di Binance Futures ... Cara Trading Menggunakan 3Commas Bot di Binance Future - Profit $500 / Bulan - Duration: 18:51. Bitcoin Indonesia 1,099 views. 18:51. Live Trading ... Join Binance Here: https://www.binance.com/en/futures/ref/41297141 👉-10% Discount Code For Binance Futures Referral is → 41297141 👉GET My Technical Analysi... Live Bitcoin Trading With DeriBot on Deribit DeriBot Backup 520 watching Live now 3 Simple Ways To Use Candlestick Patterns In Trading; SchoolOfTrade.com - Duration: 11:56. Close. This video is unavailable. 💥 Inscrivez vous sur Binance (5% de frais en moins à vie via ce lien) pour trader et acheter des altcoins💥 https://www.binance.com/fr/register?ref=MORC1UGI... Binance - One Bitcoin automatic real bot trading - My journey part 1 🚀🚀🚀 (Profit Trailer) - Duration: 13:37. We Need To Talk 24,546 views. 13:37. How to call Signed REST API for Binance ... 🔵Phemex $112 Free Bonus: http://bit.ly/JackPhemex 🔷Deposit 0.2BTC Get $112 FREE BONUS 🔹Use My Link Above To Qualify For Bonus 🚀Free 1 Hour Leverage ... Bittrex and Binance - One Bitcoin automatic Of. bot website: https://crypto-pump.online/en/ My experience and testing of the bot for automatic trading on the...