Universal Money Instrument (UMI) aims to be an instant and safe blockchain that executes transactions using the staking mechanism. UMI aims to tackle many problems of the traditional banking system and has come up with solutions for each of them. 

For example, while dealing in cryptocurrencies, the transactions sometimes take several minutes to complete. To tackle this problem, UMI aims to offer knowledgeable optimization and master nodes based on the proof-of-authority mechanism. The proof-of-authority mechanism aims to give exclusive validators the power to verify transactions and update the network. 

Similarly, banks and cryptocurrencies charge transaction fees irrespective of the amount. Thus, the UMI network seeks to charge zero transaction fees on all of its transactions. The network can do so with the help of proof-of-authority and distributed denial-of-service (DDoS) security. DDoS is a malevolent attack to disrupt the regular traffic of a particular network by overwhelming the network with loads of internet traffic. 

UMI network seeks to solve significant issues faced by the cryptocurrency world due to mining. The mining process has become unprofitable over time because of drawbacks like the wear and tear of the equipment and constant system upgrades. Although new methods were introduced, none were fruitful because the processes required keeping the system on at all times. 

UMI opted for a staking mechanism based on smart contracts to tackle the problem. Smart contracts are just like regular contracts, but instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Staking does not consume unnecessary energy and instead offers remuneration to the users for storing coins in the wallet. 

UMI network aims to provide maximum security to the users without needing any personal information. The network is decentralized and uses masters and validators to run. The network is a blockchain that aims to execute smart contracts of any complexity and can be integrated into any project. 

UMI network’s source code is publicly accessible with auditors, programmers, and users accessing it to check if the network follows the rules and regulations. Lastly, the UMI network aims to have a very convenient user interface with anyone, irrespective of their knowledge of cryptocurrency or computer technology, using the system. 

UMI coin is the native token of the blockchain platform, which is used to fulfill the following purposes:

The maximum total supply of UMI tokens is 18,000,000 coins.

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