About UMA 2022
UMA 2022 is an optimistic oracle (OO) that can record any verifiable truth onto a blockchain. The OO has been called “a human-powered truth machine” because it is flexible enough to handle ambiguity and expands the design space possible in web3. UMA’s OO secures a diverse ecosystem of web3 applications, including cross-chain bridges, insurance protocols, prediction markets, and customizable DAO tooling products.
UMA is an optimistic oracle and dispute arbitration system that securely allows for arbitrary types of data to be brought on-chain. UMA’s oracle system provides data for projects including a cross-chain bridge, insurance protocols, custom derivatives and prediction markets.
UMA’s oracle is used to create many other types of products and protocols. For information about Outcome, a DAO tooling platform built on UMA that supports KPI Options, Success Tokens and optimistic governance, refer
UMA 2022 Price
|Circulating Supply||71,027,765 UMA|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Who are UMA founders?
UMA was founded in 2018 by Allison Lu and Hart Lambur, two ex Goldman Sachs traders, with the goal of making global markets universally fair, accessible, secure and decentralized.
The team drew inspiration from traditional finance derivatives to define an open-source protocol to allow anyone, anywhere, to design and build trustless financial contracts.
The UMA token is primarily a governance token used to contribute to UMA protocol decisions, such as voting on UMA Improvement Proposals (UMIPs), price requests, and disputes made to UMA’s Data Verification Mechanism (DVM).
What makes UMA 2022 unique?
Oracles are a key part of blockchain infrastructure. They enable communication between the external world and on-chain environments in a trustless manner. Oracles are vital for many parts of the blockchain industry including decentralized finance (DeFi) and Web3 applications.
An optimistic oracle like UMA’s uses a “true unless disputed” pattern, with a tokenholder vote to resolve disputes. Anyone can propose an answer to a data request, and it is accepted as true if it is not disputed during a verification period. The “optimistic” design differs from a price-feed oracle, where prices are streamed on-chain and are instantly final.
This optimistic oracle design concept has been in development since 2014, when Vitalik first published on the matter. There have been several iterations over the years since then. The optimistic design pattern introduces the opportunity for human intelligence to weigh in. This is important for Web3 projects as they require arbitrary data that is not always possible to turn into code.
Today, the OO provides flexible, unique dispute resolution involving any kind of question or data with human input, as compared to price feed oracles, which can only push regular price updates onto chains.
Why Choose UMA 2022
Most statements go undisputed
Anyone can propose an answer to a data request, and it is accepted as true if it is not disputed during the challenge period.
Anyone can dispute a statement
Each statement submitted for validation is an opportunity for anyone to earn a reward by disputing it successfully. As the game theory would predict, disputes are rare in practice because the incentives are always to be honest. That makes the OO “optimistic”
Tokenholders vote on disputes and earn rewards
The UMA token provides economic guarantees to the Optimistic Oracle. The community of tokenholders provide the human component, as voters, for the OO’s final resolution on disputes or queries. Those who vote with the majority earn rewards.
Stake your $UMA to help secure UMA’s Optimistic Oracle.
Token holders who vote correctly and consistently earn higher APYs.
Successful voters will gradually own a higher percentage of the protocol than unsuccessful or inactive voters.
How is UMA’s optimistic oracle secured?
There are three actors in UMA’s Optimistic Oracle system: the contract requesting the data, the participant offering the data, and a potential disputant, who can dispute data if they disagree.
If a dispute arises, UMA token holders resolve the dispute within 48 hours. If the disputer is right, they get a portion of the proposer’s deposit as a reward; if the disputer is wrong, they lose their deposit as a penalty, a portion of which goes to the proposer. Voting in the oracle has three phases: open voting; voting confirmation/reveal; and rewards claim period.
Rewards will compound as they are claimed. Claiming the rewards places the tokens in users’ wallets, making them active voting tokens that will increase the user’s voting power with each successful vote.
UMA’s smart contracts are designed primarily for developers building decentralized applications. All UMA token owners can participate in UMA’s optimistic oracle. UMA’s token is built on Ethereum that can be held in wallets like Metamask, Trezor, or Ledger, which must be connected to the UMA voting Dapp to enable voting.
All of UMA’s oracle contracts have been audited by OpenZeppelin, in addition to the contracts for Across Protocol and Outcome’s Optimistic Governor, Optimistic Distributor, and more.
Where can you buy UMA?
The UMA token can be purchased at most major centralized currency exchanges including Binance and Coinbase, and DEXs like SushiSwap and Uniswap.