UMKA: A Project Based on the EOS Blockchain22.05.2018
EOS is a blockchain that allows for smart contracts for decentralized applications and decentralized autonomous organizations. EOS has solved the issue of scalability that popular blockchain systems, such as Bitcoin and Ethereum, were unable to solve. There are no fees for users in EOS.
EOS in UMKA
When we first began developing the concept of UMKA, we aimed to solve the issues faced by other centralized and decentralized projects of this kind:
- System speed
- Financial and personal data security
- Limit to the amount of used currencies
- High smart contract price
For this purpose we have chosen the new generation blockchain called EOS. A key point of EOS is its extremely high tps rate – 100,000 transactions per second, while the Bitcoin network allows for 7 tps, and Ethereum currently stands at 15. In other words, the EOS network is much, much faster.
Smart contracts in EOS can be generated without the users having to pay any fees, while Ethereum fees are quite high. Also, EOS allows for operations with cryptocurrency assets, which will let UMKA users operate with 15 cryptocurrencies and any number of fiat currencies.
Flow of funds
When a user registers an account in the UMKA system, a wallet is automatically created with BTC, ETH and other currency asset balances and an UMK token balance. When a user deposits a sum in any of the currencies present on the platform, he is granted the same sum in the corresponding asset. Users can operate with assets without any fees and withdraw their funds to external wallets at any time.
There is a commission for every transaction which amounts to 1% of the transaction. The income from commissions is distributed among token holders according to their amount. Reserved tokens are kept on the platform’s account. The income from commissions distributed among platform’s tokens will be used to cover the platform’s expenses, development of additional services, improvement of existing functions and marketing.
UMKA’s commission is the lowest on the market. Monetizing a project without fees usually implies intrusive advertising, slow support and the sale of users’ personal data, but all of this is unacceptable for the UMKA project, and this is why we have chosen to have a commission for transactions.
Agile Smart Contract
Agile is a methodology based on the principles of iterative approach to development. Agile Smart Contract (Agile SC) is a new generation smart contract that lets users divide a project into any number of milestones and iterations and configure them using the following parameters:
- what needs to be done
- when it needs to be done
Changes can be made to any of the parameters with the consent of both parties.
We are currently developing separate smart contracts with recommended milestones and iterations for every type of work or service available on the platform. This will make setting up smart contracts an easy and user friendly process.
AgeileSC guarantees deal security and work transparency for our users. A third party cannot make changes to a contract. The history of changes for every contract is stored in the blockchain and can be accessed by all users.
Storage and processing of data
The blockchain is a high-security decentralized database. We have decided to use this technology for UMKA, since user information on centralized platforms that do not use blockchain is often stolen, sold, or just not protected well enough. Anyone with access to a centralized database can, for example, sell the data to spammers. This will never happen with UMKA, since sensitive data is safely stored on users’ computers.
Every user of the platform will have a digital passport containing credible information on their education, experience and skills.