Claim your free €20 Bitcoin bonus now! Just verify your ID. Weekly payouts every Friday! Don't invest unless you're prepared to lose all the money you invest.
UMA, short for Universal Market Access, is an -based protocol that serves as an optimistic oracle. But what does that mean?
Say you are at work, and you need to know the current weather outside. You can’t step out to check it yourself, so you ask someone else (an oracle) to tell you. In the blockchain world, oracles provide real-world data to smart contracts. They bridge the gap between the digital and physical worlds.
verifies real-world data and brings it onto the blockchain. If there are no disputes around the data, it’s assumed to be accurate. So, UMA’s oracle system allows for various types of data to be integrated, in a protective manner, on-chain.
There are some that use UMA.
UMA is part of the DeFi movement. DeFi aims to create financial services without relying on traditional banks or intermediaries. People buy UMA because it enables decentralised financial contracts and synthetic assets.
UMA allows anyone to create synthetic tokens tied to real-world assets (like stocks, commodities, or currencies). These synthetic tokens mirror the value of the underlying asset without directly owning it. For example, you can create a synthetic token representing Tesla stock without actually buying Tesla shares.
UMA token holders have a say in the protocol’s governance. They can vote on decisions like upgrades, new synthetic assets, and dispute resolutions. When a vote happens, the total token supply increases slightly, rewarding those who participate.
A smart contract requests data from UMA’s oracle. This data could be anything — stock prices, weather, election results, etc.
Someone proposes a data point. They post a bond and offer the data. If there’s no dispute during the specified period, the data is assumed true, and the proposer gets their bond back.
If someone disagrees with the data, they can dispute it. UMA token holders resolve the dispute through voting. If the “disputer” is right, they get a reward; if wrong, they lose their bond.
UMA’s technology aims to make global markets fair, accessible, protected, and decentralised. It’s a fascinating project that combines blockchain, finance, and community governance. So, next time you hear about UMA, remember it’s not just a crypto token — it’s a bridge between the digital and real worlds.
The value of UMA fluctuates based on market demand. Check reliable sources like at the top of this page, or CoinGecko for real-time UMA prices in various currencies.
At the current market rate on 21 May 2024, it costs approximately $3.62 to purchase one UMA.
Transfer fiat currency from your bank account to a crypto exchange (e.g., CoinJar) and use the funds to buy UMA.
UMA tokens can be traded on several centralised cryptocurrency exchanges. CoinJar is one of them.
The potential of UMA as an investment depends on various factors. UMA (Universal Market Access) is an open-source protocol that allows developers to create their own financial contracts and synthetic assets.
UMA operates through an optimistic oracle system, which aims to record verifiable truths onto a blockchain. UMA’s flexibility and unique dispute resolution mechanism make it a noteworthy project. However, like any investment, it carries risks.
Price predictions vary, but is that MA is predicted to reach approximately $4.84, in 2024.
say that the price will swing from US$3.49 to a high of US$8.28 in 2024.
However some other predictions have the coin bottoming out at US$1.34. Be sure to do your own research or you could even speak to a financial advisor.
CoinJar Europe Limited (CRO 720832) is registered and supervised by the Central Bank of Ireland (Registration number C496731) for Anti-Money Laundering and Countering the Financing of Terrorism purposes only.
Apple Pay and Apple Watch are trademarks of Apple Inc. Google Pay is a trademark of Google LLC.
This site is protected by reCAPTCHA and the and apply.