How to buy UMA (UMA) Token - What is it, price and staking

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What is UMA [UMA]? UMA, or Universal Market Access, is a protocol for creating synthetic assets based on the Ethereum (ETH) blockchain. UMA was launched in December 2018. Synthetic assets are a class of assets that represent different underlying assets and have the same value. Specifically, UMA allows its users to design and create self-executing and self-executing financial contracts backed by economic incentives and execute them on the Ethereum blockchain. Essentially, UMA enables counterparties to digitize and automate any real-world financial derivative such as futures, CFDs or total return swaps. It also allows the creation of self-fulfilling derivative contracts based on digital assets, like other cryptocurrencies. Who are the founders of UMA? UMA was co-founded by Hart Lambur and Allison Lu, who met on the floor of Goldman Sachs. In 2005, Lambur received his bachelor's degree in computer science from Columbia University. In addition to co-founding UMA, he is also CEO and co-founder of Risk Labs, the company in charge of developing the Universal Market Access protocol. Prior to UMA and Risk Labs, Lambur worked as a research assistant at Columbia and as a government bond trader at Goldman Sachs. He also founded and ran Openfolio, a personal finance monitoring platform that he sold to Stone Ridge Asset Management in 2017. Allison Lu has a bachelor's degree in Economics and Management from the Massachusetts Institute of Technology. Between 2009 and 2015, she worked as a vice president at Goldman Sachs, where Lu and Lambur met. Later, Lu worked as vice president of Credit & amp; risk analysis in Tala financial services mobile application. She was also a consultant for One Daijo, an Ethereum-based peer-to-peer lending platform. What makes UMA unique? The main idea behind Universal Market Access is reflected in its name: by developing a protocol for creating synthetic assets and financial contracts on the blockchain, it seeks to democratize and decentralize the financial derivatives market. Traditional financial markets have high barriers to entry in the form of regulations and custody requirements, which tend to prevent people from participating in them. It is often particularly difficult for aspiring traders and investors to participate in markets outside of their local financial system. This prevents the emergence of a truly inclusive global financial market and limits participation to a handful of institutions that can afford the necessary due diligence and legal procedures. UMA contracts, on the other hand, are based on the Ethereum blockchain, whose permission-free nature allows any user to create, manage, and trade digitized derivatives from anywhere in the world. This accessibility is particularly important for developing economies around the world, where financial institutions are often far from mature, forcing local market participants into relative isolation. Related Pages: Looking for other projects that aim to disrupt the financial sector? Check out our DeFi page. Get more information about Ethereum, the platform on which UMA is based. How many UMA [UMA] coins are there in circulation? UMA is the governance token of the Universal Market Access protocol, which means its holders have the right to vote on changes to protocol parameters and system updates. The total supply of UMA is just over 100 million tokens, of which approximately 55 million are in circulation as of October 2020. Of the total supply, 2 million tokens were sold during the Initial Coin Offering project ( ICO), 48.5 million were reserved for the founders of the project, 35 million were reserved as a reward for the developers of the protocol, and 14.5 million for future sales. To incentivize voter turnout, every time you vote on the network, an inflationary reward equal to 0.05% of UMA's current supply is distributed to active voters in proportion to their current turnout. as a result, they are protected by the same proof-of-work hash Ethash function. Where can you buy UMA [UMA]?: Coinbase ProBinanceBilaxyOKEx