Review on UMA by Gabriel Medina
UMA decentralized contract platform
UMA is an open source blockchain project with resistance to censorship that aims to promote a financial novelty that is safe and responsible. The mission of Universal Market Access is to allow anyone to have access to financial risk and to allow two counterparties to design and create their own financial contracts. The protocol it uses is based on Ethereum and will allow the creation of custom collateralized synthetic cryptocurrency tokens that will be able to alter the price of practically anything. It will make it possible for anyone to participate in the largest financial market in the world.
This Ethereum-based protocol will allow the creation of custom collateralized synthetic cryptocurrency tokens or in other terms it will allow us to exchange assets using ERC20 without them having a real exposure to the asset as such. The cryptocurrency token ERC20 UMA is used for the governance of the price protocol and oracle.
For the storage of UMA tokens we have the following wallets:
In my opinion, this decentralized finance project is innovative and has incredible potential.
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Pros
- We can exchange assets using ERC20 without them having a real exposure to the asset as such.
- Various storage wallets for the UMA ERC20 token such as the popular Metamask.
- Opportunity to expand DeFi around the world.
Cons
- Competition with Synthetix.
