Review on UMA by francis fernandez
UMA: blockchain technology for decentralized financial services
UMA is a decentralized ecosystem whose purpose is the development of financial services applications, the creation of digital assets and the provision of technology for data verification through the use of the Ethereum blockchain.
Technology:
The UMA platform makes use of Ethereum technology to create intelligent and immutable financial contracts, using the DVM (Data Verification Mechanism) system.
The combination of these two types of technology constitute the tools for the creation of crypto assets through smart contracts; and the integration of the decentralized oracle system through the Data Verification Mechanism (DVM).
The Ethereum chain provides UMA with the security of its infrastructure and the guarantee of creating open source financial applications or public access to its protocol.
Another valuable feature of UMA is the advantage of using oracles for decentralized finance services; since this system allows the incorporation of useful external information from the market to the chain, through the use of smart contracts.
Utilities:
UMA due to its robust technology allows users a range of useful services:
• It is used to perform asset staking.
• It allows to include real data of the cryptographic market.
• It is used to create cryptocurrencies.
• Allows you to design decentralized financial contracts in detail.
• It is used to carry out trading.
• Allows the development of monetary systems.
• Serves for the exchange of digital assets.
• Serves as a base tool for developers
Pros
- It is an open source protocol.
- It allows creating decentralized financial services
- Allows data verification
Cons
- It has no disadvantages
