UMA Protocol Overview
- What is UMA Protocol?
Uma Protocol is a decentralized oracle that allows smart contracts to use real-world data securely and quickly request and receive data information. The oracle proposes prices and these prices are sent to their Data Verification Mechanism only if disputed. Developers can use their contracts to obtain price information for any length of time without the price needing to be written on chain.
- Main Features
- Quick Data HandlingContracts can request any type of dataDispute ResolutionEnhanced Security and ReliabilityEconomic Incentive Design
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Frequently asked questions
The Optimistic Oracle (OO) is a component of UMA's decentralized truth machine that records verifiable truths or data onto a blockchain. It works by verifying data in stages. First, a statement is proposed as true along with a bond. During the challenge period, anyone can propose an answer to a data request, and if it is not disputed, it is accepted as true. However, if someone disputes a statement, they have an opportunity to earn a reward.
To participate as a Voter, you need to stake your UMA tokens to help secure UMA's Optimistic Oracle. As a token holder, you can vote on disputes or queries and earn rewards. Those who vote with the majority earn higher annual percentage yields (APYs). Successful voters gradually own a higher percentage of the protocol than unsuccessful or inactive voters. You can participate as a Voter by accessing the voter app provided by UMA.
UMA's oracle in oSnap plays the role of validating and recording transaction data onto the blockchain. It verifies the accuracy of data in stages, starting with the submission of a proposed statement along with a bond.
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