UMA can 27x this year, time to buy now?UMA is going up, and we have record bullish volume on the volume indicator. The breakout is confirmed with a huge volume spike on the major weekly chart. It looks really good; be careful of short-term corrections, but this coin can 27x this year. As per my Elliott Wave analysis, the complex correction WXYXZ is complete, and we are starting a huge impulse wave! It's clear at this point that the downtrend has ended and we can make some profits with this coin. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
What makes UMA unique?
Oracles are a key part of blockchain infrastructure. They enable communication between the external world and on-chain environments in a trustless manner. Oracles are vital for many parts of the blockchain industry including decentralized finance (DeFi) and Web3 applications.
An optimistic oracle like UMA's uses a “true unless disputed” pattern, with a tokenholder vote to resolve disputes. Anyone can propose an answer to a data request, and it is accepted as true if it is not disputed during a verification period. The “optimistic” design differs from a price-feed oracle, where prices are streamed on-chain and are instantly final.
This optimistic oracle design concept has been in development since 2014, when Vitalik first published on the matter. There have been several iterations over the years since then. The optimistic design pattern introduces the opportunity for human intelligence to weigh in. This is important for Web3 projects as they require arbitrary data that is not always possible to turn into code.
Today, the OO provides flexible, unique dispute resolution involving any kind of question or data with human input, as compared to price feed oracles, which can only push regular price updates onto chains.
