What Is XUM Universal Money (XUM)?
XUM Universal Money (XUM) is a digital asset that aims to provide fast and secure transactions across the globe. It is built on the XRPL (XRP Ledger) and is designed to be a stable currency that is not affected by market volatility. XUM is the primary currency of the XUM ecosystem, which includes XUM Stable and XWM World Money.
XUM is designed to be used for a wide range of purposes, including but not limited to payments, remittances, and online purchases. The XUM ecosystem is built to support a variety of use cases, including peer-to-peer lending, cross-border payments, and micropayments.
One of the unique features of XUM is its weekly rewards program, which is designed to incentivize users to hold and use the currency. The rewards are distributed to users who hold a minimum balance of XUM in their wallet and have a certain amount of voting power.
Overall, XUM aims to provide a reliable and accessible digital asset that can be used for a variety of purposes, with a focus on fast and secure transactions, low fees, and stable value.
Who Are the Founders of XUM Universal Money?
Rippleitin.nz, a Twitter account focused on XRPL research, asserts that Emmanuel Salunga is the creator of XUM Universal Money. However, XUM Universal Money has not confirmed this claim, as its founder has opted to remain anonymous. According to an investor in XUM, Salunga was the developer responsible for designing the trading bot.
What Makes XUM Universal Money Unique?
XUM Universal Money (XUM) is unique because it aims to provide a comprehensive digital payment solution that is accessible to everyone, regardless of location or financial status. Some of the features that make XUM stand out include:
Fast and low-cost transactions: XUM transactions are processed almost instantly and have very low transaction fees, making it an ideal payment solution for microtransactions.
Cross-border payments: XUM's global reach and compatibility with different payment systems make it an excellent solution for cross-border payments.
Secure and private: XUM transactions are secured using blockchain technology, which ensures that transactions are tamper-proof and secure. XUM also prioritizes user privacy, with all transactions being completely anonymous.
Multiple payment options: XUM supports a wide range of payment options, including fiat currencies, cryptocurrencies, and stablecoins. This makes it easy for users to buy and sell XUM regardless of their preferred payment method.
Stablecoin integration: XUM's stablecoin integration, XUM Stable, provides a safer alternative to highly volatile cryptocurrencies. This allows users to store their funds in a stablecoin without worrying about the deterioration of its value.
Overall, XUM's focus on accessibility, affordability, security, and privacy, combined with its flexibility and convenience, make it a unique and innovative digital payment solution.
XUM Stablecoin is a stablecoin that is pegged to the value of traditional currencies like the US dollar, Euro, or Japanese Yen. This makes it less volatile compared to other cryptocurrencies which are known for their fluctuations in value. XUM Stablecoin provides a stable store of value for users who want to avoid the risks associated with the high volatility of cryptocurrencies.
The stablecoins in XUM Stable are backed by XWM (World Money), a cryptocurrency issued by XUM Universal Money. This means that for every stablecoin issued, there is an equivalent amount of XWM held as collateral. The stablecoins are issued through a smart contract and can be traded or used within the XUM ecosystem.
One of the unique features of XUM Stablecoin is that it is blackholed, which means that the issuers no longer have control over the supply once it has been issued. This ensures that the stablecoins are not subject to inflation or other forms of manipulation. The stablecoins can also be used to pay for goods and services within the XUM ecosystem, and can be exchanged for XWM or other cryptocurrencies on supported exchanges.
Overall, XUM Stablecoin offers a safer alternative to highly volatile cryptocurrencies, allowing users to store their funds in a stable asset that is not subject to the same risks as other cryptocurrencies.
XWM (World Money)
XWM, also known as World Money, is the native token of the XWM Portal, a decentralized finance (DeFi) platform that aims to provide users with easy access to financial services and opportunities. Similar to XUM, XWM is built on the XRP Ledger and utilizes the same tokenomics.
XWM serves as the primary currency for transactions within the XWM Portal and can be used to participate in various activities such as staking, lending, borrowing, and trading. It also serves as collateral for loans and is used to reward users for participating in the XWM ecosystem.
One unique feature of XWM is its ability to be used as a utility token to access other financial services and products beyond the XWM Portal. XWM holders can use their tokens to access other DeFi protocols, exchanges, and payment systems, as well as traditional financial institutions and products.
Overall, XWM is designed to provide a fast, secure, and reliable way for users to access financial services and products, whether they are in the traditional financial system or the emerging DeFi space.
XUM P2P Loan is a feature of XUM Universal Money that allows users to lend and borrow XWM (World Money) through a peer-to-peer lending platform. With XUM P2P Loan, borrowers can obtain loans without the need for traditional banks or financial institutions. Instead, they can borrow directly from other XUM users who are willing to lend their XWM.
The loans are secured by XUM (Universal Money) collateral, which ensures that lenders are protected from potential losses. The XUM collateral is held in escrow during the loan term and is released back to the borrower once the loan is repaid in full.
To use the XUM P2P Loan feature, users need to sign in to their XWM Portal wallet and have at least 300 voting power. They can then fill out the loan details in less than a minute and validate the transaction by sending the collateral to the P2P transaction wallet. The loan duration and interest rate are agreed upon between the borrower and the lender.
As with all financial transactions, there is some risk involved, and borrowers should only take out loans that they can afford to repay. However, XUM P2P Loan offers an alternative to traditional lending methods and can be a useful tool for those who need access to funds quickly and easily.
XUM DAO (Decentralized Autonomous Organization) is a community-driven governance system that enables XUM Universal Money (XUM) and XWM World Money (XWM) holders to participate in the decision-making process of the XUM/XWM ecosystem. It is designed to be an autonomous and decentralized governance system that allows the community to propose and vote on changes and improvements to the ecosystem.
XUM DAO is built on the XRPL (XRP Ledger) and utilizes smart contracts to automate the governance process. It is a transparent and democratic platform that empowers the community to decide the future of XUM/XWM, ensuring that the project remains true to its vision of becoming a digital coin for everyone.
The XUM DAO governance process is divided into three main stages: proposal, voting, and execution. The proposal stage is where community members can suggest changes or improvements to the ecosystem. These proposals are then subjected to a voting process, where the community can vote on whether to accept or reject them. Once a proposal is accepted, it is executed automatically by the smart contract.
XUM DAO also has a native token called XDAO, which is used to vote on proposals and receive rewards for participating in the governance process. XDAO holders can use their tokens to cast votes on proposals, and the number of tokens they hold determines the weight of their vote.
Overall, XUM DAO provides a democratic and decentralized governance system that empowers the community to shape the future of the XUM/XWM ecosystem.
XUM Universal Money (XUM) has a maximum supply of 10 billion tokens, which were all pre-mined and distributed to early adopters, investors, and partners. There is no ongoing inflation or issuance of new tokens.
XUM is a utility token that is used for transactions and fees within the XWM Portal, including P2P lending, Chain Swap, and XUM Stable. XUM is also used for governance, allowing token holders to vote on proposals that affect the XUM ecosystem.
XUM has a fixed supply and a deflationary mechanism through the burning of transaction fees. Each transaction made using XUM incurs a 0.2% fee, which is then burned or destroyed, reducing the total supply of XUM over time.
The tokenomics of XUM aim to create a stable and self-sustaining ecosystem where users are incentivized to hold and use XUM for transactions and governance. With a fixed supply and a deflationary mechanism, XUM also has the potential to increase in value as demand for the token grows.
It appears that there have been concerns raised by rippleitin.nz about a specific wallet, raRM6bo7QqVF3iTgDeEeQBJsQvivu2zSAc, which was the top holder according to the XUM Universal Money team, selling off its entire holdings of XWM and causing a marked decrease in price. The identity of the wallet holder is unknown.
Upon investigation, it was discovered that there were a large number of payments sent to this wallet from multiple team wallets, with the behavior continuing until December 31, 2021, when the wallet started receiving extraordinarily large payments of XUM and XWM. These payments were not as a result of a trade order but were direct payments from the team wallets. The accumulated direct payments made to this wallet were substantial, totaling 631k XWM and 945k XUM, respectively.
The question has been raised about how this wallet accumulated such a significant amount with so little to start with and why it had consistent payments through a specific time period that were out of sync with the rest of the payments and airdrops being made. Further clarification from the XUM Universal Money team may be necessary to address these concerns.It should be noted that community member SweetAce12 has posted her own research and response to the accusations made by Rippleitinnz.
What purpose does XUM Universal Money (XUM) serve?
XUM Universal Money (XUM) serves as a means of exchange and a store of value. It allows users to make fast and secure transactions without the need for intermediaries such as banks or payment processors. XUM can be used for a wide range of transactions such as peer-to-peer lending, cross-border payments, remittances, e-commerce, and more. Additionally, the XUM token can be used to access various features and utilities within the XUM ecosystem such as staking, voting, and rewards.