June Recap at Umbrella Network

The month of June was quite an eventful one for the Umbrella Network; packed with plenty of cool, productive activities that allowed the network hit certain milestones. In this article, I would give a sweet, detailed rundown of the major highlights at Umbrella Network for June. Don’t stop reading!

Implementation of the Umbrella Network’s Reconstruction Proposal:

On June 1st, 2022, John Chen and Sam Kim addressed the community on the reconstruction proposal, DAO Council, and plans for the network. Here are certain details of the Proposal:

Umbrella Network proposes the setup of a DAO Council specifically for project governance. The Council would contain 7 members, which would include the current 4 representatives of the Community Council. All members would be subject to KYC. The DAO Council will be tasked with the function of nominating 5 members whose role will be to manage an Umbrella DAO Multi-sig wallet for two wallets. They are:

Associated wallets

Treasury wallets

In addition, token contracts and reward, contracts will be slated for administration by the Umbrella DAO Multi-sig and future UMB token pools. There’s more to these developments! A constitutional structure is to be established as a collective effort between the community, major token holders, and the community council.

Also, there would be the establishment of a Security Council. This council will have the sole aim of improving the security framework of Umbrella tech, solutions, networks, and platforms. This security council will consist of leading blockchain protocols, external funds, and blockchain infrastructure providers.

Umbrella Network proposes an open-sourcing of the Oracle system. This way the broader community would be invited to review the code, find faults, suggests improvements, and make valuable contributions to the product.

There was proposed a product development strategy for both the short and long term each dealing with core areas of the network. The short-term product development strategy is expected to focus mainly on three aspects: a full review of the current database, finishing the rollout of Passport Solution, and Completion of the multi-chain solution.

There will be a discontinuance of the Lucidity funding and also an option to unwind Umbrella’s Accelerator Program.

Following this address, there was a voting process set up to implement the restructuring plan as a result of 92% of the votes being in favor of the proposal to restructure will be put in place.

Update of the Reference App:

This update done on the reference app added an example of a smart contract fetching data from Passport.

Audit of the Oracle Smart Contract:

This audit that was undertaken of the Oracle Smart contract also meant by implication that all comments were addressed.

AsendEX Launches UMB Staking:

Also in June, that is on June 11, 2022, AscendEX launched UMB staking. In addition to this launch, there was a daily reward distribution and users were able to deposit and redeem at any time.

Similarly, there was tech progress made during June, including:

Released validator v7.3.1 containing a fix for unused Uniswap vaults; Validation for a daily cap on Redeem Page was applied; Revision of the Price Update frequency of data feeds; Merger of validator’s MongoDB cluster in all internal environments; Conclusion of the audit of Passport smart contract; Clean-up of the validator and Back-End Code among others.

It is expected that July and August would also be eventful, successful, and more progressive than June and going forward.

About Umbrella Network

Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination.

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