For new readers, Umbrella Network is a decentralized oracle platform owned by a thriving community that leverages the power of Layer 2 technology to furnish smart contracts with real-time data, allowing blockchains to perform optimally and function with precise data.
Umbrella Network is the first of its kind and has soundly set the pace for other projects in the future. With a transaction volume of 3,500 feeds on 5 unique blockchain networks, Umbrella Network holds the trophy for oracle with the biggest transaction volume.
The price of gasoline required to log in on-chain information allows most Oracle platforms out there to deliver just a few hundred feeds. However, Umbrella beats the odds by making it possible for thousands of information elements to stand as one blockchain transaction thereby maximizing savings on the price of gasoline. Feeds of known mid-and-modest cryptocurrencies susceptible to price tag attacks are also delivered.
All 1000’s grouped information factors are grouped through the Merkle Tree architecture in Umbrella Network and referred to as Layer 2 information on the Network. I can say it only gets better.
Recently, Umbrella Network has raised the bar with yet another innovation by launching Passport on Mainnet. What unique improvement will the Passport remedy bring? For starters, Passport will make extra information pairs to serve as Layer 2 on decentralized Oracle platforms; and it will not only be quicker but also easier to enter.
This will then be integrated immediately into reliable blockchain contracts such as Binance Smart Chain, Polygon, Ethereum, Avalanche, Arbitrum, and Polygon.
Umbrella Network is set to reduce the requirements for getting 1000’s Layer-2 information factors in trusted contracts by dApps. This is following the launch of Passport Beta.
And the purpose is to steamroll this community-owned Oracle which in turn, enables dApps to acquire information irrespective of what stage that information is from climate information to pricing information. What does all of this? It simply means that, unlike other oracles, Umbrella Network delivers different types of information.
There’s so much that Umbrella’s Passport Beta does on the network and its importance can’t be overemphasized. Passport calibrates a string of actions which are then used by dApps to acquire authenticated information flow using decentralized math.
Tier 2 information can now be accessed on-chain and distributed into trustworthy contracts on Passport Beta. And the generation is not just easy but safe too. I found this pretty amazing, and I know you do too.
Umbrella Network will be seeing Passport go live on Polygon and Avalanche shortly. The majority of Umbrella’s BD efforts will be concentrated on these chains and all fees will be distributed in UMB while the DAO will determine the role of treasury funds management. Lastly, Umbrella plans to make their open source free but their recently launched Passport Beta will be paid.
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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