What You Need To Know About The Umbrella Network

Umbrella Network operates to provide data solutions that enable users to connect their blockchain applications with all the relevant data it needs in a cost-efficient and secure way. The Umbrella Network as a community-owned decentralized oracle service provides secure, cost-effective, and huge scalable data to blockchain applications.

With this network, crypto-developers would have access to data that was previously unavailable; this would include long and mid-tail cryptocurrency valuables or assets together with other financial data. Oracles generally have a scalability problem. However, this gets solved on the network.

Umbrella Network leverages the brilliant solution of Layer 2 while still making the most of Merkle trees for conducting batching transactions. The network utilizes delegated proof of stake to provide participants with a level of economical incentive to verify the data accurately.

The Layer 2 Merkle trees collect multiple transactions and place them in a single node, letting each node verify thousands of transactions for the price it would take to certify one transaction on other networks.

Also, the network is decentralized, community-owned, and equally provides maximum security across a network of community-run validators that verify data.

The community owns most of the UMB tokens and elects nodes to serve as representative overseers over the Oracle service. It is connected to multiple leading data providers to mitigate the threat of attack on any single source.

Umbrella Network’s decentralized oracle is one of a kind and specifically designed to tackle, once and for all, the problems faced by oracles and smart contracts generally.

Decentralized oracles are a group of independent oracle nodes which feed off-chain data to a blockchain network. Each of the nodes in a decentralized oracle network retrieves data from an off-chain source independently.

After each of the nodes feeds the retrieved data on-chain, the information is then aggregated in order to value the truth of that data point.

More importantly, the Umbrella Network oracle operates as a truly decentralized oracle network making the network community-owned and fully ensuring the security of transactions conducted through the smart contract.

In addition to this, the Umbrella Network ensures economic viability by reducing the cost of gas when compared to other oracle networks.

The edge that Umbrella Network oracle has over other oracle networks is that as opposed to other oracle networks that are costly and slow; possess very limited data and have various elements of centralization; Umbrella Network oracle is cost-efficient and fast; contains a diversity of data, and is also designed to be decentralized and community-owned.

The essence for which the umbrella network was created was to realize the dream of a decentralized financial system that would be independent of central authorities, risks, ownership, governance, and rewards and place the financial operations in the hands of the community.

This way users, partners, and contributors are able to exert their influence to determine how the new network operates.

The Umbrella network creates an oracle with a decentralized network invulnerable to influence, attack, or manipulation. Here the cost of validating data wouldn’t prohibit high volume scalability. This oracle is owned by a community that retains governance over the network with early contributors still getting rewarded for their efforts.

Follow Umbrella Network on:

Telegram| Twitter | Announcements | Website | Governance

If you’re interested in becoming an Umbrella Network Partner, sign up here.

To add your token as FCD or L2D, click here

--

--

--

A realist

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Announcing Cover on Visor Finance Through Nexus Mutual

At CryptoKitties we love to fail

What is blockchain technology, and why all the hype about blockchain?

Introducing The Team Behind Kaira Network!

Ontology holds Tokyo Hackathon with Microsoft

Overview of the Usechain ICO project

The First Token Linking Learning Institutions, Students and Entrepreneurs- STUDENT COIN

WHAT IS ELROND????

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Aniel Essien

Aniel Essien

A realist

More from Medium

Umbrella Network’s Oracle Exploit: The Way Forward

$1000 Video Challenge: 5 Reasons To Join Atocha Protocol

Exorde: Disinformation as a derivative on the Internet