Umbrella Network

About Umbrella Network

{"time":1704988923000,"blocks":[{"data":{"level":6,"text":"Highlights"},"type":"header"},{"data":{"items":["Umbrella Network is a decentralized, community-owned, layer-2 data oracle.","With lower costs and higher scalability, Umbrella Network brings new types of data to the blockchain that competitors previously struggled with.","Umbrella Network raised $650k in a private sale from tier-1 VCs, such as CMS, NGC, the LAO and others."],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Product"},"type":"header"},{"data":{"level":1,"text":"Umbrella is the first truly decentralized oracle service providing low-cost, massively scalable, and secure solutions for smart contracts."},"type":"header"},{"type":"paragraph","data":{"text":"Umbrella’s decentralized nodes are built using layer-2 merkle trees, a solution for bundling thousands of data pairs into a single transaction. This significantly reduces costs while increasing the scalability of the system. Umbrella collects data feeds from multiple sources to calculate the most accurate price in the market, utilizing a Delegated Proof of Stake (DPoS) consensus model to ensure the security of the data transfer process."}},{"data":{"level":6,"text":"Problem"},"type":"header"},{"data":{"level":1,"text":"Data insufficiency: dApps are only as decentralized as the data feeds they use to source their data."},"type":"header"},{"type":"paragraph","data":{"text":"A vast majority of the price oracle attacks are due to the manipulation of the data feed. This has caused losses in the tens of millions in 2021 alone. Looking at the market we can also find 3 key problems:"}},{"data":{"items":["Blockchain-dependence: dApp innovation takes place across multiple blockchains but most oracles are ETH-only","High data costs on other oracles: the reason why dApps take the risk with centralized sources.","Data integrity: After being sourced from other oracles, data can be tampered with without being noticed."],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Solution"},"type":"header"},{"data":{"level":1,"text":"Providing data previously unavailable to blockchain developers at a far lower cost than any other oracle in the industry."},"type":"header"},{"type":"paragraph","data":{"text":"With more than 1,200 data pairs available, Umbrella offers more data than any other oracle in the ecosystem. It is a completely blockchain-agnostic, scalable, and cost-effective oracle solution. Umbrella is also the first decentralized oracle to make option pricing data available with multiple hourly updates - a complex data set, for which other oracles even struggle to provide daily updates. Its vRNG (verifiable random number generator) solution also comes equipped with cryptographic proofs, just like all their other data points. This enables the veracity of the data, not just at the point of entry and within the blockchain, but also after the data has been accessed by the dApps and moved outside the chain."}},{"data":{"level":6,"text":"Business Model"},"type":"header"},{"data":{"level":1,"text":"Generating revenue through data usage fees"},"type":"header"},{"type":"paragraph","data":{"text":"Next year, Umbrella will start to charge for data usage and generate revenue. It recently acquired the leading ad-tech oracle Lucidity, a revenue-generating business, with major corporate clients like Hyundai, Samsung, KFC, and others."}},{"data":{"level":6,"text":"Market"},"type":"header"},{"data":{"level":1,"text":"Main competitors are Chainlink, API3, Band Protocol, Kylin Network, and DIA Protocol."},"type":"header"},{"type":"paragraph","data":{"text":"Most of its competitors are still looking to go live on the first mainnet or are struggling to scale to another one due to their limiting architecture, thus giving Umbrella network a strong first-mover advantage. Umbrella Network already has two mainnets available and by the end of 2021 is expected to have eight."}},{"data":{"level":6,"text":"Investors"},"type":"header"},{"data":{"level":1,"text":"Umbrella Network raised $650k in private rounds."},"type":"header"},{"type":"paragraph","data":{"text":"The money will be used to fund the development of the project, marketing \u0026 partnerships, investments into the growing Umbrella ecosystem as well as for AMM liquidity and exchange listings. Investors include Moonwhale, Kyros, CMS, The Lao, GBIC, FBG, NGC, Monday Capital, and Youbi."}},{"data":{"level":6,"text":"Team"},"type":"header"},{"data":{"items":["Sam Kim - Founding partner\r\nPreviously, he was the co-founder and CEO of Lucidity, a blockchain-based transparency solution for digital advertising and a co-founder of Gimbal, a mobile advertising platform.","John Chen - President\r\nJohn Chen is the Head of Marketing at Umbrella. He is also the Founder and CEO of CPXi Asia, an independent regional digital media agency serving Southeast Asia.","Miguel Morales - CTO\r\nMiguel Morales is an experienced full-stack engineer focusing on product development, architecture, and agile processes. He specializes in building large-scale systems and data management platforms.","Dariusz Zacharczuk - Senior Engineer\r\nDariusz is a certified Ethereum and Quorom developer with several years of blockchain experience."],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Token Utility"},"type":"header"},{"data":{"level":1,"text":"$UMB is the Umbrella Network’s native token."},"type":"header"},{"type":"paragraph","data":{"text":"$UMB helps to secure the network and is used by the community to stake, vote on key representatives, and earn rewards \u0026 user fees."}}],"version":"2.27.2"}