Umbrella network : an decentralized oracle service providing low cost and secure solutions for smart contracts.
Umbrella Network is a community owned, decentralized oracle service providing secure, low cost, and massively scalable data solutions to decentralized finance (DeFi) applications.
Umbrella provides access to data previously unavailable to blockchain developers across multiple segments including mid and long tail cryptoassets as well as real world financial data.
At the center of the Umbrella Network is the SUMB token. It helps in securing the network and is used by the community to stake, vote on key decisions, and earn rewards & user fees.
Umbrella solves the scalability problem in oracles by leveraging a layer2 solution and utilizing merkle trees for batching transactions. The network is community owned and governed with the majority of token supply allocated to the community.
The Network is futher Explained.
- Broad Range of Data
Umbrella provides access to data previously unavailable to smart-contract developers across multiple segments including mid and long tail crypto assets as well as real world financial data.
- Native Token
At the center of the Umbrella Network is the $UMB token which helps in securing the network and is used by the community to stake, vote on key representatives, and earn rewards & user fees.
- Merkle Tree advantage
Umbrella solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions.
- Community Ownership
The network is community owned and governed with the majority of token supply allocated to the community.
KEY ASPECTS OF UMBRELLA NETWORK
One of the key aspects of the Umbrella Network is its focus on economical viability and scalability. To achieve this, the network greatly reduces the cost of gas by using a system of Merkle Trees to bundle multiple transactions into a single node. This allows each node to validate thousands of transactions for the price it would take to validate one transaction on other networks.
Umbrella network Current Oracle is
- Inexpensive and Fast
- Diversity of data- mid tail, long tail of market, volatility and real-world non crypto data
- Decentralized from top to bottom
GOALS AT UMBRELLA NETWORKS INCLUDES
- Create an oracle with a decentralized network invulnerable to influence, manipulation, or attack
- Offer a low-cost data solution that promotes high volume scalability as well as wider adoption and diversification of data offerings
- Create a truly decentralized network that is owned by a community who retains governance while keeping incentives in place to reward early contributors for their efforts.
UMBRELLA NETWORK TOKEN UTILITY
- The $UMB :
The UMB token is a governance token that is enhanced by liquidity mining type features. The token is used in a Delegated Proof of Stake (DPoS) system that benefits from the active participation of the community and token holders. UMB Utility Token holders will 1) select Validator Nodes, 2) participate in governance and 3) stake tokens in consensus rounds.
By staking UMB tokens, the staker will receive rewards as well as a share of user fees paid into the system.
TOKEN DISTRIBUTION SUMMARY IS EXPLAINED BELOW
Umbrella Network originally set out to distribute 2/3 of the tokens directly to the community. However, the realities of the cost of development, legal, marketing and other costs made it necessary to increase the Private Sale (Early Contributors) allocation to 15%. As a result, we have adjusted the total percentage distributed to community to 60%. We are still quite proud to have kept the direct distribution at that type of level. And we are excited to be able to allocate 33% of all token supply to reward UMB token stakers.
ROADMAP
September 2021
- Token bridge launch
- ETH manniet
- Advance option pricing
October 2021
- polygon manniet launch
- Block explorer 2.0
- umbrella network’s verifiable random number generator
November 2021
- pancakeswap integration
- Uniswap integration
- solana
December 2021
- rUMB to UMB conversion module
January 2022
- Cardano
- DPoS
Febuary 2022
- Moonbeam
- Plasm
- Avalanche
SUMMARY
The Umbrella Network is a scalable, community-owned oracle service that set out to create a decentralised financial system. It’s a Layer 2 technology solution that achieves scalability through implementing a Merkle Tree based approach which allows scaling of data which can be cryptographically verified to be genuine. Delegation ensures all participants of the network are economically incentivised to accurately validate the data they provide
