The Future of Umbrella Network
Umbrella Network, a decentralized oracle service launched in 2021 is not just a community-owned network, but one providing secured, low cost and scalable solutions for smart contracts.
This network is different from other oracle services as it provides over 4000 financial data pairs to blockchain developers both in the cryptocurrency industry and those in the real-world financial industry.
Being a decentralized oracle, Umbrella Network holds its decentralization power around its utility token, UMB. With this token, the community can participate in staking, community votes and receive rewards and incentives.
Ultimately, we can say that the future of the Umbrella Network is strongly affected by its community including the stakeholders, validators and developers who have the power to participate in governance votes through the UMB token.
However, the team behind the network and the roadmap for each year has a part to play too. So, let’s take a look at these two factors.
The team behind the Umbrella Network
The Umbrella team is headed by Sam Kim and John Chen, the founding partners and senior advisors at Umbrella Network.
Sam Kim, one of the founding partners of this network has gained a master’s degree in business administration in 2007 and he has once been a consultant for the World bank. Such an outstanding person seeing to the affairs of the Umbrella Network is a big plus.
Also, John Chen has a lot to offer with his experience as the founder and CEO of CPXi Asia. John Chen has gained 20 years experience in digital marketing, initiating and running businesses with global presence across diverse markets.
Apart from these two, the Umbrella Network team is made up of about 14 members with different roles including technical advisor, engineer manager, blockchain engineer, SRE, front end and back end engineer, UX designer, consultants and the marketing team.
All team members in their different roles see to the operation and future of the Umbrella Network.
Roadmap of Umbrella Network
For the year, 2022, The Umbrella Network team has been (is still) working towards encouraging partnerships and product adoption. Fortunately, a lot of other networks have been integrated so far, including UniSwap, Solana, Knit Finance, Synapse Network and others. It doesn’t end there, the team is actively working towards getting the Umbrella Network to be recognized on different blockchain networks and ecosystems including Polkadot.
Regarding decentralization and community governance, Umbrella Network is transitioning from a DAO to a full DPos consensus mechanism. This mechanism allows the network to be very scalable. The scalability of the Umbrella Network makes this oracle service unique from others, coupled with the fact that the network is among the first networks to encourage the development of real-world financial data.
This means that for the first quarter of the year, the Umbrella Network would have been live on at least 10 blockchain networks with different sets of programming architectures, while also supporting both EVM and non-EVM chains.
Visit the following links to learn more about the Umbrella Network: