WHAT MAKES UMBRELLA NETWORK UNIQUE?
Umbrella Network is a decentralized, layer-2, blockchain-agnostic oracle that conveys real-world data to the smart contracts supporting decentralized applications (dApps).
From crypto prices that need frequent updates to sports statistics, intricate computations, and more, the Umbrella Network offers it all, cheaper, faster, and more reliably than any other oracle in the industry.
Umbrella Network is the first decentralized oracle to make option price data (which is a complicated data set, in the fact that several other decentralized oracles find it difficult to deliver daily updates) available with multiple hourly updates.
Like all of their other data points, its vRNG (verifiable random number generator) solution is supported by cryptographic proofs. This makes it possible to verify the accuracy of the data after it has been viewed by dApps and moved away from the blockchain, as well as at the point of input and inside the network.
The umbrella network standout when compared to other oracles in a variety of ways, some of which include:
- One Architectural Framework:
Some of the oracles in the industry have various networks for various data kinds. Due to the formation of silos, even though the platform is the same, separate transactions for inter-network data may be required.
The essential identifier in this area is Umbrella Network's technique of data batching using Merkle trees, which allows for conveying enormous data points into a single network.
Hence, unlike other oracles, the Umbrella Network can scale without compromising on security or data integrity thanks to Merkle trees.
As a consequence, Umbrella's decentralized oracles can now provide a huge variety of data points for a minuscule fraction of the price of an equivalent transaction on any other oracle and are speedier, more genuine, and cryptographically verifiable.
- Immutable Data Validation:
Before committing data to the blockchain, consensus on the data is sought and attained via Umbrella Network's smart contract, which checks the addresses of all validators. Every piece of data has evidence of consensus linked to it, assuring data integrity even after it has been retrieved from the Blockchain.
Umbrella Network also offers financial rewards for precise data validation. This has been made possible by the platform's use of the delegated prior of stake (DPoS) consensus algorithm.
- Cascading Benefits of Fixed-Supply Tokenomics:
An endless supply of tokens effectively reduces the value of holders every time more tokens are created. This basically implies that in the realm of oracles, you first pay directly for the data and then indirectly pay via value reduction.
On the Umbrella Network, the supply is fixed and the token is utilized for delegated proof of stake consensus rather than lowering the value of tokens held by holders.
The data delivered by Umbrella Network is allotted into Layer-1 (main chain) and Layer-2 (side chain) data. Layer-1 delivers the First Class Data (FCD) which comprises cryptographic proofs for pricing data. Layer-2 Data is a vibrant dataset comprising of crypto pairs, volatility data, indexes, and much more.
Find out more about the Umbrella Network via the following links: