Umbrella Network, a community-owned decentralized oracle service that provides secure and scalable data solutions for DeFi applications, today announced the launch of its Layer 2 decentralized oracle solution on the Solana blockchain. They aim to power the Solana blockchain with an oracle solution that can provide scalable data, enabling the integration and addition of verified data feeds.
umbrella network token (UMB) currently trades at a market cap of $6.6 million and plans to offer numerous data feeds across sports statistics, weather information, insurance data, healthcare and more.
Solana will therefore be the first non-EVM chain that Umbrella Network has integrated. Layer 1 has had incredible success over the last year, making him the third largest cryptocurrency after Bitcoin and Ethereum royalties. But since then, repeated power outages have dragged it back.
We asked John Chen, President of Umbrella Network, what he thinks about the platform and Solana and DeFi as a whole.
coin text: Last summer, Solana made headlines after its price and usage exploded – Solana Summer!
John Chen: I think Solana is experiencing an all outage right now and is going through some growing pains. But part of the reason this is happening is because we are processing more transactions than all other major blockchains combined. If you can address the qualitative, you can regain your confidence and continue on your growth trajectory.
CT: Are you concerned about repeated outages in Solana (6 times lasting over 8 hours since January) when it launches?
JC: Solana, like any other layer 1 experiencing explosive growth, is experiencing growing pains. We are not so worried about it. There are always tradeoffs between speed, scalability, and security.
Solana is only 1.5 years old and still an emerging ecosystem. Even ETH is evolving and improving its architecture. The key is to communicate clearly with the community about what’s going on, and to have a deeply committed and capable team, along with a passionate community, to work through these growing pains and improve the system. I am continuing.
CT: I’m good at sports analytics, so when you mention custom data solutions for sports, I’m naturally intrigued. Could you elaborate on what this means?
JC: This is just the beginning. There are two big problems in the Web3/blockchain space.
- Data too high.
- Data is not on-chain.
Our architecture allows us to bring large and complex datasets on-chain that were not possible a year ago. Being able to aggregate thousands of transactions means the world’s data is suddenly economical enough to build disruptive products.
The sports data we offer online covers both betting odds and match results across our library of sports and eSports around the world. Imagine owning his NFT for your favorite sports team, with live updates of match results and key stats. Or imagine your admission ticket to a sports game is an NFT that grants you certain VIP bonuses based on the games you attend. The creation of decentralized betting and fantasy sports platforms is now possible.
CT: What do you think is the most unique thing about Umbrella that sets it apart from the competition?
JC: Our main competitive advantage over other Oracles is our ability to aggregate data via a Layer 2 solution using Merkle Trees. This allows thousands of data points to be brought into the blockchain in a single transaction, whereas other oracles allow him to bring only one data point per transaction. The other method can be incredibly expensive, slow, and burdensome.
The ability to write batched data on-chain allows for rapid scaling and significantly lower costs than traditional oracles. Layer 2 provides off-chain computation and reduces gas cost restrictions for us and our partners.
In addition, this architecture allows us to offer more customized data solutions. Data can now be served across six different chains. The sixth is Solana, with more work in progress. New partners can be up and running in days with their own oracle price feed (rather than the months we heard in the market).
If you have an API in the real world, you may be able to bring that data with you.
The types of data are virtually unlimited, including real-time weather, sports statistics, insurance information, real estate prices, e-commerce data, and more. We recently introduced the entire Russell 2000 as a data offering.
Data limits and costs are a bottleneck for dApp developers. Our vision is that by solving this, the entire ecosystem can move forward.
CT: The range of Umbrella data is interesting, including cryptocurrencies, stocks, and commodities. Do you think cryptocurrencies will always be the most in demand? And what kind of division do you expect among others?
In fact, I think crypto natives and financial data are just the beginning. The data developers make readily available to her Web3 is game-changing.
Imagine a decentralized insurance policy that says, “If there is no rain in this part of India for 30 days, I will pay a farmer $500.” The smart contract calls for weather data and pays farmers the necessary premiums.
Imagine NFTs. This is a food supply chain certification that uses validated location data to renew certification while in transit.
We are in the process of closing a data set that was previously unavailable to developers in the blockchain web3 space. You excited.
CT: What do you think is behind the downward trend in umbrella prices, and what would you say to investors looking to buy the ever-expanding umbrella?
JC: As always, we do not wish to comment on token purchases and timing as we are a utility focused project and do not provide financial advice. There is a lot of volatility in the market, and the ups and downs will continue as the industry matures.
The majority of the altcoin market is underperforming, but even if that is the case, the long-term potential of blockchain in general cannot be denied at this point. , has been on the market for just over a year.
What we are doing is delivering on our roadmap and running against the broader vision of bringing massive amounts of scaled data on-chain at incredibly low cost. is a key component of the blockchain ecosystem and the market growth and potential will be huge, especially in the long term.
We believe our solution can address many of the current data diversity, data cost, and lack of data availability issues.
