Umbrella Network is a decentralized, Ethereum blockchain-based oracle. This is a service that uses financial data from the real world, translates it to smart contracts, and makes it possible for decentralized finance apps to use. By creating a decentralized oracle service, the creators of the Umbrella Network solved an issue that often plagues centralized oracles — a structural weakness coming from having a single point of data entry. Having oracles that operate and receive information from the outside world independently increases security and trust in the data they provide.
Umbrella Network has several tokens: UMB, rUMB (these are tokens that stakers receive as a reward; they can be exchanged to UMB with the rate dependent on time since release and the milestone tier achieved by the project), UMB LP (UMB liquidity pool token). UMB is the most popular token: it is used for utility functions like voting and staking, as well as a motivational reward for those who contribute to the network’s development.
Umbrella Network was founded in 2020 by a crypto, ad tech, and blockchain entrepreneur Sam Kim. Sam is now a senior advisor in the company, while John Chen is Umbrella Network’s president. The goal was to create a secured, decentralized and scalable network ruled by the users who are motivated to support and develop it. In Sam’s opinion, insertion of the real world data is the key to creating more powerful defi apps, while decentralised validation nodes help keep the data unaffected by centralised entities. These two factors make a network free from centralised control and censorship.
If you were inspired by the idea of a decentralized oracle network or would like to invest in Umbrella Network’s future and get some UMB tokens, you are welcome to the SimpleSwap service. Just follow the instructions:
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