BASIC DETAIL ABOUT UMBRELLA NETWORK
Umbrella Network is a community owned, scalable and cost efficient oracle for the DeFi and blockchain community. The platform believes a community owned Oracle is not only possible, but essential to creating a truly decentralized financial system. In addition, Umbrella’s Layer 2 technology utilizes the latest advances in Merkle Tree technology to write multiple data points on a single on chain transaction. And thus, it allows for the secure, cheap and accurate batching of data to smart contracts. The platform uses the native UMB token with a Delegated Proof of Stake (DPoS) consensus mechanism to enable community members to participate in Umbrella Network staking and earn staking rewards and platform fees in the process. DPos by the way, (Delegated Proof of Stake) is a popular evolution of the PoS concept, whereby users of the network vote and elect delegates to validate the next block. Delegates are also called witnesses or block producers
Moving forward, The native Umbrella Network token (UMB) helps to secure the network via staking. Also, holders of the UMB token can participate in Umbrella Network staking to earn rewards and governance rights. This includes the ability to vote on proposals to make changes to the platform. Plus, those who take part in Umbrella Network staking can earn a passive income through network fees and staking rewards.
Also, the protocol enables oracles to scale with ease thanks to the use of layer 2 solutions, Merkle trees, and transaction batching. The community-owned oracle service aggregates data to allow thousands of transactions to be bundled together into a single transaction. As such, this will, in turn, only require a single fee. Also, the platform provides economic incentives for the accurate validation of data. This is absolutely all thanks to the platform using a Delegated Proof of Stake (DPoS) consensus mechanism
In summary, Umbrella Network’s versatile decentralized oracle service boasts multi-chain functionality and low transaction fees. Thanks to Merkle trees and the Delegated Proof of Stake (DPoS) consensus mechanism, the platform also maintains high levels of decentralization. Plus, it enables developers of decentralized applications (dApps) to scale without the need for excessive gas fees. Furthermore, using the native UMB token to participate in Umbrella Network staking allows users to earn a passive income with crypto while securing the network
SOCIAL MEDIA PLATFORMS
•WEBSITE: https://umb.network/
•TELEGRAM: https://t.me/umbrellanet
•MEDIUM: https://medium.com/umbrella-network
•TWITTER: https://twitter.com/umbnetwork
