PlayMining and Umbrella Network make a partnership! Price oracle of $DEP in Ethereum and BSC is now live!

Taishi Sato

Published in

PlayMining

4 min readJan 5, 2022

・Price oracle is available thanks to the Umbrella Network!

In this article, I will explain the detail of the partnership with Umbrella Network.

Overview:

I. What is Umbrella Network?

II. What is a price oracle?

III. Why is the price oracle important?

IV. Details of the partnership

V. Important notes

VI. Our partners

I. What is Umbrella Network?

Umbrella Network is a community owned, decentralized oracle service providing secure, low cost and massively scalable data solutions to decentralized finance (DeFi) applications. Umbrella provides access to data previously unavailable to blockchain developers across multiple segments including mid and long tail crypto assets as well as real world financial data. At the center of the Umbrella Network is the $UMB token. It helps in securing the network and is used by the community to stake, vote on key decisions, and earn rewards & user fees. Umbrella solves the scalability problem in oracles by leveraging the Layer 2 solution and utilizing merkle trees for batching transactions. The network is community owned and governed with the majority of token supply allocated to the community. (Cited from Litepaper of Umbrella network : https://umb.network/umb_litepaper_design_v3.1.pdf)

Umbrella Network is one of the largest and most famous price oracle providers. Its competitor is Chainlink, which is well-known as the price oracle provider.

We are happy to announce that PlayMining and Umbrella Network made a strategic partnership. We believe that through this collaboration that we can provide further benefits to both communities and positively grow both projects.

II. What is a price oracle?

An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to “send” data out to the real world.

Oracles are data feeds that connect Ethereum to off-chain, real-world information so that you can query data in your smart contracts. For example, prediction market dApps use oracles to settle payments based on events. A prediction market may ask you to bet your ETH on who will become the next president of the United States. They’ll use an oracle to confirm the outcome and payout to the winners.

From : https://ethereum.org/en/developers/docs/oracles/

III. Why is the price oracle important?

With a blockchain like Ethereum, you need every node in the network to replay every transaction and end up with the same result, guaranteed. APIs introduce potentially variable data. If you were sending ETH based on an agreed $USD value using a price API, the query would return a different result from one day to the next. Not to mention, the API could be hacked or deprecated. If this happens, the nodes in the network wouldn’t be able to agree on Ethereum’s current state, effectively breaking consensus.

Oracles solve this problem by posting the data on the blockchain. So any node replaying the transaction will use the same immutable data that’s posted for all to see. To do this, an oracle is typically made up of a smart contract and some off-chain components that can query APIs, then periodically send transactions to update the smart contract’s data. As we mentioned, Ethereum transactions cannot access off-chain data directly. At the same time, relying on a single source of truth to provide data is insecure and invalidates the decentralization of a smart contract. This is known as the oracle problem.

We can avoid the oracle problem by using a decentralized oracle that pulls from multiple data sources; if one data source is hacked or fails, the smart contract will still function as intended.

From : https://ethereum.org/en/developers/docs/oracles/

Most of the hacking has been caused by exploiting the fact that the price oracle has not been acquired and arbitrarily manipulating prices.

IV. Details of the partnership

Umbrella Network provides a price oracle to our native token, $DEP. Thanks to the Umbrella Network, $DEP can avoid being involved in hacking and enhance credit in the crypto industry.

Furthermore, by having a price oracle, the utility of $DEP will be expected to expand.

Price oracle $DEP can confirm from below.

ERC20 : https://explorer-eth.umb.network/

BEP20 : https://explorer-bsc.umb.network/

V. Important notes

Do not send BEP20 DEP to DEA wallet as DEA wallet uses Ethereum network. We cannot recover the wrong transaction. Before you send DEP to the DEA wallet, please carefully confirm whether the DEP you are going to send is ERC20 DEP.

VI. Our Partners

Spartan Group : https://spartangroup.io/index.html

Bittrex Global：https://global.bittrex.com/Market/Index?MarketName=BTC-DEP

INDODAX：https://indodax.com/market/DEPIDR

OKEx： https://www.okex.com/spot/trade/dep_usdt#type=1

Bithumb Global：https://www.bithumb.pro/en-us/spot/trade?q=DEP-USDT

Bitrue：https://www.bitrue.com/trade/dep_usdt

DigiFinex： https://www.digifinex.xyz/zh-cn/trade/USDT/DEP

Uniswap：https://app.uniswap.org/#/swap

1inch：https://app.1inch.io/

Sushi：https://sushi.com/

DeFiPie：https://defipie.com/