Umbrella Continues on Path Towards Becoming a DAO

Umbrella announces that the project treasury is now decentralized and transitioned to a Multisig wallet managed by DAO Council.

Since its inception, Umbrella has always looked towards community ownership and decentralization.

We believe that a community-owned Oracle is not only possible, but essential to creating a truly decentralized ecosystem.

Today we’re elated to announce that we’re moving one step closer towards that goal.

The DAO Council

Umbrella’s DAO council was formed back in July 2022, and is currently made up of four community representatives and three core team members.

The council holds weekly meetings to discuss every action, decision and change impacting the project, and guides the overall course of Umbrella Network.

Multisig Wallet

Recently, we have completed the transition of the project treasury over to the DAO Council as well. Transparency and accountability are key when it comes to treasury management. Umbrella’s treasury has now been moved to a multisig wallet where all project expenditures are managed and approved by the Council.

Project funds are now kept on both ERC20 and BEP20 wallets at the following addresses:

ERC20: 0x1C6262c252731d17e5b3Cb5c569216d59d37d70D

BEP20: 0x7724411cbD7ab3F9Ce7af882Ce44D2b27890359c

Path forward

Since the founding of the project, Umbrella has always sought to be community owned and as decentralized as possible. Shifting our decision making from our management to our community, represented by the DAO Council is one more step towards that goal. Treasury management that is overseen by the DAO Council is yet another important step in that direction.

About Umbrella Network

Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts that is secure, scalable and cost effective. Umbrella Network brings the world’s data to the blockchain to enable applications to perform at the optimum level regarding precise information dissemination. We believe a decentralized oracle is paramount to creating a truly decentralized blockchain ecosystem.

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