Umbrella Network
Published in

Umbrella Network

Umbrella Network AMA w/UnoRe: Recap

Umbrella Network’s Head of Marketing, John Chen, was recently invited for an AMA by Uno Re group to answer questions from the community.

Umbrella is a scalable, community-owned oracle that securely brings external data on-chain. It is the first decentralized oracle service to empower the community with the scale and security modern DeFi applications require.

The transcript is almost entirely in its original AMA form, mildly edited for punctuation and readability only.

*** AMA Starts ***

PART ONE:

Q1. Could you please briefly introduce yourself and Umbrella Network?

Yes, sure. My name is John Chen and I’m the Head of Marketing for Umbrella Network. I have an entrepreneurial background, having started up several businesses across a few verticals including consumer goods, digital media, and digital advertising/marketing. I’m originally from the New York area but moved out to Singapore 6 years ago, where I now live with my wife and 2 kids.

Umbrella Network is a community-owned, decentralized, layer 2 data oracle. We are the bridge that brings real-world data onto the blockchain, similar to what Chainlink and Band protocol does. But we are different in several ways. First of all, we are fully decentralized with community validators that run consensus to validate our data.

Second, we are community-owned, with the majority of our tokens allocated to our community. And third, we bring out data on-chain differently than other oracles.

While others import one data point at a time on the chain, we aggregate thousands of data points to bring them on-chain in a single transaction. The challenge currently is that when you bring data on-chain one by one, every piece of data is a single write to the chain, and on chains like Ethereum, that becomes very expensive.

Umbrella Network currently has 1,200 data pairs available as price feeds, and all of that is brought on-chain at once, and we are rapidly adding to our list of data offerings.

Q2. Can you discuss a bit more about those differences? What is your competitive differentiator?

Oracles are a vital component of the blockchain ecosystem. Without oracles, the blockchain would be like a mobile phone on airplane mode. You can compute and process things, but without any connection to the outside world, your utility becomes extremely limited.

One of our key differentiators is our ability to aggregate thousands of pieces of data into a single transaction. This brings about several major benefits. First, this allows us to have the lowest cost of data available in the market today, compared to other oracles.

Not just a small difference, but hundreds to thousands of times cheaper. Other oracles may see costs of $50 or more to bring a single piece of data on-chain. If you multiply that by 20 times an hour, 24 hours a day, the costs can become prohibitive. For us, it can be less than a penny. And that figure will continue to go down drastically as we scale.

Q3. In the article, it’s mentioned users will be offered a staking cover! Mind providing some insight into this?

We believe the DeFi ecosystem should be better protected from unforeseen events. It needs security, and insurance to better protect investors and their assets. So when the opportunity came up to partner with UnoRe and to be able to provide that protection, we decided to join their initial cohort. Umbrella will be offering our users, through UnoRe, coverage in both our single-sided UMB staking pool, Hadley Stream, as well as our UMB LP token staking pool, Polar Stream. Both current existing stakers, as well as new stakers, will have the option to get coverage.

Q4. So how can new users join the staking program purchase this policy?

So once the program is launched, first-time stakers would head to our UMB staking portal and there will be a quote section that will display the estimated quote price for the coverage, priced in $UMB. The premium will be 4% of TVL for an annual policy and prorated if the duration is less than 1 year. After staking in the pool, the estimated quote will change into a final price, and users can choose to “get insured.”

There will also be a dashboard set up for users who want to check the details of the bought policy. More details on the process will be released closer to the program launch.

Q5. oh that’s great!! What about existing users? Can they also purchase insurance for their staked $UMB?

Yes, existing users will also be able to get coverage. We will be setting up an online portal that people who wish to get a policy can visit to submit their information about their staked holdings.

Users would simply connect their wallet, and automatically be scanned for the existing balance of either $UMB or $UMB LP tokens staked. Insurance policy quotes would be displayed, and the user can then choose to take out the selected policy or policies.

Q6. Can you talk a bit about your roadmap, what you have accomplished so far, and what you have in store in the coming months?

Yes, sure! So as a fairly new project, having been around for about 6 or 7 months, I think we’ve made pretty good progress in that timeframe. We went live on BSC Mainnet already back in May, and are currently on Ethereum testnet, going live on the mainnet in late September.

We are currently in the midst of rolling out our community validator program, which allows us to give almost anyone in our community the opportunity to operate a validator node and help with validating data on our network in a truly decentralized and secure manner.

In terms of upcoming milestones, we have a lot of things in the works, from expanding to additional chains in the coming months like Solana, Polkadot, Polygon, and possibly Cardano as well, to rolling out more product features like previously unavailable advanced options data products that would provide wall street-level data to DeFi, products that would support the gaming sector like a verifiable random number generator, among others.

We are also making strides to move into new enterprise market segments, as well as doing more work to support growing industry verticals like gaming and NFTs. So stay tuned for a lot of exciting stuff and announcements from us.

Q7. Before moving to the next round can you share your social handles?

Yes here they are:

Website — https://umb.network/

Telegram Community — https://t.me/umbrellanet

Telegram Announcements — https://t.me/umbnetannouncement

Discord — https://discord.gg/G9x4TsHSd7

Twitter — https://twitter.com/umbnetwork

Medium — https://medium.com/umbrella-network

Youtube — https://www.youtube.com/channel/UC4g6K_50Ihbua2UCOiHgCFg/featured

PART TWO: QUESTIONS FROM THE COMMUNITY.

Q1. Kindly tell us about your smarts contract? Have you done any audits? How secure is your smart contract and how safe from vulnerabilities?

Our contracts are all fully audited by slowmist

Q2. On moving forward through your roadmap, what are your most important next priorities/Milestones?

Does Your Project have enough fundamentals (Funds, Community, etc) to achieve those milestones?

Like I mentioned before, we’ve got a lot of milestones set up in the coming months. Our next major one will be going live on Ethereum Mainnet in late September as we plan to be a multi-chain interoperable project.

We just want to be where the data needs are, so that will mean in the future supporting all the major chains. We currently already support BSC and ETH and will be supporting Solana, several parachains on Polkadot, Polygon, Cardano, and others.

Q3. The partnership is like a supplement where the combined effect is beyond the individual level. Can you name some of your recent partnerships that can help your project? Is there any partnership that will take place in the near future? Can you tell us with whom?

We have already forged over 40 partnerships over the past several months, and we are in the process of integrating some of those now that we are on BSC mainnet, and will be on ETH mainnet next month. We are continuing to forge partnerships and will be announcing more in the coming weeks and months.

Q4. Is this your project only for elite investors, how about others with small funds, is it open to everyone? Is your platform suitable for Crypto beginners? Or is it only limited to professional users?

There is not any major barrier to entry for our project. You can easily get involved by becoming a token holder and joining our community. We are transitioning to a Delegated Proof of Stake consensus for our project, so as a token holder, you will eventually be able to stake them with validators and earn fees from validating data.

For now, we have several staking programs like our Hadley and Polar streams which currently have very healthy APYs of 160%+ for Hadley and 450%+ for Polar, and soon will be covered by insurance.

Q5. What is the structure of this project, is it decentralized or an open-sourced protocol where everybody can contribute? If so, how does the governance plan being handled??

As previously mentioned, we are fully decentralized and community-owned and will run on DPoS so token holders can vote and select their validators to represent them in consensus, and vote on governance-related issues.

***AMA Concluded***

Join the discussion on Telegram at https://t.me/umbrellanet

--

--

Umbrella Network is a decentralized oracle for dApps to get data across different blockchains, at the lowest price, for 1800+ data pairs, with the most frequently updated data. Our other products include — Bridge, Options Pricing Data, Staking Portal, and more!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Umbrella Marketing Team

Umbrella Marketing Team

Sends Out official updates and news from Umbrella Network