Umbrella Network Announces Partnership with Cryptovergelijken
Umbrella Network is pleased to announce a partnership with Cryptovergelijken — the premier crypto comparison website in the Benelux region.
- Umbrella Network and Cryptovergelijken have partnered up to help make their data feeds more authentic and secure
- Cryptovergelijken is a crypto-comparison website that caters to the Dutch-speaking community
- Cryptovergelijken shall implement Umbrella Network’s data feeds to source and display an authentic and always-fresh feed of cryptocurrency pair prices
- For decentralization to grow, it is essential that centralized sourcing of data is eliminated to the highest degree possible and we’re happy to be partnering up with Cryptovergelijken who is one of the first to be doing so
Pricing data feeds are the key senti-meter of the faith the crypto-community as a whole confers on cryptocurrencies. For example, the price one’s willing to pay in USD (or any other fiat currency), to buy a cryptocurrency, say BTC, depicts the value of BTC.
Thus, if BTC is $45,000 today and it was $20,000 a few months ago, it means that people as a whole have decided that bitcoin is worth more than twice as much today, compared to a few months ago — the opposite also holds true, by the way!
Where are we going with this, you ask?
What we’re trying to get at is to underline the extremely important role that websites such as Cryptovergelijken play in the price discovery of cryptocurrencies. With the presence of a multiplicity of crypto exchanges, the real price becomes a range instead of being an authoritative value — because there are no authoritative sources — the beauty and curse of decentralization.
To drive home the point, let’s look at the price of bitcoin on different exchanges.
Here are the links for:
You’ll see that the value sometimes differs by as much as $1000 — not the greatest sign of a mature market if this is the case with the most liquid of all cryptocurrencies. Even with stablecoins such as USDT, the price varies (though by thousandths of a dollar or less)
Now, let’s tie a bow around this to complete the picture!
Decentralized oracles such as Umbrella Network make available all that crypto-pricing data (and more) on-chain (serving as the authoritative source of truth). On the other hand, crypto-comparison websites such as Cryptovergelijken ensure that the price is ‘discovered’ by a large audience.
This is why this is huge news for us:
- We get to diversify to a niche audience
- We show the way to other dApps on how to become more decentralized
- dApps looking for authentic data feeds can get them even simpler by sourcing data from companies such as Cryptovergelijken
What Does The Partnership Entail?
Under the aegis of this partnership, Cryptovergelijken shall get the data for at least ten of their tracked feeds, not from centralized sources such a coingecko, but shall get authenticated, validated, and verified price feeds directly from the Blockchain for 10 of their most popular coins.
On the occasion of the partnership, John Chen, President of Umbrella Network said,
“We’re excited to have partnered up with Cryptovergelijken to ensure that a decentralized price discovery mechanism can exist outside of DEXs.”
Luc Hendriks, Co-Founder and CFO of Cryptovergelijken, said,
“The prospect of the partnership with Umbrella Network is very promising, as Cryptovergelijken is provided with an enormous amount of data pairs for listing price feeds on all relevant platforms. And last but not least, there’s lots of space for further expanding the partnership by implementing more of the unchallengeable features that Umbrella Networks offers.”
Cryptovergelijken offers products and services that support people in their learning path to independent crypto traders. Experienced traders can also benefit from a community full of helpful fellow sufferers with us. In this way, Cryptovergelijken can offer a platform that benefits both the novice and the experienced trader!
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 for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.
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