Umbrella Network Announces Partnership with Forward Protocol
Umbrella Network is pleased to announce a partnership with Forward Protocol — a customizable no-code drag-and-drop interface for building smart contracts.
- Umbrella Network and Forward Protocol have announced a partnership to add Forward Protocol’s token — FORWARD-USD as Layer-2 data to our decentralized oracle
- Forward Protocol offers a customizable no-code drag-and-drop GUI interface for building smart contracts for dApps and positions itself as WordPress for Web3
- Additionally, Umbrella Network would support the Forward factory at a deeper level, enabling dApps building on Forward Protocol to quickly and cheaply access always fresh and tamper-proof data derived from our decentralized oracle
- Furthermore, Umbrella Network and Forward Protocol would collaborate to help enterprise customers source complex and custom data — bringing more data on-chain
- Finally, John Chen (President at Umbrella Network) and Joel Bergeron (Head of Partnerships at Umbrella Network) shall be the guests on Forward Protocol’s new talk show — Web3 Masters, to cover the importance of oracles in Web3
Umbrella Network and Forward Protocol have entered into a partnership to add the FORWARD-USD trading pair data to our decentralized oracle. The addition of this data shall enable dApps building on Forward Protocol to always have access to an authentic tamper-proof source of pricing data.
As layer-2 data, the FORWARD-USD pricing data shall be made available for FREE for all dApps and not just those building on Forward Protocol. Layer-2 data on Umbrella Network includes the thousands of small-cap and mid-cap cryptocurrency data that are largely not covered by other decentralized oracles, making them more vulnerable to price oracle attacks.
DeFi dApps being built on Forward Protocol would now hold a massive advantage over those built elsewhere:
- They would be able to build smart contracts in practically a drag-and-drop manner
- Umbrella Network’s integration with Forward Factory would offer authentic and free pricing data across 3500+ large-cap, mid-cap, and small-cap cryptocurrencies
Enterprise customers that have been eyeing the Web3 space and taking smaller plunges will also benefit greatly from this partnership. Umbrella Network, by virtue of integration with Forward Protocol’s Forward Factory, shall offer not just the largest set of data on trading pairs, but also offer the ability to get complex and complicated data on-chain.
Umbrella Network tracks over 3500 data pairs and updates them as frequently as every minute across Ethereum, Binance Smart Chain, Avalanche, and Polygon blockchains. In total, Umbrella Network writes over 70M data points on the Blockchain every week and is the largest decentralized oracle by transaction volume.
On the partnership, John Chen, President at Umbrella Network said,
“We’re excited to be partnering up with Forward Protocol and supporting their vision of drag-and-drop smart contracts. We’ll be adding their FORWARD token as Layer-2 data on the day of launch to Umbrella Network’s decentralized oracles and shall become a key component of their forward factory to service the authentic and always-fresh data requirements of dApps using Forward Protocol.”
Mitch Rankin, co-founder at Forward Protocol said,
“Umbrella Network enhances our vision for Web3 adoption with its low cost, scalable, and secure smart contracts solutions. We look forward to collaborating together as we work towards fast-tracking mass adoption.”
About Forward Protocol
The Forward Protocol is a concept similar to WordPress in that it provides a no-code environment in which users may construct blockchain apps without any technical knowledge. The Forward Protocol offers blockchain toolkits for connecting the value-driven economy. The modular architecture and ready-to-deploy completely customizable smart contracts are intended to make blockchain technology accessible to everybody.
The modular nature of the protocol enables any company to select the module best suited to their platform and adapt it to be functional for their use case. The Forward Protocol establishes the foundation for a value-driven economy, while the deploying enterprises define the parameters.
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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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