Umbrella Network Moves Toward Decentralization and Launches BSC Community Validator Program
Following Umbrella Network’s successful launch on BSC Public Testnet, we are excited to take the next step in our path toward becoming a fully community-owned, decentralized oracle.
We have had a blast during #BSCMonth — making the shift to Binance Smart Chain and bringing participation to this thriving ecosystem. We have been forging partnerships with great like-minded projects and preparing for our #RoadToMainnet in the coming weeks.
We’re now announcing the launch of our community validator program to take the next step to become a truly decentralized oracle. We are opening up applications for the first cohort of community validators on BSC.
Optimally, we would like to find a few technically proficient, experienced members of our community to be in the initial group, but anyone with experience running a cloud or web server can apply.
We will compensate and reward validators with UMB tokens so that they will be properly incentivized to operate, but they will need to be able to carry the operating costs of running a node for a month.
Apply here to become an Umbrella Network validator.
Go here for documentation on how to run an Umbrella Validator node
If you have any questions please join our discord server and go to our support channels.
What Does an Umbrella Network Community Validator Do?
Since data committed once on the Blockchain becomes permanent (unless you have the resources to execute a 51% attack), it is desirable to verify and validate the incoming data before it is committed to the Blockchain.
Umbrella Network uses a Delegated Proof of Stake consensus mechanism to validate the incoming data, which includes a majority approval of the data by the validators in every consensus round.
The key responsibilities of an Umbrella Network Community Validator are:
- validating transactions
- writing blocks to the blockchain
- executing the aggregated transactions and
- maintaining the latest state of the Umbrella Network
Why Should I Become a Community Validator on Umbrella Network?
In theory, all blockchains, and DeFi projects, are built upon the idea that central authority is not only unnecessary but detrimental to the efficiency, security, and accessibility of essential financial services. Power should be placed in the hands of the people. In the case of Umbrella, that would be the community validators and the voting community in a fully decentralized manner.
While those are noble goals, validators will also need proper economic incentives to run a node. In the beginning, Umbrella will provide token incentives to all participating validators that will subsidize the operating costs and also provide additional rewards. Current validators will only be required to hold a few hundred UMB to participate. Ultimately, validators will be able to earn fees from staking rewards as well as fees from validating transactions.
Apply here to become an Umbrella Network validator.
If you have any questions please join our discord server and go to our support channels.
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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