Umbrella Network Recap — 2022 Achievements And The Year Ahead
With 2023 just started, Umbrella Network takes a step back to look at some of the achievements that were made in the past year.
In spite of the many challenges that 2022 brought, it has still been a year of change and growth for Umbrella, with many milestones hit and a brighter future ahead in 2023.
Let’s review Umbrella’s 2022 highlights.
Starting from the beginning, Umbrella’s oracle went live in July of 2021. The same year, we integrated into 4 chains: BNB, Ethereum, Polygon, and AVAX. In 2022, we proudly added Arbitrum and Solana to this list, making our data available to thousands more dApps. We saw and took the opportunity to expand to several chains.
Other major achievements we made in 2022 include:
- We continued to expand our validator network and added 8 more validator partners in cohorts 3 and 4 to grow and secure our decentralized network.
- We successfully launched our 2.0 staking streams and transitioned from rUMB1 to rUMB2. From that moment on, the community was able to start claiming UMB from their rUMB1. Additionally, Astro stream was launched to allow hodlers to stake their rUMB1.
- We developed our Passport Solution. From our conversations with our partners, we identified that some projects would consume data in a different way than Umbrella had been offering it until then. Meaning, fetching data in our secured Layer 2 network, and verifying its veracity on-chain. Passport removes the need for projects to run their own off-chain worker to fetch the L2D and run the Merkle proof on-chain. It does this for them and delivers the data straight to the smart contract. Projects on BNB and AVAX now have two different ways to use Umbrella’s data feeds. Along with the Passport, the first version of our Random Number Generator (RNG) was introduced.
- We successfully hit our milestone of writing 40MM data points on chain a week.
- We launched our new Multichain architecture. This technical improvement removes the dependency on a single home chain and gives us the ability to tailor our service to each blockchain individually. In 2022, we deployed this new contract on BNB Chain and AVAX, and will continue to deploy the solution to additional supported chains in 2023..
- Last but not least, we made progress in our transition to becoming a DAO. This is massively important to Umbrella as we have believed in community-ownership and decentralization from the start. In July, the DAO council was formed, consisting of 3 core team and 4 community council members. The council meets on a weekly basis to discuss the progress and the path forward for Umbrella. One major milestone is that the project’s treasury officially transitioned to a publicly disclosed Multisig wallet managed by our DAO Council, thus giving the community more oversight of the project.
The Year Ahead
We spent most of 2022 working on solutions that will best position Umbrella and our community for success. 2023 will be a year of continued growth and development.
“With our new Multichain smart contract, we have been able to address and remove some of the dependencies on what we previously called our home chain. Now we can adjust frequency on each blockchain independently and better respond to customer requests and needs,” says Philippe Engels, Umbrella’s Partnerships Manager.
“We are adjusting our strategy to offer our services on ecosystems that we think we can serve best, such as AVAX, Polygon and Arbitrum. The characteristics of these L1s and L2s allow us to have an economically attractive offer whilst maintaining a reasonable cost structure. With this in mind, we are setting our sights on L1s and L2s with similar features and exciting dApps ecosystems to get one step closer to our mission, namely, providing scalable and affordable data to as many Web3 projects as possible. Our focus in 2023 will be on product adoption, ecosystem expansion and key partnerships.”
Another area Umbrella will be looking at is an on-demand data request feature. By utilizing our existing technological stack and community-run validator nodes, we will explore ways to deliver live-data straight to our customers’ smart contracts. This automated delivery would be Umbrella’s competitive advantage. This feature would nicely complement our Merkle tree technology for specific use-cases. The first application to benefit from this change would be our on-demand Random Number Generator, that projects could call upon anytime. Many more applications could automate their smart contracts, such as prediction markets based on live events, for instance. The possibilities are endless.
In the last months of 2022, our team has been working on the Proof of Solvency concept and is partnering with other technologies to explore this exciting solution for CEXs. The aim is to provide an automated control system that could ensure transparency, privacy and help them regain trust.
“We truly believe that the first CEX to implement a full and comprehensive Proof of Solvency solution will gain a competitive edge in the market”, says Philippe Engels.
The development and implementation is complex and involves many different parties, but we believe it is worth exploring.
As the blockchain industry continues to evolve in 2023, Umbrella will be steadily watching any interesting developments and business opportunities to optimize our solution and maximize our reach and impact.
We are optimistic about the future and what lies ahead, and the whole Umbrella team would like to thank our community for the continued support and trust.
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.
Follow Umbrella Network on:
Discord | Twitter | Announcements | Website | Governance
If you’re interested in becoming an Umbrella Network Partner, sign up here.
To add your token to our L2D, click here.