Umbrella Network
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Umbrella Network

Umbrella Network: Updated Roadmap — Jan to June 2022

Get ready for Umbrella Network’s ambitious expansion across Blockchains. #NewYearNewGoals

What a year it has been! As 2021 comes to an end, we at Umbrella Network have already begun looking ahead. Umbrella Network has been hard at work building out market-leading oracle solutions for DeFi and beyond. New year, new goals, and with that — we are proud to present Umbrella Network’s Revised Roadmap for Jan — June 2022!

When it comes to setting goals and building our roadmap for Q1 and Q2 of 2022, we started off with reflecting on 2021 — all that we have accomplished and what we could do better.

We took a lot of learnings from 2021 in this revision of our roadmap and factored in what we thought were the current and most important priorities.

We also listened to and incorporated feedback from the community, and factored in a more proper place for delivering on our milestones.

With regards to the rollout time, there are some things that might impact it:

  1. Firstly, Umbrella Network has more validators now. As our validator network continues to grow, it will take more time to roll out new features as all validators will need to upgrade their nodes with every feature release or software update.
  2. Secondly, we will be focusing a lot on product adoption in the first half of 2022 and beyond. While this is not necessarily discreetly reflected on the roadmap, it did impact our roadmap planning as partner integration will take up both time and resources.

This coming year Umbrella Network will be prioritizing several things including:

Partnerships and product adoption

Umbrella Network has been rapidly gaining the confidence of dApps across multiple blockchain networks. From an Armor Finance who joined as an Umbrella Network Partner because we’re the only decentralized oracle capable of handling their volume to an Uno Re that uses our decentralized data feeds to help calculate their insurance premiums more accurately.

While it might not show on our roadmap, our major goal for the first half of 2022 is fostering even more partnerships and adoption of or decentralized oracles. Stay tuned for updates on this via our Twitter and telegram channels.

Transitioning to further decentralization and community governance

Umbrella Network believes that our DPoS architecture is more democratic, more decentralized, and more secure than other forms of consensus. As such, we are focused on transitioning to becoming a DAO and full DPoS for our upcoming roadmap.

Continuing Expansion of multi-chain support across major Blockchain networks

By the time we complete the milestones laid down in our Jan-June 2022 roadmap, we’d be live on 10 different Blockchain networks with a diverse set of programming architectures. From supporting more EVM chains such as Moonbeam and Plasm to popular non-EVM chains such as Solana and Cardano; dApps across all of the above and more shall be able to directly call Umbrella Network data into their smart contracts.

Month by Month Breakdown of Umbrella Network’s Jan-June 2022 Roadmap

We’ve got both revised as well as some new milestones added to the roadmap, so let’s dive into the details on a month-by-month basis:

Umbrella Network January 2022 Roadmap Plan

Uniswap Integration — Umbrella Network shall incorporate Uniswap’s liquidity pools’ pricing data as one of the sources. The benefits of this are twofold —

  1. Greater decentralization in terms of data sources
  2. Greater coverage of data pairs that are mid-cap or low-cap

rUMB2 Release — On the successful completion of Achievement 1, all rUMB1 tokens can be freely converted into UMB (on a 1:1 basis). Redemption of rUMB to UMB Subsequent to that, all staked UMB tokens will start generating yields denominated in rUMB2 which will be available for conversion into UMB on the successful completion of Achievement 2.

The conversion event for rUMB to UMB shall be governed by the controlled conversion method which is as follows —

There shall be a daily quota equal to 2x the current daily rUMB payout. This means, for example, that if the rUMB1 daily payout is 120,000, a total of 240,000 rUMB1 can be converted to UMB on any given day, post the day the conversion event is triggered. Once the limit of 240,000 token conversions is reached, the conversion event for the day shall cease and you would have to try again the next day.

For those rUMB1 HODLers that do not wish to participate in the conversion event but simply want to continue staking, we shall provide a seamless mechanism to stake their rUMB1 holdings for rUMB2, with a locking period. Stay tuned for more updates on this!

New Staking Streams and Features Staking on Umbrella Network was limited to Ethereum in 2021. From 2022 onwards, now BEP20 UMB HODLers can also stake on our staking portal. BSC Staking is already live on the Hadley Stream (single-sided UMB staking) while staking on the Polar Stream (UMB-BNB LP staking) shall get activated on the 12th of January.

Umbrella Network February 2022 Roadmap Plan

Boba — This is the collaboration between the OMG platform and Enya. Boba is a Layer2 optimistic rollup-based scaling solution on Ethereum that, apart from boasting of lower fees, also offers faster exits. Boba has emerged as one of the fastest-growing L2 Ethereum scaling solutions in 2021 and we won’t be surprised if they reach the top in 2022!

Arbitrum — This is one of the bigger names on the Ethereum Layer2 scaling side. By going live on the Arbitrum mainnet, Umbrella Network shall become available to the thousands of DeFi and NFT projects that are building on Arbitrum

Passport BetaThis is another product being developed by Umbrella Network to help dApps leverage our decentralized oracles better. Passport is being developed with the goal of enabling dApps to access our L2D (Layer2 Data) as easily as they access our FCD (First-Class Data).

Umbrella Network March 2022 Roadmap Plan

DPoS Phase 1 — Umbrella Network’s validators validate incoming data via a delegated Proof of Stake consensus. DPoS announcement shall mean that all UMB HODLers can stake their tokens with a validator if choice and share a prorated amount of staking rewards.

Since this is going to be fairly complex, we’ve decided to roll it out in phases (more details on this to follow on Q1 2022)

Solana — This is one of the popular alternatives to the Ethereum-led EVM Blockchains. Written in Rust and with support for C and C++ too, Solana offers lower GAS costs and faster transaction times.

Umbrella Network April 2022 Roadmap Plan

Moonbeam — While some may call Moonbeam the gateway for EVM smart contracts to the Polkadot ecosystem, we think it is much more than that. As a standalone parachain, Moonbeam has quickly grown to become one of the most popular Polkadot parachains out there. Launching on the Moonbeam mainnet will be Umbrella Network’s entry into the Polkadot ecosystem

Passport v1.0 — This shall be the official open-to-all launch of Umbrella Network’s Passport following the implementation of feedback from the Feb-released beta version.

RNG 2.0 — Following the successful launch of RNG v1.0, Umbrella Network has scheduled the v2.0 launch for April 2022. RNG 2.0 shall offer more avenues of generating random numbers, namely, via skewed randomness and weighted randomness. This shall provide greater flexibility to dApps looking to source random numbers.

Umbrella Network May 2022 Roadmap Plan

DPoS Phase II — Following the launch of Phase I in March 2022, Umbrella Network shall expand on the DPoS rollout with Phase II that increases the capabilities of UMB HODLers.

Plasm — This is another very popular Polkadot parachain and has now been rebranded as Astar Network. It positions itself as a dApps hub that supports multi virtual machines and layer 2 scaling solutions.

Umbrella Network June 2022 Roadmap Plan

Cardano — The Cardano mainnet launch shall be the 10th Blockchain mainnet launch — ensuring that dApps across all major ecosystems (covering over 95% of all dApps out there) shall have the accessibility to directly call Umbrella Network’s decentralized oracles into their smart contracts.

Well, that’s it, folks. In planning our roadmap, we balanced both, the short-term benefits to UMB, as well as, what’s beneficial to UMB in the long-term

There will be more product and feature releases added to the roadmap in later revisions in our bid to be a multi-chain interoperable decentralized oracle.

Our team at Umbrella Network will aim to keep on consistently delivering against our roadmap (We will keep to our 2022 Roadmap Goals — unlike our 2021 “Exercise More” Resolutions)

Thank you to the community who has been consistently supporting us through the ups and the downs throughout 2021 — Let’s look forward to an amazing 2022!

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Umbrella Marketing Team

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