Umbrella Network: Updated Roadmap [Q3-Q4 2021 Edition]
Umbrella Network’s ambitious expansion across Blockchains continues with gusto.
We are happy to announce that we have added even more items into the roadmap since our last roadmap update (link).
While a few of the items added were necessitated by certain events over the course of the past few months, others were added to foster greater decentralization and wider access to Umbrella Network’s rich, comprehensive, and cost-effective data for DeFi apps irrespective of their Blockchain of choice.
The Umbrella Network’s Roadmap Update [Q3-Q4 2021 Edition] is predicated upon the ethos above.
The details of the milestones are explained below.
September 2021 — Umbrella Network’s Token Bridge
Let’s start off with one of the bigger additions to the Umbrella Network roadmap — the token bridge. Following the exploits of a third-party bridge, the impact of which spilled over to Umbrella Network and some other projects, we decided to build our token bridge to shield ourselves from such unforeseen events in the future.
Umbrella Network’s token bridge will enable users to seamlessly convert/transfer their ERC20 $UMB tokens to BEP20 $UMB tokens and vice versa (bidirectional convertibility of Ethereum-based $UMB tokens and Binance Smartchain-based $UMB tokens)
Future upgrades of the bridge will offer additional features and functionalities as we expand to support multi-chain interoperability as well as additional token types including NFTs!
September 2021 — Umbrella Network’s Ethereum Mainnet Launch
Following the launch of Umbrella Network’s decentralized oracles on Binance Smartchain, the launch on Ethereum’s Mainnet is the next major milestone!!
For those not in the know, Umbrella Network’s Ethereum Mainnet launch means that DeFi and other crypto apps and dApps built on Ethereum can use our decentralized oracles in a LIVE environment — powering real transactions and events.
With the recent upgrade of Ethereum’s chain, our Mainnet Launch will enable thousands of dApps potential access to cost-effective rich data feeds across the Ethereum ecosystem and beyond.
September 2021 — Advanced Options Pricing
Options trading in cryptocurrencies has always had a dirty secret that nobody talks about — the Implied Volatility (IV) curves are so haphazard that the trading activity is oftentimes more gambling than probabilistic mathematics.
Umbrella Network intends to change that.
By querying prices across several price discovery mechanisms, building a caching layer, and using Time Weighted Average Pricing (TWAP) methodology, we’ve been able to make the IV curve as smooth as that of any S&P500 index.
This means that Options pricing sourced from Umbrella Network’s data feeds would be the most accurate among all others — protecting traders from anomalies that arise from haphazard IV curves, giving them access to Wall Street level data, and allowing them to trade more effectively and profitably.
October 2021 — Umbrella Network’s Block Explorer 2.0
Block Explorers are the quintessential frontend ledger of all transactions taking place on the Blockchain. Umbrella Network has built its own Block Explorer to enable dApps and people alike to query and verify the data on Umbrella Network’s layer-2 data oracle.
From September 2021 onwards, the entire frontend of Umbrella Network will be revamped with a sleeker and more intuitive interface, deeper searching capabilities, and other improved functionality.
October 2021 — Umbrella Network’s Polygon Mainnet Launch
Polygon calls itself the ‘Internet of Blockchains’. Their key value proposition is solving the issue of high GAS costs incurred on intra-Blockchain and inter-Blockchain transactions. This also impacts the scalability of apps built on these Blockchains. While Polygon Network was earlier meant to focus on the Ethereum Blockchain, they have rapidly carved out a distinct niche for themselves.
Umbrella Network will look to integrate native support for the family of dApps built on Polygon by October 2021. This means that Polygon dApps shall be able to leverage not just the benefits of low-cost transactions, but also reap the benefits brought on by Umbrella Network’s decentralized oracles.
October 2021 — Umbrella Network’s Verifiable Random Number Generator
Randomness is random only until someone figures out the algorithm that generates those random numbers. Many applications, including quite a number of online games, depending on random number generators but the questions on their authenticity hardly get answered.
This is why Umbrella Network has scheduled an October launch of our in-house developed ‘Verifiable Random Number Generator’. By making it verifiable on-chain with cryptographic proofs, Umbrella Network puts to rest the usual fears of both:
- Games — who fear that players can exploit the bugs in vanilla RNGs
- Players — who fear that the games can generate non-random numbers that benefit the house and make it unfair
November 2021 — rUMB to UMB Conversion Module
Umbrella Network’s staking portal rewards rUMB tokens for the staked UMB tokens. These rUMB tokens are designed to be convertible into exchange-tradable UMB tokens on the achievement of certain goals.
November 2021 marks the achievement of some of our biggest goals of the year and that month, we’ll push LIVE our conversion module to enable the conversion of your rUMB rewards to UMB tokens.
Note: The conversion module pertains to the development and the deployment of the user interface and the capabilities to convert rUMB to UMB. This does not imply that the rUMB shall become convertible to UMB in November 2021. Convertibility of rUMB to UMB may take place at a later date.
November 2021 — Umbrella Network’s Solana Mainnet Launch
Touted by many reputable sources as ‘the’ Ethereum Killer — a claim that we shall reserve judgment on, Solana definitely wears the crown when the question is — ‘Which is the Fastest Blockchain?’ And with its fast-growing ecosystem, and transaction speeds of up to 50,000 TPS, Solana is much faster than VISA’s touted 24,000 TPS.
Umbrella Network will look to integrate native support for Solana dApps by November 2021.
This will enable the dApps on Solana’s ecosystem to directly query our rich data feeds from within their smart contracts with all of our key differentiators intact — cost-effectiveness, speed, and freshness of data.
November 2021 — Umbrella Network’s PancakeSwap and Uniswap Integration
By November, Umbrella Network will have direct integration into PancakeSwap’s and Uniswap’s pricing data.
While we already have access to both Uniswap and PancakeSwap token prices via third-party data aggregators, having direct integration will remove the third-party element, and this move marks our faith in decentralized price discovery mechanisms. By the sheer size of daily traded volume, Uniswap and Pancakeswap have demonstrated the stability of their price feeds in comparison to centralized exchanges of the highest order.
Q1 2022 — Umbrella Network’s Cardano Mainnet Launch
Cardano holds the distinction of being the most scientifically developed Blockchain. Built on a foundation of peer-reviewed research and followed through with evidence-based methods, Cardano is the 3rd largest Blockchain by the value of the market cap of its internal currency — ADA.
Umbrella Network will integrate into and support Cardano in the early part of 2022, to provide their rapidly growing ecosystem the same benefits that our decentralized oracles provide to the other Blockchains. And with a current lack of focused oracle providers, we are excited to bring added value with our wide array of oracle data feeds to help grow with their ecosystem and support continued innovation.
Q1 2022 — Umbrella Network’s Delegated Proof of Stake Launch
Umbrella Network’s Q1 2022 includes the much-vaunted and star-studded implementation of our Delegated Proof of Stake (or DPoS, if you will). This includes several incremental updates that we have clubbed together under the following heads to keep things simple —
- Token Delegation — implements how the UMB token hodlers delegate their tokens to the validator.
- Improved Leader Selection — includes the improvements to the randomized algorithm that selects the Validator Leader
- Automatic Validator Rewards — implements completely algorithmic and automated reward payouts
Q2 2022 — Umbrella Network’s Avalanche Mainnet Launch
Avalanche can be best understood as a heterogeneous interoperable network. It maintains the Bitcoin-like hard cap on total coins mint-able while also bringing in the support for Enterprises with permissioned ecosystems.
Umbrella Network’s launch on Avalanche’s mainnet by Q2 2022 shall play a huge role in enabling data availability for the smart contracts built within the Avalanche ecosystem. From completely decentralized apps to permissioned ecosystems, all on Avalanche would be able to solve their data deficiency problem with Umbrella Network.
Q2 2022 — Umbrella Network’s Moonbeam and Plasm Mainnet Launch
Moonbeam and Plasm are smart contract (dApp) platforms (aka Parachains) on the Polkadot Blockchain. While Moonbeam’s biggest draw is its compatibility with the Ethereum ecosystem, Plasm’s value proposition is layer-2 scalability.
Umbrella Network is scheduled to go live on these two Polkadot parachains — Moonbeam and Plasm by Q2 2022. This shall bring the advantages of the Substrate ecosystem and the unbeatable benefits of our decentralized oracles to the dApps built atop these two parachains.
That’s a wrap on Umbrella Network’s Roadmap update for the final two quarters of 2021 and the first two quarters of 2022.
By the end of this period, Umbrella Network shall be truly a natively supporting multi-chain interoperable decentralized oracle. The number of Blockchains supported would have increased to 8 and the number of decentralized apps that can leverage our comprehensive, and cost-effective data feeds that are updated the most frequently of all.
This underlines our mission to be Blockchain-agnostic and continue supporting additional chain that help grow the DeFi ecosystem as a whole.