Umbrella Network Weekly Recap: Week of May 24th, 2021
What a month it has been. Since we launched #BSCMonth, we have made it our goal to launch on public testnet, start to get our community involved in developing applications using our oracles, and begin our journey towards decentralization by opening up validators to the community. Well, we managed to get all of that kicked off this past week! If you missed any of those key announcements, the details are below:
- Umbrella Announces Launch on BSC Public Testnet
- BSC Developer’s Challenge: Build An App on BSC Using Umbrella’s Oracles
- Umbrella Moves Towards Decentralization And Launches BSC Community Validator Program
Having achieved these key milestones on our roadmap of getting to public testnet on BSC and subsequently starting the journey towards decentralization, our next major milestone will be to go live on BSC mainnet in a few weeks. We are extremely proud of the progress we have made, and excited to embark on the #RoadToMainnet.
And to apply to become an Umbrella Network Validator, please go here to fill out the details.
We will be subsiding all of the first cohort of community validators $10,000 in UMB tokens a month as incentive. Initial estimates to operate a node on BSC will be about $6,000 per month, or about $200 a day. Operating costs must be born by the node operator, with Umbrella providing the subsidy/incentive at month end. Node operators will start off on public testnet, and eventually move onto mainnet.
The subsidy will run in the initial months, and will be subject to change / revision, as operating costs for running a node will be expected to decrease as more validators are added to the program.
On the development side, the engineering team has been focused on launching public testnet, and this past week was focused on rolling out a new version of the oracle for external validators. We also worked to adjust our block explorer to handle the new gas usage optimization that was recently implemented. Additionally, we are forging ahead with testing across all fronts as we move towards mainnet in the coming weeks.
Stay tuned for more updates as we start to shift our focus towards the #RoadToMainnet with more announcements on new product development & features, programs, and other exciting news!
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, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.
Umbrella Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system. The community-owned Oracle solution offered by Umbrella Network furnishes DApp developers with major key pairs, real-world financial data along with core, mid and long-tail pairs.
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