Umbrella Network
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Umbrella Network

Umbrella Network Welcomes Sandstorm to its Ecosystem Accelerator to tie Brands and Oracle Data to the Metaverse

Umbrella Ecosystem Accelerator, true to its mission to support innovative projects bringing data to the blockchain, is participating in the $2.5M fundraising round of Sandstorm — a platform to connect the world’s leading brands with the top builders in the Metaverse.

TL;DR

  • The Umbrella Ecosystem Accelerator is a $15M accelerator program to support promising dApps and protocols with oracles
  • Sandstorm is the first company joining the Accelerator, and Umbrella Network is participating in Sandstorm’s $2.5M round of funding alongside key backers like The Sandbox, Bitscale, Sanctor Capital, and others
  • Metaverse projects have been some of the fastest-growing sub-industry in the crypto space, and the need for decentralized and authenticated data feeds is acutely felt
  • Umbrella Network’s media and advertising division, Lucidity, sees deep synergies with Sandstorm, from Lucidity’s advertising oracle technology to it’s network of relationships with some of the biggest brands in the advertising industry

Umbrella Network is pleased to announce that we’ve participated in the $2.5M fundraising round for Sandstorm via the Umbrella Ecosystem Accelerator Program. This makes Sandstorm the first recipient of our program and will assist them in making the Metaverse space more responsible and efficient when it comes to data sourcing, avoiding the earlier mistakes made by the then-nascent DeFi space.

Apply here for Umbrella’s Ecosystem Accelerator Program

Sandstorm, backed by Umbrella Network, The Sandbox, Fenbushi Capital, Sanctor Capital, Bitscale, and others, offers a platform for Metaverse builders to collaborate more seamlessly with the biggest brands in the industry.

(Source: https://sandstorm.co/)

Particularly of interest is the potential with Umbrella Network’s advertising division, Lucidity. With Lucidity’s proven track record of serving blockchain-based validation of ads for several Fortune-500 companies, the benefits to Sandstorm’s own ecosystem are many.

In addition to providing a great user experience, it’s crucial to ensure that the measurement and delivery of ads in the Metaverse is transparent, secure, and effective so brands can realize their return on investment.

(Source: golucidity.com)

The Metaverse space has been witnessing rapid growth and has been clocking in millions of daily active users worldwide. This has made advertisers see the Metaverse as a distinctly viable space for reaching out to valuable customers via advertisements.

While Sandstorm helps builders meet leading brands (including advertisers), Lucidity can help ensure that the advertisers get what they paid for via their innovative Blockchain validation of ads.

But the synergies between Umbrella Network and Sandstorm do not end there. As the Metaverse space grows and branches into NFTs, DeFi, and the rapidly growing NFTFi space, there will be a massive need for authenticated on-chain data on thousands, if not millions of data points.

The challenges of bringing accurate, secure, and validated data to smart contracts have come sharply into focus in recent incidents of top projects facing difficulties that have all stemmed from depending on centralized sources of information (data feeds) which rendered them incapable of maintaining the ethos of decentralization.

Umbrella Network, with its Merkle Tree architecture, is currently the only decentralized oracle with the capabilities of solving this problem of data insufficiency and centralized data feeds.

We offer 3500+ data pairs across multiple chains (which is orders of magnitude higher than our closest competitors) that solve the problems faced by crypto/DeFi/metaverse companies with respect to the high cost of data as well as challenges around data insufficiency and scalability.

The problem statement is simple enough to understand — as a Metaverse project (or any blockchain-project for that matter) is launched, most oracles find it too cumbersome, timely, and/or expensive to support them. This opens these projects up to price oracle attacks — as the project team had no other option but to get centralized sources of data.

Umbrella Network solves this problem. Getting your desired custom data feeds:

  • Delivered directly in your smart contract
  • After authentication by community validators
  • After being fetched by multiple data sources

It is, wait for it, as easy as filling out this form (or just talk to us on Discord)

On the occasion of the announcement with Sandstorm, John Chen, President at Umbrella Network said,

“We’re very excited to partner up with Sandstorm for the growth and development of the metaverse space. And as brands enter the space, there will be a need to connect them with creators within the ecosystem to build custom experiences. Umbrella Network’s Ecosystem Accelerator was set up for this very purpose — to find key growth companies of the future and help them achieve their potential while supporting the growing data needs of the metaverse through the use of decentralized oracles.”

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:

Telegram| Twitter | Announcements | Website | Governance

If you’re interested in becoming an Umbrella Network Partner, sign up here.

To add your token as FCD or L2D, click here.

Apply here for Umbrella Ecosystem Accelerator’s Program

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Umbrella Marketing Team

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