Umbrella Table Talks — Highlights
Welcome to the recap of our latest Umbrella Table Talks.
In the latest Twitter Space hosted on February 14th , the Umbrella team shared insights on the latest updates and product developments. From achievements to upcoming plans the Umbrella team gave a clear overview about its roadmap progression.
Let’s dive in and explore these updates in more detail.
The Umbrella Space started with a Roadmap Review, discussing:
1.Multichain live on Polygon.
Last week Umbrella announced that its Multichain architecture is now live on the Polygon network. Umbrella has now successfully deployed on BNB Chain, Avalanche, and Polygon.
2. Securing the ownership of our smart contracts using Multi sig and Ledgers .
Eugenio Di Santo, Product Manager at Umbrella pointed out that the engineering team is also also in the process of securing the ownership of their smart contracts using multisig and ledgers. Eugenio said :
“ We are getting the ledgers, configuring the multi sig, doing some testing, and after that’s done, we will assign or transfer the ownership of our smart contract to those multisig”.
This upgrade will give Umbrella a more distributed control over their smart contracts, thus improving their security.
3. UMB Rewards program updates.
There will be several changes to the rewards program happening by the end of February 2023.
Umbrella will begin redeeming RUMB2 and transition away from the RUMB / reward token to just rewarding in UMB tokens. This change will remove the complexity of the overall rewards program and eliminate the waiting period of up to a year to redeem RUMB for UMB.
Once the conversion process begins, all RUMB tokens will be eligible for redemption. The redemption process will take place through a redemption portal, and there will be a daily quota of how much RUMB can be redeemed. The quota amount will be announced at a later date, but prior to the transition. Umbrella is trying to find the right balance between ease of use and convenience, as well as broader benefits to the community.
Umbrella has also proposed a 50 million token burn, which was voted on and approved by the community. This token burn will take place around the same time as the RUMB redemption process, which is expected to start by the end of the month.
Business Development and Partnerships
Philippe Engels, Partnership Manager gave the latest updates from the BD department:
“We have announced the first grantee of our grant program and we plan to onboard more projects in 2023. I continue reaching out to developer communities on different layer ones and layer twos to make informed decisions on where to move next. Additionally, together with the engineering team, we are exploring cross chain messaging layers to leverage Umbrella’s technology and offer data on other layer 1 o 2 in a more efficient way”, he said.
Philippe also mentioned that Umbrella formed a partnership with Surfer Monkey, a zero knowledge proof project, to work on a proof of solvency solution for Centralized Exchanges.
FOCUS OF THIS YEAR
The discussion continued with John Chen, Senior Advisor, outlining the most important goals for Umbrella to focus on this year, which are:
- Adoption and expanding the multi-chain functionality.
A top priority for 2023 is to expand Umbrella’s ecosystem and get more applications to use its Oracle data. Umbrella launched grant programs on both Polygon and Avalanche, and has plans to launch additional program on more supported chains in the coming months.
2. Product innovation. Umbrella plans to introduce features like custom requests, on-demand generated randomness and improve some other aspects of Umbrella Oracle like the leader selection mechanism and widen its data sources providers.
The team is also looking into ways to utilize zero-knowledge proofs for better data delivery and information security.
3. Marketing. In terms of marketing, the Umbrella team wants to be careful and pragmatic, putting resources into targeted shows and conferences for maximum benefit.
“I know over the downturn of 2022, it was a real struggle, not only for us, but for many projects. We obviously cut back on a lot of areas with marketing being an area that we really scaled back on. But going into 2023, the plan is we will start putting some resources into marketing a little bit more. We will be very careful and pragmatic about that so that there is hopefully measurable ROI in the marketing that we do”, John Chen said.
About Umbrella Network
Umbrella Network is a scalable, decentralized, and community-owned data oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts. Umbrella Network is able to aggregate data to bring onto the blockchain, enabling faster, more cost effective delivery of information at scale. It believes a decentralized oracle is paramount to creating a truly decentralized blockchain ecosystem space.
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