AMA Satoshi Club x Umbrella Network, September 15th

We are pleased to announce our next AMA on September 15th 2021 at 03:00 PM UTC Time: Satoshi Club x Umbrella Network

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Umbrella Network Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Umbrella Network Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Umbrella Network

For more details:
Umbrella Network Website – umb.network
Umbrella Network Telegram – @umbrellanet
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

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⬇️⬇️⬇️ Leave your comments bellow ⬇️⬇️⬇️

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bean
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bean

DeFi is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that Umbrella Network’s products will be in demand in the long term? What is Umbrella Network planning to contribute to DeFi’s growth?

Telegram Username
@beansreal
bean
Guest
bean

Partnership is always an important factor for every project. So who is Umbrella Network’s partner? What are the benefits you get from those relationships?

Telegram Username
@beansreal
bean
Guest
bean

Have you been audited ? Have not heard you talk about that the security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?

Telegram Username
@beansreal
NorisNavy
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NorisNavy

In practically every industry, Covid-19 has a negative influence. So, how did that affect you as a crypto project? How did you and your team deal with the pandemic?

Telegram Username
@NorisNavy
NorisNavy
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NorisNavy

Governance in this type of project is key but I did not find much info about its governance system. What will be the methodology or system that will be used to make important decisions regarding the overall ecosystem of the project?

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@NorisNavy
NorisNavy
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NorisNavy

Many projects promise a long term plan, big mission and great success in future, but never release any working product or revenue. What makes Umbrella Network different from these projects? Could you share some big achievements that you will get in 2021?

Telegram Username
@NorisNavy
J Mags
Guest
J Mags

One of the responsibilities of the Umbrella DAO is to manage the node validators within the validator registry. The DAO has the authority to either add or remove validators from the list. Can you give a scenario/event when can the DAO remove a specific validator from the validator registry? What are the possible reasons a validator is striped of its title? Also, was there already an actual removal of validator done by the DAO and if so, when and why did this happened?

Telegram Username
@Jmagsss
J Mags
Guest
J Mags

Umbrella Network recently released its updated roadmap which covers plans for the rest of the year. I saw on that roadmap that by November, Umbrella Network will deploy a conversion module that will eventually enable conversion of rUMB to $UMB tokens. However, this doesn’t imply that the rUMB shall become convertible to UMB by that time. The direct conversion of rUMB to UMB tokens are still scheduled to a later date. When can we see the actual and fully functioning user interface/platform where users can convert their rewarded rUMB to the native token $UMB? Also, while waiting for its release,… Read more »

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@Jmagsss
J Mags
Guest
J Mags

Based on the updated roadmap, Umbrella Network will launch its much-awaited Delegated Proof-of-Stake or DPoS by the first quarter of 2022. Can you explain to us technically what can the users expect from this launch especially in the fields of “Improved Leader Selection” and “Automatic Validator Rewards”?

Telegram Username
@Jmagsss
Lucy Chan
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Lucy Chan

Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?❓❓

Telegram Username
@bossbaby8077
Lucy Chan
Guest
Lucy Chan

Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?

Telegram Username
@bossbaby8077
Lucy Chan
Guest
Lucy Chan

What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?

Telegram Username
@bossbaby8077
Lucy Chan
Guest
Lucy Chan

How big is your team ? Are you a public team or not? Please tell us more about team background?

Telegram Username
@bossbaby8077
Jonathan
Guest
Jonathan

There are multiple oracle leaders in the market and According to me there is a problem that their entire logic, storage, and transmission works on the Layer-1 itself. Now theoretically that seems correct, but in practical usage, Layer-1 offers very little scalability. For example both of the largest Layer-1 Networks – Bitcoin and Ethereum are only able to handle less than 20 transactions per second. The transaction throughput is so less, it’s impossible for oracles to thrive on just the Layer-1 solution. For oracles to be useful to developers – they must be fast, authentic, trustworthy, and affordable. Can you… Read more »

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Jonathantross
Jonathan
Guest
Jonathan

As read from your Medium article that UMRELLA is launching some Of the bigger additions to the Umbrella Network roadmap
Fistly “THE TOKEN BRIDGE” .Can you brief us why it was necessary to launch the token bridge and what various benifits the users of Umbrella Network can get ?
Secondly Umbrella Network’s “ETHEREUM MAINET LAUNCH”. Can you tell us With the recent upgrade of Ethereum’s chain How UBRELLA NETWORK will enable thousands of dApps potential access to cost-effective rich data feeds across the Ethereum ecosystem and beyond ?

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Jonathantross
King
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King

Recently, Umbrella Network announced that it has Updated its Roadmap [Q3-Q4 2021 Edition]. This updated Roadmap have added even more items since the 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 Network. Following the exploits of a third-party bridge, the impact of which spilled over to Umbrella Network and some other projects, you decided to build your token bridge… Read more »

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@Emnking
Jesus Freites
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Jesus Freites

I read on your website that Umbrella’s decentralized nodes are built using Layer 2 Merkle Trees. My question is, by using this technology, how do you solve the clustering of thousands of data pairs into a single transaction, thus differentiating yourself from your competition? Does this technology significantly reduce costs while increasing the scalability of the system?

Telegram Username
@JesusFre1tes
Jesus Freites
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Jesus Freites

I read on your twitter profile that Umbrella has recently announced a partnership with Fortress. Congratulations on this great progress. Under the partnership, Umbrella Network will initially provide Fortress Finance with frequently updated pricing updates from its native FTS governance token? What will be the advantage to Umbrella from this partnership?

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@JesusFre1tes
Jesus Freites
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Jesus Freites

I could read that Umbrella collects data from various sources to calculate the most accurate prices in the market. But I also read that it uses a Proof of Delegated Proof of Stake consensus model called DPoS. How does this consensus model help maintain data security unlike other existing consensus technologies or algorithms? Why use DPoS instead of PoW, PoS, LPoS or others known in crypto space?

Telegram Username
@JesusFre1tes
Miriam Michael
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Miriam Michael

You aggregate data via Layer 2 solution with the help of Merkle Tree that allows you to bring thousand of data points to the blockchain in a single transaction.I notice your oracle offers over 1,200 data pairs and all for free for now.My question is,What differentiate you from other Oracles?Do you have plans to charge pair data points since you said its free for now,if yes at what price will it be?How many data pairs do you plan to have in the next years to come?What other exciting features do you plan to add in your platform to build the… Read more »

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@Cheriemike
Miriam Michael
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Miriam Michael

The consensus mechanism Umbrella Network blockchain use is (DPoS) Delegated Proof of Stake algorithm whereby users of the network vote and elect delegate to validate the next block.My question is,What is your reason for using DPoS and not PoS and PoW etc?How can users vote the delegate they want using DPoS?How many users can participate in the process?What % can a user stake during the DPoS process and with what rewards?Can you also tell us the % allocated to your community that will be responsible for selecting validator,participating in governance etc?

Telegram Username
@Cheriemike
Miriam Michael
Guest
Miriam Michael

I read in one of your Update that On Saturday July 10th hackers attacked Chainswap’s contracts and stole the token of more than 10 projects including your platform Umbrella Network.How did it affect your platform that period of time?What action plan did you carry out to compensate users who lost their funds?For safety and security of your platform and that of users,what extensive security measures have you put in place so that hackers and scammers won’t have their way this time?

Telegram Username
@Cheriemike
José Gamboa
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José Gamboa

Oracles are incredibly vital to the blockchain ecosystem and its applications. Without them, it is like having a mobile phone without a data plan or having your phone in airplane mode. Maybe you can play some local games, but you won’t be able to use about 90% of your apps. The same goes for blockchain applications. Without a connection to real world data. How Umbrella network is working to achieve full adoption of its platform in the digital world? Are they managing to bring data from the real world to the digital world?

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@Josegamboac
Lestmaris Vera
Guest
Lestmaris Vera

Umbrella Network’s advantage is its ability to aggregate data through a Layer 2 solution using Merkle trees, allowing us to bring thousands of data points to the blockchain in a single transaction, while other oracles can only bring one data point per transaction. What are Merkle Trees? How do these allow Unbrella to add a large amount of data at once? What would you consider that, in addition to the main advantage of Umbrella, is the most preponderant characteristic of the platform compared to similar competitors?

Telegram Username
@Lestmarisv13
Lestmaris Vera
Guest
Lestmaris Vera

Validators must act in the best interest of those voters, or else they may lose the privilege of validating in the future in the case of PoW work tests. Whereas in Proof of Stake, it is normally an algorithm that chooses who the validators are, there are no stakeholders voting for them or against them. Why umbrella network DPoS and not PoW? It also uses a thin proof-of-stake consensus model. Why does Umbrella use this model?

Telegram Username
@Lestmarisv13
orlemys
Guest
orlemys

Umbrella Network is said to provide more data than other networks and at a far lower cost than any other oracle in the ecosystem. So, I’d like to know where do you get your data from, and how reliable it is? Also, what strategies do you apply to provide said data at a lower cost? Doesn’t lower-cost data mean lower-quality data? What are the standards you use to evaluate the data?

Telegram Username
@orlemys
orlemys
Guest
orlemys

Would you explain what’s the economic model of Umbrella Network? You have over 1,200 data pairs available for purchase on your platform, but do you take any fees per purchase? Are there any other ways of investing on your platform aside from buying data? Will you offer any other products?

Telegram Username
@orlemys
John
Guest
John

In July, chainswap was hacked and Umbrella was heavily affected by this unfortunate incident since your protocol rely on Chainswap cross-chain asset bridge for cross-chain function. The hacker gained access to a lot of $UMB and dump it into the market which affected its value. How did you handle this incidence especially as it has to do with ameliorating the losses suffered by your investors? What short term approach did you use to create immediate reprieve to affected users and what long term strategy have you introduce to tackle incidences such as this? What efforts have you put in place… Read more »

Telegram Username
@Highpee
John
Guest
John

There are many established oracle providers such as kylin, Chainlink, Band, DIA, etc. Looking at the available information, you are offering 1200 data pairs which are mostly related to price feed. How is Umbrella protocol designed to offer a distinct oracle and data services that can outperform the ones provided by these protocols? How frequent are your price feed updated and does it means that your data service will only be limited to price related data alone? And apart from providing data information on Fungible Token, do you offer oracle services that can track Non Fungible Token and physical asset,… Read more »

Telegram Username
@Highpee
John
Guest
John

Out of the 500,000,000 tokens that you have, you allocated 33% to Community reward and 5% to marketing/Airdrop. Can you describe your plan as it has to do with this community reward allocation? Since you already have an 5% of token allocated to airdrop, how will this 33% be released to your community and for how long will it take before community will start benefiting from it? Also, what will a community member need to join Airdrop marketing events, which you reserve 5%of token for?

Telegram Username
@Highpee
Ariana
Guest
Ariana

I saw that next month you’ll be releasing the Verifiable Random Number Generator which aims to stop the exploit of bugs in vanilla RNGs and unfairness for the players, so this can be an interesting feature for gamification features and other projects, can you tell the actual use cases of your new generator and on what fields are you seeking to implement it at first?

Telegram Username
@Arisabela
Ariana
Guest
Ariana

What I like the most about Umbrella is that it is constantly evolving and adding security and scalability to its protocol, in case the use of Layer 2 Merkle Trees was not enough, now you are going to integrate with Polygon chain, you can tell us the key points of the integration of this new chain and what aspects of the project will be improved with this action?

Telegram Username
@Arisabela
Jonah Apagu
Guest
Jonah Apagu

It is stated that In order to validate data, validators first must deposit tokens into what’s called a staking bank. And During consensus, the weight of each validator’s vote is determined by the amount of tokens they have staked.. so how does this staking bank work, what are the required amouts of tokens that validators must deposit for validation vote, how do their deposited tokens affect the weight of their votes, and is the amount of tokens deposited the only thing that determines the weight of the votes of the validators…

Telegram Username
@Jonahapagu
Jonah Apagu
Guest
Jonah Apagu

Umbrella Network is said to have been designed to be used in one of two ways;
– First-Class Data (FCD) which is data that is always available on-chain.
-Layer 2 Data which has a rich and full data set for top crypto pairs & non-crypto pairs, indexes, implied and realised volatility, and much more. So what kinds of data makes up these two ways umbrella network can be used, and how are they sourced, how and what applications is the Umbrella network being used for in each of the above mentioned ways.

Telegram Username
@Jonahapagu
Jonah Apagu
Guest
Jonah Apagu

Umbrella Network, is said to have a consensus system where validators check for the authenticity of data and the rewards/slashing ensure that validators are checking the data to be correct….. so how does this consensus system of validation work, what are its features, how do validators check and verify data to be correct, and how does the reward/slashing mechanism work

Telegram Username
@Jonahapagu
Rendi fadilah
Guest
Rendi fadilah

This UMBRELLA project runs a lot of its projects by collecting data. What kind of data is collected? Is it if I become a member in this project that I also have to provide that data? And is the security of the person providing the data guaranteed?

Telegram Username
@rendifadilah771
Rendi fadilah
Guest
Rendi fadilah

As I read on the website page UMB.network will provide an access for smart contract developers in various segments including medium and long tail crypto assets as well as real world financial data. what kind of data access is it?, what are the advantages of that access?, And whether this access will be an attraction for people who will join this project?

Telegram Username
@rendifadilah771
Rendi fadilah
Guest
Rendi fadilah

Every project has its obstacles.
Are there any obstacles in carrying out data collection for this UMBRELLA project? If so, what are the obstacles? And what will be done so that these obstacles do not become obstacles in this UMBRELLA project?

Telegram Username
@rendifadilah771
yaisy
Guest
yaisy

I understand that months ago UMB celebrated the month of BSC, in which they would expand to that network, promising that they would be much more attractive, but now that they have achieved this expansion, has UMB been able to achieve greater associations?

Telegram Username
@AugusS7
yaisy
Guest
yaisy

You say that Umbrella “offers more data than any other oracle in the ecosystem”, but really how much is the maximum amount of data that other oracles offer and how many Umbrella?

Telegram Username
@AugusS7
gutierrez
Guest
gutierrez

The launch of Umbrella was extremely promising and successful, but months later a great decline in its market began that has not stopped yet, but do you have any plans to reverse this situation? Will you have a product that will launch soon that starts a rise?

Telegram Username
@Gutike95
gutierrez
Guest
gutierrez

I could read that Umbrella’s Oracle would practically facilitate the development of new projects, but then why do many other projects still prefer other oracles to UMB? Could it be that UMB has some limitation or problem?

Telegram Username
@Gutike95
Keymer Salom
Guest
Keymer Salom

You mention that Umbrella offers access to data that was previously unavailable to blockchain developers, but can you really tell us what will be those data that will not be accessible with the services offered by other oracles, and furthermore, why Umbrella will be able to offer them while other oracles will not, and what benefits will they have for project development?

Telegram Username
@KeymerS
Keymer Salom
Guest
Keymer Salom

Could you tell us about the ultimate goal of Umbrella’s oracle? Will it only take the transfer of data in the multiple blockchains to another level?

Telegram Username
@KeymerS
kasg
Guest
kasg

I have read that oracles are of great help for the development of any blockchain project, but really, do they offer the benefits of data transfers only from fungible assets? or do they also offer products on NFT assets? if so, then why do they only state that they want to achieve 1200 data pairs and not to NFTs?

Telegram Username
@KASG95
kasg
Guest
kasg

It caught my attention that you point out that Umbrella’s Oracle service offers the community a lot of power in the scale and security that modern DeFi applications require, but how does it really empower them? does it transfer data faster? or is there a lot of other benefits?

Telegram Username
@KASG95
Alice
Guest
Alice

how is possible to the Umbrella platform to connect a financial data application in real time, including several transactions at once? how can a financial data application be connected in real time and include multiple transactions?

Telegram Username
@alice_wonderland12
Ross
Guest
Ross

How is Umbrella able to ensure data quality and accurately integrate large data sets into the financial system, how was the process of building the decentralized nodes of Umbrella, being them able to make thousands of transactions and grouping them in a single node keeping them all decentralized?

Telegram Username
@Rosane1a88
Humberto Antoni
Guest
Humberto Antoni

Staking is one of the most popular fatures in the crypto world, however there is a great risk since users assume full custody of their own assets, can you tell us then what optimizations your staking system has to reduce risks? Also, what are the differences between rUMB and UMB in your staking system?

Telegram Username
@antoni_azx
Humberto Antoni
Guest
Humberto Antoni

Umbrella claims to be a community owned project, in fact the participants of your ecosystem such as stakers, developers and validators are part of your governance system, can you explain this model to us and how do they all participate to achieve harmony and the growth of the project?

Telegram Username
@antoni_azx

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