Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Umbrella Network and our guest, @chen225. The AMA took place on the 15h of September.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Umbrella☔️☂️🌂🏖️
Today our guest from the Umbrella is @chen225☂️
John Chen | Umbrella Network: Hey everyone! Excited to be here! Thanks for having me.
Gold Rocket | Satoshi Club: We are really excited about upcoming AMA too😁
Andrés M. | Satoshi Club: We are glad to have you here, @chen225!
Gold Rocket | Satoshi Club: How are you doing? Are you comfortable under your Umbrella?😊☂️
John Chen | Umbrella Network: I’m doing great! Thanks for asking haha yes, I always keep my umbrella handy.
Gold Rocket | Satoshi Club: And that’s fine😁
Let’s start! Introduce yourself please. How did you get to be involved in crypto & Umbrella? Tell us please about your position in Umbrella☂️
John Chen | Umbrella Network: Yes sure. My name is John Chen and I’m the Head of Marketing at Umbrella Network. Prior to Umbrella I was mainly focused on running my own independent digital media and marketing agency based out of Singapore. But I’ve been investing and following the crypto markets since 2017/2018.
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of Umbrella?
John Chen | Umbrella Network: I joined Umbrella back at the end of 2020, when things were just getting started, and I handle marketing, community management, and help with pretty much anything that’s not actual coding and development.
So Umbrella Network is a decentralized, community owned layer 2 data oracle. That’s a bit of a mouthful. but in essence, we, like all oracles, bring data, usually off chain data, onto the blockchain.
Gold Rocket | Satoshi Club: This is a very important feature😊 You are an important person on the team👏👏👏
Also we would like to know more about your team. Who is on the project team core?
John Chen | Umbrella Network: We are an engineering heavy team, and have a total of about 18 engineers now I believe. We are still hiring blockchain developers now to grow the team and another 3 or 4 that’s in marketing, operations and other support areas. The senior core team, lead by our founder Sam Kim, has been working together on blockchain projects even before Umbrella, so we have a long and extensive working history.
Gold Rocket | Satoshi Club: How long does it take to develop a project? What plans do you have for the future? And what can we expect from Umbrella?
John Chen | Umbrella Network: With respect to Umbrella, it started out as an idea back in Q3 of 2020, and started getting legs by the end of that year. Things really started ramping up in early Jan of this year, with the core team and early prototype being developed. We IDO’d back in Feb of this year, and then went live on Ethereum Testnet in march, followed by BSC Mainnet launch in May. So while we are a young project, we have been fortunate to make some decent progress within a fairly short period of time of 6 months or so.
Gold Rocket | Satoshi Club: You hit bull run, it’s a really good time😁
John Chen | Umbrella Network: Yeah the day we IDO’d was the day Tesla announced they had 1.5B in BTC on their balance sheet.
Gold Rocket | Satoshi Club: Are you a public team or anonymous?
John Chen | Umbrella Network: We are a fully public team. You can find bios, profiles of the team on our website umb.network
Gold Rocket | Satoshi Club: Thanks for sharing! it adds points to you in the eyes of users👍
Andrés M. | Satoshi Club: How did you choose the name of the project? And in what country is it based?
John Chen | Umbrella Network: Good question. We think an oracle must do more than just moving data from one source or multiple sources on to the blockchain. It must also serve as protection by ensuring and securing the data quality. Also making sure the data isn’t manipulated or corrupted. We do that with our network of validators and community members. That’s what the nodes represent that make up our umbrella frame in our logo. It’s the community of validators forming our network that protects and ensures data quality.
And we are fully decentralized, so our team is spread out across the US, South America (Brazil, Argentina), Europe (Poland, Ukraine), Asia (India, Singapore). Lot of time zones haha!
Gold Rocket | Satoshi Club: Satoshi Club also has an international team of crypto fanatics😁
John Chen | Umbrella Network: You guys have a huge community!
Andrés M. | Satoshi Club: Great concept, very comprehensible!
Gold Rocket | Satoshi Club: I’m from Ukraine❤️
John Chen | Umbrella Network: Nice! I visited Kyiv back in 2019, beautiful country.
Gold Rocket | Satoshi Club: Thanks😊
Andrés M. | Satoshi Club: I’m from south America, happy to see countries from here participating in important crypto projects.
Gold Rocket | Satoshi Club: Thanks for the great introduction, we have several questions which were selected for the 1st part. Ready to start?
John Chen | Umbrella Network: Yes ready!
Q1 from Telegram user @Jmagsss:
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, where else can users convert their rUMB to UMB tokens?
John Chen | Umbrella Network: So the rUMB tokens are what UMB token holders receive as reward/yield when they stake it on our staking portal. Current APY’s for staking ranges anywhere from 90% – 400%+ depending on which staking program.
The rUMB that is received is redeemable on a 1:1 basis for UMB tokens in the future. As of now, the rUMB will convert either by Feb 2022 or earlier if certain acheivements/milestones are met on the project. Realistically, we probably expect this to happen at the end of this year, though this isn’t finalized yet. So on the roadmap, we have listed out the actual User Interface that the community will go to with their rUMB to do the conversion.
So the community will be able to see the full UI in November and be able to convert their rUMB probably in December.
And while waiting for release, it’s possible for holders of rUMB to sell on the secondary market on Uniswap, but it would be at a discount to the value of UMB. Most people we see choose to HODL!
Gold Rocket | Satoshi Club: Sounds good!
Andrés M. | Satoshi Club: Could you share the roadmap with our community?
John Chen | Umbrella Network: Yes sure, so like I mentioned before, we are already live on BSC Mainnet and we are currently live on Ethereum Testnet. We will be going live on ETH Mainnet in less than 2 weeks, by the end of September, which is a major inflection point for us, as so many projects especially in DeFi are there, and we will be looking forward to providing low cost data to those dApps once we go live.
Gold Rocket | Satoshi Club: This is a really hot topic and you are in absolute crypto trend.
John Chen | Umbrella Network: After this major milestone, we will be continuing to expand onto other blockchains, and have on our roadmap to integrate and support Polygon in October, Solana in November, Cardano in Q1 2022, and Avalanche and a few parachains on Dot in Q2. So we’ve got an aggressive and ambitious roadmap to support 8 chains by Q2 of next year, as we see the future being multi-chain and we want to be on as many blockchain ecosystems to support the data needs of developers and their applications.
Andrés M. | Satoshi Club: Wow, that’s really a big target, do you plan to cover all the important chains? Cosmos too?
Gold Rocket | Satoshi Club: Very ambitious😁👍
Andrés M. | Satoshi Club: Agree!
John Chen | Umbrella Network: After we finish the current roadmap, yes we will be assessing additional chains to integrate and support into. This is only the beginning as we look to become a true multi chain interoperable oracle.
Andrés M. | Satoshi Club: Excellent, we are happy to know a project with big aims!
John Chen | Umbrella Network: Besides the chain integrations, we’ve got a ton of other exciting developments as well, from advanced product feature releases, to major partnerships and acquisitions that we have planned that we will be sharing with our community in the coming weeks and months. Exciting times!
Andrés M. | Satoshi Club: Thanks for your answers, ready to proceed with the next question?
John Chen | Umbrella Network: Yes!
Q2 from Telegram user @JesusFre1tes:
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?
John Chen | Umbrella Network: So that is our key differentiator, that we use Merkle trees, which are essentially binary hash trees, to aggregate and store our data. Other oracles in the market today, whether it’s market leaders like Chainlink, Band and pretty much everyone else, do things one by one. So if someone wants to get the price of BTC/USD or the stock price of TSLA or even the temperature in New York City, each is a data point and each would require to be pulled and written onto the blockchain. What we do is aggregate all of the data and write it on chain all at once. This leads to a massive savings in costs, especially given the high gas fees on chains like Ethereum.
Gold Rocket | Satoshi Club: Great find for oracles!
John Chen | Umbrella Network: And that key difference leads to a multitude of advantages, from cost savings, to massive ability to scale the data, to being able to refresh data much more frequently, to having a lot more variety of data. All these things become prohibitive when costs are sky high. So for us, we currently offer 1,200 pairs of data to developers, from crypto currency price feeds, to stock prices, stock options, commodities, etc. And we will soon have over 10,000 data pairs available by year end. As a means of comparison, other leading oracles only offer maybe 100 – 250 pairs of data today.
And right now, we are actually offering all of our data feeds for free.
Gold Rocket | Satoshi Club: You definitely have something to be proud of.
John Chen | Umbrella Network: Yeah we are really excited to continue building!
Andrés M. | Satoshi Club: Congratulations to your team for your great efforts creating an strong ecosystem👏
John Chen | Umbrella Network: Thanks for the vote of confidence!
Andrés M. | Satoshi Club: Well, thank you for the clear answer, would you like to tell us about security? Have you done audits?
John Chen | Umbrella Network: Yes all our contracts are fully audited by Slowmist. We are an engineering and dev heavy project, so that was of utmost priority.
We will be releasing our own token bridge solution in the next week or two, and that’s just finished being audited as well.
Gold Rocket | Satoshi Club: Safety first👏 Thanks for your answers. Ready to proceed to the next question?
John Chen | Umbrella Network: Let’s do it!
Q3 from Telegram user @Cheriemike:
The consensus mechanism Umbrella Network blockchain uses 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?
John Chen | Umbrella Network: Ok lot of questions to unpack. So let’s start with why we went with DPoS. We are a community-owned decentralized project, so we believe for us, going with Delegated Proof of Stake consensus, where the community of token holders is able to elect who to represent them as validators in the consensus process to validate the data, is the most secure and democratic method to allow proper community participation. PoW is not efficient, and standard PoS doesn’t offer the democratic method of voting we wanted to give the community to elect validators.
UMB token holders will be able to elect using our UMB utility token the validators that they want to represent them.
As of today, we have already rolled out our community validator program, which allows people in our community to apply to become a validator. This is a key part of our project, to be as decentralized and community operated as possible. And a large part of this is again, due to our different architecture. Because it is much cheaper to operate the validator nodes due to the lower costs.
Other oracles are more centralized because in some ways, they can’t have anyone run and operate a node. We ran some analyses and some other major oracles, it would cost upwards of $16,000 a day to operate a node. That is not economically feasible for the average person to run, and that’s why in the end, it goes to a handful of professional validators that have the capital to operate. In our program, community validators can operate for less than $200 a day.
Gold Rocket | Satoshi Club: Сould you tell us about your tokenomics?
John Chen | Umbrella Network: So as a community owned project, a full 60% of our token allocation is reserved for the community, which includes the broader community as well as validators. More than half of that 60% is reserved for our staking program, which runs for 4 years and is what stakers are getting when they stake in our Hadley and Polar Streams. You can find more info about our programs at staking.umb.network
And more details on our tokenomics are here: https://medium.com/umbrella-network/an-update-on-umbrella-networks-umb-tokenomics-b81030bd699e
Gold Rocket | Satoshi Club: Thanks for sharing!
John Chen | Umbrella Network: No problems.
Gold Rocket | Satoshi Club: And big thanks for your answers. Let’s proceed to the next question!
Andrés M. | Satoshi Club: Staking is one of the features our community are more curious about.
Let’s proceed with a question about the Umbrella staking program😁
John Chen | Umbrella Network: Sounds good!
Q4 from Telegram user @antoni_azx:
Staking is one of the most popular features 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?
John Chen | Umbrella Network: We have 2 main internal staking programs, our Hadley Stream, where users stake their UMB into our staking vault in return for rUMB, which currently yields about 90% APY, and our Polar Stream, where users who have provided liquidity to our ETH-UMB pool on Uniswap would stake their LP tokens in return for rUMB, which currently yields 400%+ APY. Again all of our contracts have been audited and safe. However, as an added precaution, we recently partnered with Uno Re and Polkacover to offer insurance on those staking programs.
So stakers into those programs can now elect to purchase an insurance policy on the UMB that they stake. So in the very unlikely situation of some unforeseen black swan event, and their stake gets compromised somehow, they are insured and covered 100%. We are one of the few projects to offer this type of policy to stakers. And it will be rolling out soon in October.
In terms of the difference, I think I mentioned this before, UMB is our utility token that really sits at the center of our project that will be used for governance, validator consensus, and currently can be staked. Whereas rUMB is the reward token that is given out from our staking programs, redeemable 1:1 for UMB later this year.
Andrés M. | Satoshi Club: Is there a minimum amount of tokens needed to stake?
John Chen | Umbrella Network: There is no minimum, no maximum, no lockup period. You can stake how much you want, and withdraw anytime you want.
Andrés M. | Satoshi Club: That’s excellent, benefits for everyone😃
Gold Rocket | Satoshi Club: Where can we buy tokens?
John Chen | Umbrella Network: Our token is currently available on DEXs like Uniswap, SushiSwap, Pancakeswap, and on CEX, including Ascendex and Gate.io.
And there will be future listings as well on more major CEX to be announced when ready.
Andrés M. | Satoshi Club: We will be waiting for coming announcements, don’t forget to share it with our community!
John Chen | Umbrella Network: Next 2 weeks will have a flurry of exciting announcements, so we will be sharing it all with you guys!
Andrés M. | Satoshi Club: Let’s proceed!
Q5 from Telegram user @Highpee:
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?
John Chen | Umbrella Network: So that 33% or more than half of the 60% I mentioned earlier, is what is earmarked for our staking programs. UMB token holders, and those who provide liquidity, can stake their respective tokens and earn part of that 33% of 500MM over the next 4 years!
That is how it goes back to the community. We want to foster long term holders and support.
We did a few airdrops at the beginning of the project in Feb and March. And more recently, we are currently doing an airdrop to UMB tokens holders on BSC that will run for another few months. We will be planning more community focused programs that will use those tokens, as well as some NFT based incentives in October and beyond, so stay tuned!
Gold Rocket | Satoshi Club: These are huge numbers🔥🙌
John Chen | Umbrella Network: Yeah we are committed to our community and we are committed to being a truly decentralized oracle with a community focused, DPoS based consensus model.
Gold Rocket | Satoshi Club: I think your community is very grateful to you for this concern.
John Chen | Umbrella Network: We are fortunate to have an amazing, supportive and welcoming community!
Andrés M. | Satoshi Club: Thanks for answer, how much is your max supply and market cap?
John Chen | Umbrella Network: Our max supply is 500MM, our current circulating supply is 85.7M, and we have a current market cap of 18.5M.
We are still an early stage project, so there is a lot of potential as we deliver on our key milestones.
Andrés M. | Satoshi Club: What deflationary strategy do you have? Any burning token event?
John Chen | Umbrella Network: We have done 1 token burn so far to date, where we took a community vote, and the majority voted to burn 1.5M tokens. We livestreamed the event: https://www.youtube.com/watch?v=IkCTjVIZoHg
In the future, there may be more of these things if the community decides they want to pursue more deflationary token burns, and it’s possible we may implement other measures to execute deflationary strategies. Again, because we are a community driven project, there will be various tools at our disposal in the future.
Gold Rocket | Satoshi Club: Great event😁🔥🔥🔥
Andrés M. | Satoshi Club: Thanks for sharing. Is time to proceed with the final question of this part of the AMA.
Q6 from Telegram user @Asela1112:
Umbrella Network has announced a partnership with IX Swap on 14th of September & through this partnership, you hope to provide real world asset data to IX Swap’s liquidity pool & AMMs. Will this partnership lead to enhance the growing area of Umbrella Network? What kind of privileges, will you be able to redeem? Please give us more details on this strategic partnership with IX Swap. Do you hope to alliance with more DEXs in future so that you can provide real world asset data through your oracles?
John Chen | Umbrella Network:
IX Swap was the latest partnership we announced. We have announced over 40 partnerships with many projects.
We are excited about the IX Swap partnership because not only will we be looking to provide a variety of pricing data feeds to them, from cryptocurrencies and stocks, but also private asset class data. And on the backend, we will be working with them to create these custom data feeds of private asset data, something that isn’t even that readily available in traditional finance. So it will be innovative for a DeFi project to create this type of data for a difficult to price, illiquid asset class. We will be looking forward to the challenge.
And overall, this just continues our overall strategy to try to partner and provide data to as many projects as we can. Our overall goal is to drive the cost of data down to as close to zero as possible. Because only then can true innovation happen in the blockchain ecosystem.
Right now, it’s like we are in 1995 and the internet is just evolving. Back then, it was super expensive and slow to get data. People were paying hundreds of dollars a month to use a 2400 baud modem to dial up to the internet, so you could barely do anything but browse some static webpages.
But once bandwidth went up, and costs went down, there was just an explosion of growth. Nowadays, people take Wi-Fi and practically free data for granted. Think of all the amazing things you can do now, from watching movies to playing massive online games, to calling an Uber on your phone. A major factor to this is because data became extremely cheap and readily available. We hope to be able to do the same within the blockchain industry.
Andrés M. | Satoshi Club: A lot of benefits for both projects!
Gold Rocket | Satoshi Club: Absolutely right comparison😁
Andrés M. | Satoshi Club: Well @chen225, it has been a great time with you, we are honored to know important details about Umbrella Network.
John Chen | Umbrella Network: It’s been great to share with you and the community!
Gold Rocket | Satoshi Club: Well, you took into account the errors of projects that provide oracular services and added cool features. You have a very good claim for success👍👍👍
John Chen | Umbrella Network: We’re just getting started!
Andrés M. | Satoshi Club: Now is time to interact with our dear users in the live segment of the AMA.
Gold Rocket | Satoshi Club: Please share with Satoshi Clubbers useful links before the open chat.
John Chen | Umbrella Network: Yes great, please come visit and join our community, we are very welcoming and will be happy to share more information and answer more questions. Here are some links:
- Telegram Community – https://t.me/umbrellanet
- Telegram Announcements – https://t.me/umbnetannouncement
- Discord – https://discord.gg/G9x4TsHSd7
- Twitter – https://twitter.com/umbnetwork
- Medium – https://medium.com/umbrella-network
- Website – https://umb.network/
Andrés M. | Satoshi Club: Let’s join Satoshiclubbers! @GoldRocket27 let’s go🥳
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Arisabela:
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. 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?
John Chen | Umbrella Network: Yes good question. This was actually suggested by members of our community. While we had considered releasing a VRNG, it wasn’t initially on our priority list, but when community members brought up a quite practical case to incorporate it sooner, we assessed and added it to our roadmap. And this actually worked out very well, because we will have immediate uses for the VRNG as it has many applications particularly in the gaming sector, which currently is seeing explosive growth, and an area that we are aggressively pursuing projects in currently, so definitely look out for developments in this space in October and beyond!
Q2 from Telegram user @BJosefina61:
Chainlink is generally the most popular oracle network, but the risks and centralization points of it are always talked about. Could you summarize some points where UMBRELLA has better specifications than Chainlink for example? is Umbrella more decentralized?
John Chen | Umbrella Network: Chainlink is the dominant player in the market, and we have the utmost respect for their team and project. But we have taken a different approach with our oracle design. And while Chainlink has first mover advantage and can provide major pricing feeds securely to larger projects, there can be challenges for smaller and midsized projects to get their tokens incorporated into their price feeds or for projects that need large volumes of data or very frequent amount of data. In those cases, our oracles may be more suitable. And in respect to the centralization yes, Chainlink has high operating costs to run a node, which is why the majority of operators are large corporate or professional validators, leading to some claims of centralization.
Whereas for us, due to our more optimal cost advantages, it’s much cheaper to run a validator node, so we can extend this to the broader community and be much more decentralized. But overall, we think there is a large enough market opportunity for multiple oracles to exist and thrive in the marketplace.
Q3 from Telegram user @Asela1112:
You categorized the data in two ways called First Class data & Layer 2 data. What are these data categorizations? What is the difference between them? In which manner will it affect on Umbrella Network’s oracle system?
John Chen | Umbrella Network: We offer 2 types of data, First Class Data (FCD) and Layer 2 Data (L2D). First class data is what we call the most popular and major cryptocurrency price pairs. Those price feeds can include such price pairs as BTC/USD or ETH/USDT. Those feeds we will always make for free and anyone can pull that data from our contracts. L2D is where we aggregate the data into Merkle trees, with most of the processing done on our Layer 2 sidechain.
This is where the bulk of our data sets will sit. Right now, that is offered also for free, but sometime next year, we will start to charge for this data. But unlike other oracles that charge per data feed, we will most likely have several pricing models, including a SaaS based model where we charge a monthly fee to users based on the volumes of data they consume, as we will be many times cheaper than any other oracle.
Q4 from Telegram user @Khanki4:
Have you developed or are you planning to develop a program for ambassadors so that the project can attract more people?
John Chen | Umbrella Network: Yes we currently have an ambassador program. For those who want to join that community and help spread the good word on Umbrella, and also earn UMB rewards, project swag, and get direct access to the team, you can apply here: https://docs.google.com/forms/d/e/1FAIpQLSdk4QpD8APHBhOpUikqM3rQsdJlLDMfU3tv-Kwq_IRCfeRkXg/viewform
Q5 from Telegram user @cryptofollower:
How can I join the network validator program of Umbrella Network and create my own services?
John Chen | Umbrella Network: Currently we are running our community validator program in cohorts. We already have a cohort 1, and are taking applications for cohort 2. By next year, we will most likely no longer have cohorts and will be even more open so that almost anyone that has basic experience running a cloud server can operate a node and be a validator. You can apply here: https://forms.gle/hZD217SdGyT5cV3w7
Q6 from Telegram user @King_Raja:
From what sources do you obtain the data? How do you ensure that data is accurate?
John Chen | Umbrella Network: We get our data from many sources, many of which are professional data aggregators that offer institutional grade data. So that means they themselves are getting data from multiple sources. In the case of cryptocurrency data, the data would be pulled from multiple exchanges, both CEX and DEX. Then the data is sanitized, volume weighted averaged and then our validators would check and validate the various data streams. Not all oracles pull from premium data sources, and some even scrape from public, free data sources only, which can lead to data quality issues. We are pulling from premium, paid data sources to ensure data quality.
Q7 from Telegram user @Tahsinahmett:
Is Umbrella Network data limited to price streams only? What other data types will there be? I’ve read that you offer about 1,200 data pairs. Will this number increase?
John Chen | Umbrella Network: So currently, the majority of our 1,200 data pairs is financial data, that includes most cryptocurrency pairs, stocks like TSLA, Gamestop, Apple, commodities like gold, oil, various indexes, derivatives and options data, even the entire S&P 500. But there really is no limit to the types of data we can bring on chain.
As our project continues to evolve, and the needs of our partners increases, we can pretty much bring any data that can be pulled in the real world via API and bring it on chain. So this can include weather, sports stats, gaming data, real estate info, healthcare and personal data, ecommerce, etc. You name it, we can pretty much bring it on chain. And because of our unique architecture, it isn’t costly to bring large volumes of data on chain, or to provide it very frequently, so there is massive potential for dApps to really innovate with our data oracles and bring in all types of data to develop applications that are previously difficult to develop because of data constraints.
Q8 from Telegram user DF3295:
How can someone request or propose a new pair of information/data to be traced by the Umbrella Network? How to add a new integration to the feed?
John Chen | Umbrella Network: Currently, in order to add a new pricing feed to Umbrella Network, you would have to contact us and request it. However, as it is fairly easily and almost free to do it, we can pretty much add it very quickly, as long as our data sources are able to provide that data. So for cryptocurrency for example, it’s very easy and cheap. In the near future, we will provide the community the ability to do this so anyone can go and add their own price feeds by following certain framework that we provide so that we can scale more effectively.
Q9 from Telegram user @Prashantbgmi:
Currently, how many & which projects are utilizing Umbrella’s data feeds?
John Chen | Umbrella Network: We have a few projects using our data feeds today, and several now in the process of integration. More will be onboarded after our Ethereum Mainnet launch. And we are also working on a larger integration whereby by later this year, once the integration is done, we will be processing far more data volume than any other oracle in the ecosystem today, by several magnitudes. So stay tuned for more news on this front.
Q10 from Telegram user @Asela1112:
Since you provide data for the blockchain developers at a low cost, don’t you have an idea of combining more third party data Oracle systems in to Umbrella Network ecosystem? If yes, What kind of third party blockchain Oracle systems you are looking for to be partnered? What kind of privileges will you & third parties acquire by being combined?
John Chen | Umbrella Network: So we know other major oracles have marketplaces and a network of oracle nodes run by third parties. Part of the reason for this is the high cost to operate nodes, so they offload some of those costs to third parties. We don’t need to do that so can maintain and operate our own network of community operated nodes. This is more secure and effective, so we don’t plan to change that model. Stay tuned for more developments on this front as we have a lot in the works to expand on this, particularly as we grow to support more and more layer 1 blockchains.
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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- Spanish Telegram group: https://t.me/satoshi_club_spanish/
- Telegram Channel: https://t.me/satoshi_club_channel/
- Twitter: https://twitter.com/realsatoshiclub/
- Website: https://esatoshi.club/