What is Umbrella Network?
Umbrella is a decentralized oracle service low cost and highly scalable data solutions for smart contract integration. Umbrella provides access to big data previously unavailable to blockchain developers with over 1,000 data pairs available. Umbrella Core asset prices are updated frequently at low cost to the developer, including BTC, ETH, and DAI pairs, as well as providing comprehensive data for Mid & Long Tail pairs including MATIC, AMPL, and HEGIC. Umbrella provides critical volatility data for Options and TWAPs (Time and Volume Weighed Average Prices), as well as real-world financial data for indexes, equities, and real commodities including GOLD, OIL, and NASDAQ. Umbrella Network's Direct API allows blockchain devlopers to access any API to pull from external data sources with the help of smart contracts. Built for scalability and cost-effectiveness, Umbrella's decentralized nodes were constructed using Layer 2 Merkle Trees, allowing thousands of data pairs to be bundled into a single transaction. Umbrella network utilizes a Delegated Proof of Stake (DPoS) consensus model to ensure security of transferred data. A community owned project, Umbrella's decentralized financial data infrastructure is governed by its network of Developers, Validator Nodes, and the Umbrella Foundation. Umbrella Network's native ERC-20 UMB token provides utility to validate the network during the consensus process of determining market data, and is used by the community to vote on key decisions, as well as providing rewards for staking.
