• Latest
  • Trending
Decentralized Oracles On Ethereum Mainnet

Decentralized Oracles On Ethereum Mainnet

October 3, 2021
Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

May 31, 2023
Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

May 31, 2023
Cuba Bitcoin community hosts BTC-only meetup

Cuba Bitcoin community hosts BTC-only meetup

May 31, 2023
Here’s why Linear Finance’s LINA token price is surging

Here’s why Linear Finance’s LINA token price is surging

May 31, 2023
What Is Trust Wallet and How Does It Work

What Is Trust Wallet and How Does It Work

May 31, 2023
Top Cardano Developer Unveils Epic Future Plans: Here’s What to Expect

Top Cardano Developer Unveils Epic Future Plans: Here’s What to Expect

May 31, 2023
Metacade surpasses $0.024 as crypto market rallies after debt ceiling agreement

Metacade surpasses $0.024 as crypto market rallies after debt ceiling agreement

May 31, 2023
XRP Flows Strong With 13% Gain, Fueled By Bullish Indicators

XRP Flows Strong With 13% Gain, Fueled By Bullish Indicators

May 31, 2023
How to avoid impulse buying and save money instead

How to avoid impulse buying and save money instead

May 31, 2023
  • Privacy Policy
Wednesday, May 31, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto

Decentralized Oracles On Ethereum Mainnet

J_News by J_News
October 3, 2021
in Crypto, Top News
0
Decentralized Oracles On Ethereum Mainnet
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday.

Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.

Blockchain Oracles Explained

Most blockchains have cryptocurrencies that are used to transfer value and enable the operations of the protocol. Some blockchains also enable Smart contracts.

According to Wikipedia, a smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.

Related Reading | DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem

However, there needs to be a way for blockchains and on-chain smart contracts to make use of external, off-chain data for smart contracts to have any real-world applications.

Ethereum.org clearly defines what an oracle is, the oracle problem, and how decentralized oracles solve it. “An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to “send” data out to the real world.”

Blockchain (e.g. Ethereum) transactions cannot access off-chain data directly. At the same time, relying on a single source of truth to provide data is insecure and invalidates the decentralization of a smart contract. This is known as the oracle problem.

This oracle problem can be avoided by using a decentralized oracle that pulls from multiple data sources; if one data source is hacked or fails, the smart contract will still function as intended.

Related Reading | Decentralized Oracle Plugin Offers Solution for XinFin’s Smart Contract

Umbrella Network claims its decentralized network is a superior solution to its competitors. It provides comparatively quick and affordable price feeds. It also says that it would make available more data pairs (currently 1,200 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.

According to Cointelegraph, the need for reliable data feeds appears to be growing as smart contract technology becomes more mainstream. For example, Brazil’s main stock exchange is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC) project.

Umbrella Network Mainnet Launch On Ethereum

Umbrella Network’s mainnet launch on Ethereum means that it deployed Smart contracts on the Ethereum Blockchain. This means that Ethereum-based dApps can communicate with Umbrella Network code in the live environment — requesting and getting data that is reliable, comprehensive, and cost-effective.

Related articles

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

May 31, 2023
Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

May 31, 2023
ETH price at $3,431 | Source: ETHUSD on TradingView.com

Speaking on the mainnet launch, founding partner Sam Kim said, “We are absolutely thrilled to be able to achieve this important milestone. We will now be able to serve the needs of the largest DeFi community with our decentralized oracles, and look to address real challenges the community faces when it comes to the high cost, low availability of data offerings in the ecosystem today.”

The company has been busy with acquisitions and new products in recent months. In May, the network launched on Binance Smart Chain (BSC) mainnet. Umbrella network also stated its plans for future cross-chain integration with Polygon, Solana, Cardano, and Avalanche, in the coming months. In the same breath, it mentioned the launch of its in-house developed Token Bridge next week. This enables seamless transfers of $UMB across all supported Blockchains.

Featured image by @UmbNetwork on Twitter, Chart from TradingView.com



Source link

ShareTweetShareShare
Previous Post

Ethereum fractal from 2017 that resulted in 7,000% gains for ETH appears again in 2021

Next Post

“Dollarization” Contributing to “Cryptoization” of Emerging Markets, says IMF

Related Posts

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

by J_News
May 31, 2023
0

London, United Kingdom, May 31st, 2023, Chainwire Marking a seismic shift in the digital asset landscape, DeFi platform Bumper today...

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

by J_News
May 31, 2023
0

Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose...

Cuba Bitcoin community hosts BTC-only meetup

Cuba Bitcoin community hosts BTC-only meetup

by J_News
May 31, 2023
0

Cuba Bitcoin hosted the meetup at the Bitcoin-friendly bar and restaurant Pazillo. Cuba Bitcoin is a lively group of Bitcoin...

Here’s why Linear Finance’s LINA token price is surging

Here’s why Linear Finance’s LINA token price is surging

by J_News
May 31, 2023
0

LINA price has defied gravity in the past few days as its rally gains steam. Linear Finance token soared to...

What Is Trust Wallet and How Does It Work

What Is Trust Wallet and How Does It Work

by J_News
May 31, 2023
0

Are you looking for a secure and user-friendly crypto wallet to manage your crypto assets efficiently?  Discover Trust Wallet, a...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

Milady Meme Coin Price Prediction 2023-2030

Bitcoin Price (BTC) in Stasis Below $27K Ahead of Powell Speech

Bloomberg made aware of FTX in June, did nothing because it would be “bad for business” | by Daniel Jensen | The Capital | Nov, 2022

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT