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
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?
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?
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?
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?
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?
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?
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?
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?
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”?
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?❓❓
Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?
How big is your team ? Are you a public team or not? Please tell us more about team background?
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 brief us how UBRELLA network achieves all of these and ensures that It can scale much faster than other oracles ?
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 ?
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 to shield the team and community from such unforeseen events in the future. Umbrella Network’s token bridge will enable users to seamlessly convert/transfer their ERC20 $UMB tokens to BEP20 $UMB tokens and vice versa (bidirectional convertibility of Ethereum-based $UMB tokens and Binance Smartchain-based $UMB tokens). Will there be Future upgrades of the bridge? Will you support additional features and functionalities during this upgrades? Will you support multichain interoperability?
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?
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?
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?
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 next generation of apps on the Blockchain?
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?
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?
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?
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?
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?
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?
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?
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 to ensure that this won’t be reproduce on your own smart contracts and when will you be able to release your own audited bridge so as to reduce dependency on external protocols for cross-chain solutions?
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, and bringing them in chain?
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?
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?
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?
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…
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.
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
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
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?
It is cleared that Umbrella Network is a community owned decentralized oracle service providing secure which we are hoping to have low cost, and massively scalable data solutions to blockchain applications. With the help of your data solutions, how can someone connect blockchain applications with all the data it needs in a secure and cost efficient way? Is there a means this network will provide access to data previously unavailable to smart-contract developers across multiple segments including mid and long tail crypto assets as well as real world financial data?
In terms of securing the world’s data on chain, Umbrella claim to be the first truly decentralized oracle service providing massive scalable, and secure solutions for smart contracts. If truly Umbrella had the largest selection of data pairs in the market of today with over 1,200 data pairs and growing and Normally, Developers make use of API interface that allows to build on the data and functionality of another application but how can developers can retrieve and post any data from the web with the help of Umbrella Direct API? What are the new functionalities Umbrella direct API will possess? And how can it be possible to connect multiple leading data providers to mitigate the threat of attack on any single source?
You gave an explanation on how this network that it will provide scalable Oracle’s for price feeds of the entire crypto market. It was also explained further that it is designed to be used in First-Class Data (FCD) which is data that is always available on-chain and 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. But how can a developer integrate Umbrella Netwotk Oracles into his favorite apps? What are the steps to take to achieve a secure and cost efficient way? If truly you are actively adding new data sets, how can we get in touch if there is a need for some particular data which cannot be found in your data set?
The Umbrella network recently announced it’s partnership with IX Swap, which is the first DeFi exchange for security tokens and tokenized Stocks. Can you carefully explain the details of this partnership, how would both parties benefit from the direct exchange of information and technology, with IX Swap’s services centered on security tokens and Stocks, which are generally considered as illiquid assets, how will the Umbrella Oracle guarantee a timely and secured real-world asset data for these pools, DEX and AMM services, and how early should investors and members of both communities expect the full integration of this services on IX Swap’s platform?
Umbrella Network project decided to be helping some of the smartest minds of the world build out the Ethereum ecosystem which you proudly announced the first of its kind with Ethglobal. You inform the community to register with them between Sept 17 – Oct 15, going through their website your project name was boldly written there with $4000 to be grab. I want to ask how can we participate in this ETHGlobal’s biggest event of the year which Umbrella is sponsoring? Is the $4000 distribution for users who join through your links? Or can you briefly give more details about this?
You gave an explanation on how the chain will be working in your platform. It was analyzed that once consensus is initiated, node operators which are called Validators within umbrella network will firstly retrieves results from HTTP(S) requests and builds a block. If the validator will go further to presents the blocks to other validators, how do you power this validator to double-check the block by independently executing the HTTP(S) requests and verifying the leader’s results? How will the validator keep a full copy of the blockchain and broadcasts transactions across the network? In the case where a critical bug is revealed, how can Umbrella validators resync on its own?
From your monthly recap publications; with August been the most recent, you stated that the daily rewards for rUMB on the Hadley Stream was increased by 92.5% and in the months of September and October, these rewards will be further increased at a higher rate of 93k/day. This sounds interesting, but the fact is I really don’t understand much about it. Therefore can you carefully explain the details of this rewards program, it’s requirements, conditions and benefits, and for how long would this program run? Also, within the month in question, you announced your first Cohort of community validators. Can you shed more light on this, how were you able to properly manage the selection process?
As you use a Delegated Proof of Stake in which it helps to give
Rewards and make a Slashing. So ,can you tell us how does this consensus mechanism gives rewards? What is the mechanism and structure of giving rewards? What kind of rewards will be given? Lastly,can you tell us more about Slashing? How does it works and being implemented in your platform? What are the pros of Slashing feature in Umbrella Network? Thank you
To generate yield with Umbrella Network,it launches a UMB Rewards Programs in which Umbrella token holders can stake their UMB, provide liquidity, or stake their Liquidity Provider Tokens to earn attractive rewards. As we know that this generating ways are also common to some other platforms,so what unique and special offer of your staking and liquidity provider program that will help attract users and traders to stake and to become an LP with Umbrella Network? How does those programs works? What is the highest APY of your staking? How can Liquidity Provider Tokens stake their earnings to earn attractive rewards? Can you tell us what would be those attractive reward? Aside from Staking and providing liquidity in your platform,is there other ways to generate revenue in your platform? If yes,what other options you plan to add? Thank you
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?
Currently Umbrella Network support BSC & ETH chains by providing price feeds of the entire Crypto market. Does this mean, Umbrella Oracles can transfer the real world asset data to any exchanges, built on Ethereum & Binance smartchain? How will you manage to provide volatility data of assets for both of BSC & ETH? You categorized the data in two ways called First Class data & Layer 2 data. What are these data categorizations? What is the difference of them? In which manner will it affect on Umbrella Network’s oracle system?
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 aquire by being combined?
What is a private asset data source and how does it work, what is the most difficult information to search and authenticate in today’s financial ecosystem, what does the Merkle tree architecture consist of and what is your main role in Umbrella Network?
What are the main sources used by Umbrella for the accurate, secure and constant collection of information, how it can increase scalability, what are the factors that directly affect price variations and what is its mechanism for a better and safer transmission of information. data?
Do you consider that Umbrella can become the first source of private asset prices in the world, how can we verify that the information is really true and reliable, are they really essential oracles to create a truly decentralized financial system?
Umbrella network will work when user is using a DeFi application that requires time and financial data from off chain which will help to retrieve price of asset in the case where user is initiating a transaction through a DeFi app. Is there a way Umbrella network can be active or useful if user is making use of a centralized broker provider? Then,How will this network provide proof for user to confirm accuracy of a data and transaction? And How costly data fee will be to Umbrella network for getting external information?
Umbrella utilizes a Delegated Proof of Stake (DPOS) consensus mechanism that benefits from the active participation of the community and token holders. If Node operators called Validators in your network will run nodes on behalf of clients, which will enable contract terms/commission rates to be negotiated and implemented I want to know for what reason have you utilize DPoS (Delegated Proof-of-Stake) networks, which are limited to the number of nodes allowed to append blocks to the blockchain? Does it even have node operators in any case? With only private node operators, How DPoS will be responsible when community will not be able to use it to run nodes that secure blockchain?
As I read, Umbrella network is controlled by not only the community but also validators, developers & founders. Is there a mechanism to interact them all in a same place & same time within Umbrella network ecosystem? How do Community members participate in decision making in Umbrella network specific events through the governance? What are the requirements to be a valid governance member of Umbrella network? Will you respect the decisions that made by the community & will you implement them without a hesitation?
After we buy some $UMB tokens, they can be used to get a passive income by Staking protocal as you stated. On which exchanges Can Users Stake their $UMB tokens presently? What is the APR for staking? Could you please give a explanation about this Staking Protocal facts such as locking period, reward system, minimum & maximum amount of $UMB for staking? What is the relation of $rUMB with Staking event, Can we use $rUMB to stake?
According to your updated Roadmap, You have decided to integrate Polygon in October month, Solana in November month & Cardano in Q1-2022 respectively. These blockchain networks are the future, No doubt about that. Please share with us more information regarding these upcoming blockchain integrations? Will Umbrella network provide price feeds & volatility data of the market to the lot of exchanges built on those blockchain networks? How will it be impacted on those blockchain’s user experience by the oracles, you provided?
Greetings Umbrella Network, my question is the following: is your project totally decentralized, what differentiates it from other well-known projects, which offer security and low costs in smart contracts, what makes it different from other similar projects? Can you give us more details, what is the vision and mission of the Umbrella Network, what are the main functions, why should I use the umbrella network? What is the benefit that the user receives for using the Umbrella Network? What is the best recommendation that its creators can offer?
Umbrella Network, how does the profitability and scalability of the Umbrella network work? how do umbrella nodes work, how are they built? What is the response capacity it offers at the time of a transaction, how safe and fast are the transactions if there are more than 1000 users transferring at the same time? How safe and fast can it be? What would happen if you suffer any delay, what to do in case of an emergency if the umbrella network system is affected? Can you give us more details about these functions?
I have checked from your website to medium I haven’t noticed who your partnership are, but then I have read that UMBRELLA NETWORK support over 1,200 data pairs to developers around the world as they develop high-level blockchain project. Can you carry out this project on your own without partners? What support do you have? How are you able to stand despite the challenges from covid 19?