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Umbrella Network (https://www.umb.network/), the decentralized Layer-2 oracle network, announced today the launch of its community validator program. The onboarding of community validator members will democratize oracle data and allow members of the network to vote for which validators they want representing them. This will create a fair and decentralized process to run consensus.
Umbrella Network’s mission is to solve the data insufficiency problem with its decentralized oracle network. It aims to increase the flow of accurate data between on-chain and off-chain platforms by offering a low-cost data solution (averaging about a thousandth of a penny per data point) that promotes high volume scalability. Currently, Umbrella makes more than 1,200 price feeds available for reference in dApps and products whilst leading oracle solution Chainlink, only supports 194 cryptocurrency price feeds. This year, Umbrella has set a goal to provide 10,000 price feeds.
“Centralized oracles compromise the integrity of DeFi’s decentralized network,” said Sam Kim, Partner at Umbrella Network. “They can influence data accuracy and are vulnerable to attacks and technological failure. Using centralized oracles, DeFi apps will never be able to achieve the scale to support a new financial system without risking the same critical failures of their centralized counterparts. We believe that power should reside in the hands of the people, and that data, which is a vital component of the ecosystem, should not be controlled by the few.”
Umbrella Network will use a Delegated Proof of Stake consensus mechanism to validate the incoming data, which includes a majority approval of the data by the validators in every consensus round. Full DPoS consensus will allow the community to vote for who can become a validator, minimizing any potential bias as well as vote on new data feeds to increase the flow and availability of accurate data on-chain.
The key responsibilities of an Umbrella Network Community Validator will include validating transactions, writing blocks to the blockchain, executing the aggregated transactions, and maintaining the latest state of the Umbrella Network.
To learn more about Umbrella Network please visit: https://www.umb.network/
