Umbrella Network Announces Strategic Acquisition of Lucidity
Umbrella Network the decentralized Layer-2 oracle solution, announced the acquisition of Lucidity, a leading blockchain-based digital advertising oracle. The acquisition was completed in August 2021 for an undisclosed amount. This deal will be accretive to Umbrella Network as early as Q1 2022. At the time of this transaction, Lucidity had processed over 600 million transactions, with significant transaction growth anticipated this year.
With Lucidity’s integration, the Umbrella Network will now be the highest transaction volume oracle in the world, achieved through its unique design that allows the aggregation of data.
“Lucidity is delivering marked improvements in the performance of advertising campaigns for its current client base by taking off-chain data stored in multiple centralized databases and moving it to the blockchain securely. By combining its advanced analytical capabilities with Umbrella’s oracle network, we will be able to deliver unparalleled insights to marketers.”— Sam Kim, Partner at Umbrella Network.
Lucidity clients come from a variety of industries such as Hyundai Genesis in auto, tourism like Grand Junction, Colorado, and QSR like KFC. In the initial phases following the acquisition, Lucidity customers will be powered by Umbrella Network, making it the largest scale oracle in the ecosystem.
“For a long time, the advertising industry did not have access to the technology needed to combat the problematic issue of data manipulation, which causes ad fraud.— David Moore, CEO of Britepool, former Chairman and CEO of 24/7 Real Media that was acquired by WPP, and Advisor to Lucidity
In addition to an initial integration phase, Lucidity will fully upgrade its technology to be compatible with Umbrella Network. Following this acquisition, Umbrella Network will continue to explore opportunities to expand into other markets that can benefit from the unique technological benefits it brings to the market including supply chain, manufacturing, legal, entertainment, and gaming.
ABOUT Umbrella Network
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.
ABOUT Lucidity
Lucidity is the leading blockchain solution that provides transparency for the digital advertising industry. With the power of blockchain and cryptography, Lucidity delivers indisputable transparency to advertisers who now possess a unified and authenticated view of every single ad. Lucidity’s blockchain technology handles the scale of digital advertising while maintaining the privacy advertisers require.
RESOURCES
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