Umbrella Network goes LIVE on Polygon Mainnet
Umbrella Network is proud to announce that our decentralized oracles are now live on Polygon Mainnet
Umbrella Network is now live on Polygon mainnet and is able to integrate native support for the family of dApps built on Polygon.
This shall enable the plethora of GameFi dApps and fintech dApps mushrooming in the Polygon ecosystem to leverage Umbrella Network’s data feeds natively into their smart contracts!
Umbrella Network’s mainnet launch on Polygon means that they’ve deployed their smart contracts on the Polygon Blockchain so that Polygon dApps can leverage not just the benefits of low-cost transactions, but also reap the benefits brought on by Umbrella Network’s decentralized oracles.
Why Are Umbrella Network’s Decentralized Oracles A Superior Solution?
Umbrella Network’s decentralized oracles, after getting that data from several sources, get them validated by our community validators (Learn about our community validationhere) and then, committed to the Blockchain — in batches.
In practice, that makes our transaction costs almost 99% cheaper than the other oracles. We are also able to offer many other benefits including:
- Opportunity to pass on cost-savings to dApps and community validators alike.
- Make available more data pairs (currently 1,600 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.
- Currently allow us to make available all of our data feeds free of cost.
- Be extremely flexible when it comes to what types of data we can offer as additional data feeds that we can bring on-chain, whether it’s mid or low-cap cryptocurrency price pairs, to almost any type of data that can be pulled via API from the real world.
- As a layer-2 solution, we can perform complex and comprehensive calculated data solutions off-chain, which we can then aggregate and write on-chain in a low cost and efficient manner. This allows us to develop and roll out more advanced solutions such as sophisticated options pricing and yield curve data feeds, among others.
- Append cryptographic proof to data to prevent data-tampering downstream
This is why Umbrella Network’s Polygon mainnet launch is a significant milestone for the DeFi ecosystem — it will help allow dApp developers to focus more on innovating solutions unencumbered by the challenges that currently exist around the high cost and low availability of secure, up-to-date data.
Umbrella Network has long-term goals of providing a lot of different oracle solutions for the NFT and gaming segment, which is thriving on Polygon,”
said Sam Kim, Partner at Umbrella Network. He also said
“We hope to be able to work with various DeFi applications on their data needs, as well as the growing gaming ecosystem there. Between our scalable data solutions, our newly released arbitrage-free options pricing, which is currently unavailable anywhere else in DeFi, as well as our VRNG, we have many data solutions that could be effectively utilized by applications on Polygon.”
Stay tuned for more updates on #RoadToMainnet!
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and cost-effectively. Umbrella Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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SOURCE: https://medium.com/umbrella-network/umbrella-network-goes-live-on-polygon-mainnet-cb02413882b3
