Umbrella Network and Concordium Partnership

Published on: 24.01.2024
Umbrella Network and Concordium Partnership

Exploring uncharted realms of innovation, Umbrella Network is delighted to unveil a groundbreaking alliance with Concordium, paving the way for a future where decentralized possibilities know no bounds.

Concordium is a pioneering blockchain network with a focus on trust and privacy, where they will be the first, and primary oracle, providing price feeds and custom data solutions to their ecosystem.

Introducing Concordium

Concordium is a distinctive blockchain platform designed specifically for business applications, with a unique focus on solving key issues such as confidentiality and accountability. As a decentralized layer 1 blockchain, Concordium is focused on ID-verified transactions, prioritizing user privacy, and offering quick and cost-effective transaction solutions. This makes it particularly appealing for businesses seeking blockchain technology that meets these critical requirements while maintaining a decentralized framework.

At its core, Concordium stands out as the world’s firstscience-based proof-of-stake blockchain with identification features integrated into the protocol. This integration is designed to comply with regulatory standards, ensuring that the platform meets the necessary legal requirements for business operations. Additionally, Concordium is a permissionless and decentralized platform, equipped to host a variety of use cases, and its native token, CCD, is used for transaction fees and executing smart contracts. This positions Concordium as a versatile and compliant solution in the blockchain space, suitable for a wide range of enterprise applications.

Umbrella Network’s Support for Concordium

Umbrella Network will play a pivotal role as the first oracle to deploy on Concordium. Their On-Chain Solution will empower all applications operating on Concordium, providing them with access to crucial price feeds and other custom data solutions.

This deployment is not just about expanding our services, it’s also about creating an ecosystem where Umbrella can support all projects and accommodate their custom requirements.

This partnership entails further technological collaborations between both teams that will shape the way data can be delivered to blockchain projects.

“Partnering with Concordium is a milestone for Umbrella Network. This collaboration is not just about integration; it’s about creating synergies that will drive innovation and growth in the blockchain space. Concordium’s focus on Real World solutions for regulated markets is an exciting prospect that our oracle network will look to support,” said Philippe Engels, Head of Partnerships at Umbrella Network.

CTO/CPO Nibras Stiebar-Bang from Concordium said, “This partnership with Umbrella Network marks a significant step towards enhancing our ecosystem. We’re excited about the possibilities this collaboration opens up for our ecosystem and its users. Safe on and off-chain data availability is crucial for projects developing on Concordium.”

Conclusion

This partnership signifies a pivotal point in their roadmap, expanding Umbrella Network onto new Layer-1 and Layer-2 platforms. Collaborating with Concordium marks a significant step in broadening the adoption of their oracle services. They are excited to delve into this ecosystem and support a range of innovative new dApps.

About Umbrella Network

Umbrella Network, is a decentralized oracle service that provides blockchain projects with secure, scalable, and customizable data solutions.

Umbrella offers smart contracts a broad suite of solutions, whether it is high frequency pricing updates, aggregating large volumes of data at scale, or providing tailored price feeds for specific needs. Secured by a network of decentralized community validators, Umbrella can provide any data that you need when you need it.

Website | Twitter

About Concordium 

Concordium is a blockchain technology designed for businesses that need a transparent, secure, and reliable platform for their operations. It offers features such as identity layer, regulatory compliance, and transactional privacy, making it ideal for businesses that require a high level of security and privacy. Concordium aims to deliver a blockchain infrastructure that can meet the needs of enterprises and businesses in terms of scalability, security, and predictability. While also ensuring that the blockchain is transparent and accountable to the relevant regulatory authorities.

Website | Twitter

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