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.

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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.

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A Transformation Story: The Evolution of Elrond to MultiversX

Since its inception in 2017, Elrond has undergone a remarkable transformation, redefining its identity and mission. As of 2022, the project has rebranded itself as MultiversX with a renewed focus on delivering a highly scalable, secure, and decentralized blockchain network dedicated to enabling new applications, with a particular emphasis on the metaverse.

Pioneering the Provision of Third-Party Oracle Services in the MultiversX Ecosystem

Umbrella Network is thrilled to be the first third-party oracle provider in the MultiversX ecosystem. Its role in enabling dApps to effortlessly access real-world data on-chain and bridge the gap between the blockchain and external information sources is crucial.

The Umbrella Network’s mission is to provide a complete range of data solutions that address the diverse and ever-changing data requirements of the Multiversx ecosystem. This includes financial data, weather information, market feeds, and other essential data sources necessary for the success of all developmental projects.

“Partnering with Multiversx marks a significant milestone in our journey. We are excited to become the first oracle provider in the Multiversx ecosystem, enhancing and empowering smart contracts that need real-world data on the chain. We look forward to working closely with MultiversX to help grow their ecosystem and ensuring that dApps have access to the data they need to thrive”, —Philippe, Partnerships Manager at Umbrella.

About Umbrella Network

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

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This program confirms Umbrella’s commitment to fostering reliability and security in the blockchain space. And encouraging the the most innovative companies who are building the future of decentralized applications on the blockchain. As Umbrella Network launches Oracle Service Grant Program.

Program Details

Umbrella’s grant scheme will provide up to 6 months free access to all their services including:

• Access to the entire dataset including top tier crypto pairs as well as mid- and long-tail assets, options pricing and more,
• Potential to add your own custom data-feeds to their dataset quickly and effectively (subject to approval),
• Access to the Random Number Generator,
• Full and personalized tech support of their solutions.

Eligibility and Application Process

The grant programme is open to any and all web3 projects that require oracle services, from DeFi, GameFi and more, particularly those that are operating on AVAX and Polygon.

More L1s will be eligible as we continue to deploy our new smart contract to additional supported chains.

To apply, please fill this form -> https://27fzv9z6l4g.typeform.com/to/z6Dg3wWt

Umbrella will review all applications and select the most promising projects for this grant.

“We’re excited to support innovative projects by helping to set up a winning strategy to access data on-chain and utilize everything a decentralized oracle can offer. We believe such an initiative can help drive progress and make a meaningful difference in the industry,” says Philippe Engels, Umbrella’s Partnerships Manager.

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About Umbrella Network

Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.

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SOURCE: MEDIUM

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