TM Rating: 67% |
Review Date: March 16th, 2021
Umbrella Network a Community owned, Decentralized Oracle built on Layer 2 for DeFi and Blockchain Applications powered by UMB cryptocurrency. It aims to address the issue of centralized oracles that introduces a single point of failure, by creating the oracle allowing a truly decentralized financial system. The use of Layer 2 makes the solution scalable while the Delegated Proof of Stake used by the network ensures participants are economically incentivized to validate data accurately.
While the idea of Umbrella Network is great as it aims to solve existing limitations among the blockchain space, the oracle market is getting heavily crowded and some actors benefit from their early presence for better adoption. The product is just entering testnet and the mainnet launch is scheduled for early in the summer. The documentation is lacking and while the tech might be great, the team will need to focus on allowing an easy use of their solution if they want to get developer activity. The token UMB is currently trading on Uniswap.