Umbrella: The first truly decentralized oracle service
In this episode of the DeFi Download, Piers Ridyard speaks with John Chen, Senior Advisor of Umbrella Network, and Philippe Engels, Partnerships and BD Manager. What sets Umbrella apart from other oracles, how it functions, and what the future has in store for it are some of the topics of their conversation. Umbrella Network is a community-owned decentralized data oracle that powers anything from DeFi to decentralized applications more broadly. Umbrella accomplishes this on a massive scale at an incredibly low cost.To alleviate the friction involved in extracting and verifying data, the Umbrella team developed Passport. Passport, an optimized, pre-built, and cost-effective solution, enables dApps to receive Umbrella’s Layer 2 data straight into their smart contracts without the need for proof verification.[01:15] Chainlink is already a market-leading oracle. Why does the market require a new oracle? What are the limitations of Chainlink?[4:04] How does a developer think about integrating data from Layer 2 into their Ethereum, Radix, or other Layer 1 application?[7:03] Unpacking the core operating principles of Umbrella Network's Passport solution[9:36] Adding the data feed in the first place is a common problem in the blockchain industry. How does a smart contract developer go about getting data added to Umbrella? How does that process work?[13:11] How does the Umbrella oracle ensure that the data it gets is accurate? [14:55] What types of projects are using the Umbrella protocol?[19:41] The entire crypto space is, in some ways, boring backend technology, but what it provides in terms of potential is exciting. What are some of the broader possibilities of data on ledger that John finds intriguing?[25:01] Where would John place his bets for the next bull market on what he believes will be the primary uses of Umbrella's technology in apps built on top of public ledgers?[29:30] Philippe's thoughts on sports betting and Web 2.0 platforms in general, possibly increasing their availability on ledgersFurther resourcesWebsite: Umbrella Network Twitter: @umbnetwork Telegram: t.me/umbrellanet Medium: medium.com/umbrella-network