Improving MultiversX applications with secure data flows from Umbrella Network oracle services

Sommaire :

In blockchain technology, the integration of reliable data streams is essential for decentralized applications.
Umbrella Network, a leading oracle platform, has strategically launched its services on MultiversX, providing secure and reliable data feeds to fortify the MVX ecosystem.

Understanding Umbrella Network’s architectural advantage

Umbrella Network adopts a Layer 2 Merkle Tree architecture, guaranteeing cost-effectiveness, authenticity and cryptographically verifiable data streams.
This design enables MultiversX network developers to access real-time price data for their smart contracts, starting with the initial EGLD/USD and USDT/USD streams.
Notably, other pairs such as USDC, BUSD, ETH and BTC are about to be introduced.

Consolidating the MultiversX ecosystem

Philippe Engels, Head of Partnerships and Sustainability at Umbrella Network, explains the importance of supporting the MultiversX ecosystem.
The integration of Umbrella’s On-Chain data streams enables developers to build next-generation DeFi protocols and explore innovative use cases.
The secure, reliable and customizable solutions provided by Umbrella enable projects to meet the challenges posed by a fast Layer 1 blockchain, driven by an efficient and scalable oracle infrastructure.

Umbrella’s transaction batching methodology

Umbrella Network distinguishes itself by adopting a transaction-batching approach, as opposed to submitting each transaction individually to the blockchain.
This method enables complete datasets to be obtained, encompassing real-world data and events beyond the commonly traded pairs.
The adaptability of Umbrella’s services extends to a variety of use cases, from prediction markets to synthetic derivatives protocols and beyond.

Strategic collaborations within the MultiversX ecosystem

Umbrella Network has strategically integrated with Hatom, the leading lending protocol on MultiversX, illustrating proactive collaborations within the ecosystem.
The deployment of the smart contract registry within the MultiversX ecosystem underscores Umbrella Network’s commitment to providing scalable oracle data feeds for smart contracts.

Umbrella Network on the MultiversX main network

In a notable development, Umbrella Network officially became operational on the Mainnet MultiversX, extending data flows to manufacturers in the MVX ecosystem.

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Umbrella Network solutions

Umbrella Network aspires to provide developers with customized tools and solutions, encouraging innovation across DeFi, GameFi, and beyond.
The decentralized validation network interfaces with external data sources, providing a range of information, from crypto-currency prices to real-world asset data.
As an off-chain network, Umbrella can perform complex custom calculations on data before committing it to the blockchain, offering versatile solutions for a variety of projects.

In conclusion

In summary, the integration of Umbrella Network’s oracle services on MultiversX represents a substantial advance in the development of decentralized applications.
This collaboration strengthens the capabilities of the MultiversX ecosystem, providing developers with secure, reliable and customizable data solutions. Umbrella’s commitment to overcoming challenges and supporting innovative use cases positions it as a leading contributor to the evolving landscape of blockchain technology.

Stay connected

🌐 Various links :

Register on xPortal: https://xport.al/referral/xr5fvolpf4
Umbrella Network website : https://umb.network/

​🐦 Twitter :

Twitter Unique Face Organic : https://twitter.com/UFONFTs
Twitter SphereMultiversx : https://twitter.com/spheremvx

🗣 Discord :

Official Discord: https://discord.gg/bkqTTvngXY

Frequently asked questions

How does Umbrella Network ensure the security of its oracle services on MultiversX?

Umbrella Network uses a network of decentralized community validators, guaranteeing the cryptographic verifiability and authenticity of secure oracle services.

What prize streams did Umbrella Network initially launch on MultiversX?

Initial price streams include EGLD/USD and USDT/USD, with additional pairs such as USDC, BUSD, ETH, and BTC to be introduced shortly.

What distinguishes Umbrella Network’s approach to batching transactions?

Umbrella Network’s approach to transaction batching provides comprehensive data sets, going beyond commonly exchanged pairs, improving adaptability to diverse use cases.

How does Umbrella Network collaborate with projects in the MultiversX ecosystem?

Umbrella is actively seeking strategic collaborations, as evidenced by the integration with Hatom, a leading lending protocol on MultiversX.

Where can developers find the address of Umbrella Network’s intelligent registry contract on MultiversX?

Umbrella’s intelligent registry contract is deployed at :
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