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Sam Bourgi
12 minutes ago


UMBRELLA NETWORK LAUNCHES ON ETHEREUM WITH CROSS-CHAIN BRIDGE TO BSC

Smart contracts, especially for DeFi, are becoming a data-intensive industry.
Oracle services are helping to bridge the gap.

179 Total views
2 Total shares
Listen to article
1:46

News
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 * 
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Decentralized oracle service Umbrella Network officially launched on Ethereum
Friday, setting the stage for cross-chain transactions between the dominant
smart contract platform and Binance Smart Chain, or BSC. 

The cross-chain bridge connecting Ethereum and BSC was developed in-house at
Umbrella Network, underscoring the need to transfer tokens and other crypto
assets between the two networks. The cross-chain bridge also enables users to
stake and farm crypto tokens on either blockchain. Umbrella said it’s planning
future cross-chain integration with Polygon, Solana, Cardano and Avalanche,
though no timetable was given.

Although the blockchain industry has given birth to several oracle services,
Umbrella claims that its protocol provides quick and affordable price feeds when
compared with the leading competitors. Initially, the protocol will have over
1,200 data pairs on Ethereum, allowing users to integrate data from spot
cryptocurrency, crypto derivatives and traditional financial markets.

Related: Brazil Stock Exchange wants to provide oracles for digital real

Oracles are considered to be an essential component of smart contracts because
they provide reliable data feeds from external sources, thereby broadening the
scope of their operations. The need for reliable data feeds appears to be
growing as smart contract technology becomes more mainstream. Case in point:
Brazil’s main stock exchange is exploring ways to provide data inputs for the
country’s central bank digital currency project.

Protocols tied to decentralized finance, or DeFi, have been keen to integrate
data oracles. Chainlink, the dominant oracle provider, has carved out a strong
presence in this niche, especially since its successful deployment on Ethereum
layer-two scaling solution Arbitrum in August.

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 * #Blockchain
 * #Smart Contracts
 * #Scalability
 * #Ethereum 2.0


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