In a significant step to improve the security of Web3 infrastructure, Concordium, a major player in the Web3 identification domain, has announced its first Oracle integration in partnership with Umbrella. This partnership aims to improve the security and reliability of the platform, marking a crucial step towards the 2024 roadmap.
Concordium connects Blockchain to reality
Concordium, known for its zero-knowledge ID framework that improves the creation of regulatory-compliant decentralized applications (dApps) by maintaining a balance between decentralization, security, scalability and regulatory compliance, has reached a significant milestone. Successfully completed its first Oracle integration with Umbrella Oracle.
Oracles serve as vital bridges in the blockchain market, channeling external information and real-world events into smart contracts and dApps. This capability is essential, as it allows these applications to operate on the basis of real-world data, effectively extending beyond the inherent limitations of blockchain data.
Umbrella 🤝 Concordium
We are excited to announce today that we will be the first Oracle vendor to deploy on @ConcordiumNet.
▶️ The Concordium blockchain is a versatile and compliant platform, suitable for a wide range of enterprise applications and equipped to host a variety of… pic.twitter.com/QRsU4v5GHz
— Umbrella Network (@UmbNetwork) January 17, 2024
Oracles provide reliable data, allowing smart contracts to make informed decisions and perform actions rooted in real-world contexts. This improves the blockchain’s ability to interact and react to external situations, thus broadening its reach and applicability in various real-world scenarios.
Oracles are essential for expanding blockchain applications beyond the inherent limitations of data, allowing them to interact effectively with real-world scenarios. This is especially vital in areas such as decentralized finance (DeFi), supply chain management and other sectors. Oracles bring external, off-chain data to smart contracts and DApps on blockchain, improving interoperability between different networks. They support decentralization by providing data feeds that reduce reliance on centralized sources, thus strengthening trust and reliability.
Oracles also ensure data security and integrity through methods such as cross-referencing and consensus checks. This functionality is critical across various industries, including DeFi, insurance, and supply chain management. Additionally, some oracles extend their role by issuing native tokens for network participation and incentives.
Umbrella’s position in the Oracle industry, with its integration with Concordium, is expected to attract developers and applications to using Concordium for business-oriented solutions. This synergy is expected to increase the number of transactions conducted on the chain.
Umbrella Network’s robust Oracle services meet the demands
Umbrella Network stands out as a versatile oracle, offering customizable, high-quality data solutions tailored to the diverse needs of decentralized applications (DApps). Its comprehensive data suite includes three main solutions:
- Data on the chain: This is ideal for the needs of lending protocols, vaults, and time-weighted average pricing (TWAP). It allows projects to set custom deviation triggers and heartbeat intervals, integrating seamlessly with existing Oracle systems to minimize changes to smart contracts.
- Data roll-up: Using Merkle Tree technology, this solution is perfect for projects that require large-scale scalable data, such as prediction markets or regenerative finance (ReFi) projects. It can aggregate thousands of data points, recording them on-chain under a single, unique Merkle root hash.
- Data on request: Designed for options and decentralized spot trading (DEX) exchanges, this solution allows projects to set their own parameters for receiving data.
In addition to the flexibility of its data offering, Umbrella Network is a decentralized, community-owned oracle. Its architecture enables the provision of diverse data sets from various industries securely and without centralization. Unlike other oracles, Umbrella’s community-run network of decentralized validators ensures data integrity and mitigates centralization risks.
Recognizing the critical importance of data infrastructure in global industries, Umbrella was designed to avoid control by a centralized entity. Managed by a DAO board in collaboration with a core team, Umbrella prioritizes a democratic and decentralized approach to project direction and execution, following the core of community governance.
