Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday. Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system. Blockchain Oracles Explained Most blockchains have cryptocurrencies that are used to transfer value and enable the operations of the protocol. Some blockchains also enable Smart contracts. According to Wikipedia, a smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions. Related Reading | DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem However, there needs to be a way for blockchains and on-chain smart contracts to make use of external, off-ch...
