Umbrella network binance listing

Umbrella Network Defects Ethereum Network for Binance Smart Chain (BSC) due to Scalability and Cost Issues

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The Umbrella Network aims to attract more retail and professional validators on its oracle to scale its business to the global market.

Umbrella Network, a decentralized oracle service providing low-cost, scalable, and secure solutions for smart contracts, has defected its long-time partner Ethereum network over cost and scalability issues and joined Binance Smart Chain (BSC). According to the company, Binance Smart Chain is extremely cheaper and scalable in comparison to the former.

“While they have been fantastic partners that we love working with, it is not a true reflection of our community. Shifting over to BSC will immediately allow us to change this dynamic,” the company noted in a Medium post.

According to Umbrella Network, the cost of running a validator on the Binance Smart Chain is 99% cheaper than running one on the Ethereum ecosystem. Thereby making it deviate from its original mission of running a community governed ecosystem.

“The cost of running a validator on BSC is 99% cheaper than what it costs on Ethereum. At 1% of the cost of Ethereum, we can put the control and ownership of Umbrella Network into the hands of the community and increase the number of validators on our network,” the firm noted.

Bigger Picture on Umbrella Network Joining Binance Smart Chain (BSC)

The migration is a huge blow to the Ethereum ecosystem that has been experiencing high transaction fees (gwei) due to network congestion. Moreover, it is one of the most popular digital assets to both retail and institutional investors.

Umbrella Network joining Binance Smart Chain (BSC) from Ethereum ecosystem is a huge plus for the BNB market price. Notably, BSC uses BNB as the native coin for paying fees.

Both Ethereum (ETH) and Binance coin (BNB) have experienced heightened volatility over the past few days. Ethereum continued to scale higher on Tuesday after setting a new record high. Similarly, Binance coin (BNB) followed suit as it hit a new all-time high of $677.47 according to CoinGecko.

The Umbrella Network aims to attract more retail and professional validators on its oracle to scale its business to the global market. Through the partnership with Binance, the largest cryptocurrency exchange by daily traded volume, the firm sees a brighter future on growth prospects.

“Umbrella Network aims to be a community-owned oracle running on a Delegated Proof of Stake (DPoS) system. To achieve this, validators/nodes should be within our community and include individuals and small operators as well as large, well-capitalized professional validators, reflecting the community at large,” the firm explained.

Ethereum developers are working round the clock to roll out the ETH 2.0 that promises affordable gas fees and a scalable network. However, as the demand rises significantly by the day, gas fees are expected to rally further, whereby most retail traders might not afford.

More decentralized financial platforms (DeFi) might follow the same path as Umbrella Network joining Binance Smart Chain, should things remain the same for the next few months.

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Umbrella Network Final IDO + Listing Announcement

This is it! T-Minus 24 hours and counting. To our amazing community, Umbrella Network has experienced exponential growth in the weeks leading up to our TGE launch and IDO Listing. We could not have done it without your support, so thank you. Here are all the details on what to expect over the next 24 hours leading up to our IDO and Listing.

• Token Contract Address: TBA
• Listing Price: $0.05
• Circulating Supply IDO: 5,000,000
• Max Allocation: $400 USD equivalent in ETH per buyer
• Total Amount Raised via IDO: $250,000 ($125,000 POLS pool / $125,000 Non-POLS pool)
• IDO is First Come First Serve (FCFS) until $250k reached
• All winners on the whitelists, please go to www.polkastarter.com
• If you need to check again your status, please visit: whitelist-check.umb.network
• Please check this google doc for which pool (POLS or non-POLS) you are listed under. There are two sheets, so make sure to check both.
• For instructions on how to participate at Polkastarter and claim your tokens, please go here.

Please make sure you are following the real Umbrella Network Telegram Channels, Twitter, and website.

Official TG Community Channel: https://t.me/umbrellanet

Umbrella Network will never send you a direct or private message first. No exceptions. All DMs are scams so please be aware.

Umbrella Network will also never email you from our official email addresses, as they can be spoofed or emulated.

None of the team members or representatives of Umbrella Network has “extra tokens” or “private token pools” to sell. You can only get tokens by being whitelisted for the IDO, or after the IDO on Uniswap. Don’t believe anyone who tells you they have a secret whitelist, or extra token allotments. Again, no exceptions.

There may exist fake $UMB tokens on Uniswap. Do not attempt to search for and buy $UMB tokens on your own. Please use the direct link which we will pin on our Twitter and Telegram Announcement Channel. Do not follow links that may be posted on our chat channels by members, as they may be fake.

Umbrella Network will not be releasing the token contract address until right before the Listing. Please be aware that any and all token contract addresses released by anyone else other than our official channels, and right at the time of Listing are scams.

There may be other scams happening, so please be aware and on the lookout. Use your best judgement.

Editor’s Note: There is one officially sanctioned special NFT token sale, which is the Bounce Certified Lottery Sale, an NFT auction, being offered to 1) early members of Umbrella’s Telegram community and 2) Bounce BOT holders -> read more details here .

Please be warned that DEX listings are notoriously volatile, and are often plagued by bot attacks, particularly in the first 15–30 minutes of trading. While Umbrella Network is doing our best to have a smooth and successful launch, there are some things that are beyond our control. Please trade responsibly and at your own risk.

SCHEDULE FOR 9TH FEB 2021

12:00PM Noon UTC — Official Telegram Chat will be muted

2:00PM UTC — Polkastarter Pools will be unlocked. Whitelisted addresses may participate on Polkastarter.

2:00PM-4:00PM UTC — Smart contract address announced. Tokens on Polkastarter unlocked. Uniswap trading begins.

5:00PM UTC — Telegram Chat will be unmuted.

We want to say a sincere thank you to everyone who has gone above and beyond our expectations with your enthusiasm and support. It has been an amazing journey so far, but we know this is just the beginning, as we seek to bring the world’s data on chain.

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Umbrella Network Price ( UMB )

0.000005477 BTC 12.52 %

0.00008682 ETH 12.52 %

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UMB Price Live Data

The live Umbrella Network price today is $0.204261 USD with a 24-hour trading volume of $1,518,096 USD. Umbrella Network is down 12.52% in the last 24 hours. The current CoinMarketCap ranking is #1236, with a live market cap of $3,734,406 USD. It has a circulating supply of 18,282,511 UMB coins and a max. supply of 46,405,087 UMB coins.

If you would like to know where to buy Umbrella Network , the top exchanges for trading in Umbrella Network are currently BitZ, Gate.io, ZT, PancakeSwap (V2), and Hoo. You can find others listed on our crypto exchanges page.

What Is Umbrella Network (UMB)?

The Umbrella Network launched one of the largest initial dex offerings (IDOs) at the beginning of 2021. This is a community-owned, decentralized oracle service providing secure and extensively scalable data solutions for decentralized finance (DeFi) applications. Umbrella provides access to revolutionary financial datasets for blockchain app developers in the crypto space as well as those with an interest in real-world business transactions.

The decentralization power of the Umbrella Network is centered around the UMB utility token, which is used for staking, community votes and rewards and incentives. By introducing a layer two blockchain integration, Umbrella Network creates a highly scalable oracle solution.

Who Are the Founders of Umbrella Network?

Samuel Kim is a founding partner at Umbrella Network. He graduated with a master’s degree in business administration from the University of Chicago Booth School of Business in 2007. He also attended the University of Columbia in 1998. In 2002, Kim became a consultant for the World Bank, and in 2008 he joined Credit Suisse as an associate.

In 2012, Samuel Kim set out on his first major entrepreneurial venture by co-founding The Mobile Majority (acquired by Gimbal in 2016), where he was the COO until 2016. The company functioned as a mobile advertisement advisor and campaign manager for enterprise clients. In 2017, Kim started a new venture — Lucidity, a digital advertising protocol utilizing blockchain technology. He is still a board member at the company.

What Makes Umbrella Network Unique?

The Umbrella Network is one of the first to empower the development of decentralized financial applications based on real-world data. Not only that, the company prides itself on the virtually infinite scalability opportunities the network provides.

By utilizing blockchain technology to create a new future for DeFi, the Umbrella Network brings personal and enterprise finance to the 21st century. In addition, the protocol uses data feeds from multiple sources to calculate the most accurate price in the market, thus presenting users with the most up-to-date information. Last but not least, the Umbrella Network is completely decentralized when it comes to governance. Thanks to the UMB token, stakeholders, validators, and developers have the opportunity to participate in governance votes and decide the future of the network.

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How Many Umbrella Network (UMB) Coins Are There in Circulation?

The Umbrella Network supports a maximum supply of 46,405,087 UMB tokens. The total supply is 56,405,087UMB tokens. The current circulating supply is 18,282,511 UMB tokens.

Out of the total token supply, the Umbrella Network foundation and treasury will receive 13%, of which 10% will be dedicated to a special development fund. Another 20% of the supply will be equally divided among founding team members and early contributors to the project. The remaining 67% of the supply is divided as follows: 10% towards public sales, 37% towards a rewards pool, 10% towards a node fund and the final 10% towards a dedicated partner fund.

How Is the Umbrella Network Network Secured?

The Umbrella Network is based on the Ethereum blockchain and utilizes a delegated proof-of-stake (DPoS) consensus model to ensure the security of the data transfer process. The DPoS Umbrella community owns the majority of UMB tokens and will elect validator nodes to serve as representative governing bodies over the Oracle service.

The DPoS consensus mechanism is also what allows the Umbrella Network to be extremely scalable. While tokens like Bitcoin rely on the proof-of-work (PoW) consensus to validate nodes and transactions on the blockchain, the Umbrella Network relies on stakeholders to become validators. The proof-of-stake mechanism also requires considerably less electrical and computing power to process transactions, allowing projects like the Umbrella Network to be more scalable.

Where Can You Buy Umbrella Network (UMB)?

Since its launch in 2020, the UMB token has attracted the attention of a lot of investors. If you are looking to purchase UMB coins, your best bet is Uniswap V2.

Other exchanges supporting trades in UMB include:

It is important to note that investing in cryptocurrencies carries risk, just like any other form of investment.

Here are some other articles that you may be interested in:

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DeFi Oracle Umbrella Network Migrates to Binance Smart Chain From Ethereum

«BSC integration will reduce transaction costs by up to 90+ percent vs Ethereum,» Umbrella Network said.

Omkar Godbole

DeFi Oracle Umbrella Network Migrates to Binance Smart Chain From Ethereum

Decentralized finance (DeFi) oracle Umbrella Network, which acts as a bridge between smart contracts and off-chain data feeds, is shifting its base from Ethereum to relatively low-cost smart contract platform Binance Smart Chain (BSC).

“Integrating with BSC offers Umbrella multiple advantages when compared to working on other platforms, including transaction fees that are over 90% lower than what is incurred on Ethereum,” the company said in an announcement on Monday. “For example, while the Ethereum transaction to get a data point onchain might cost $50, that same transaction might only cost 50 cents via BSC.”

So, with the BSC integration, Umbrella Network can run frequent data updates and provide the most current price for smart contracts using its feeds.

BSC has been on a tear of late, having surpassed Ethereum in daily unique active wallets and transaction count early this year. Ethereum has become a victim of its own success, with record activity leading to network congestion and high transaction costs and increased demand for rival blockchains, layer 2 sidechains.

On Saturday, BSC processed 7.3 million transactions, nearly six times greater than Ethereum’s tally of 1.42 million, according to data source BscScan.com.

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Per DeBank, PancakeSwap, the top BSC-based decentralized exchange, now has a total value locked of nearly $10.4 billion, making it bigger than the top three Ethereum-based DeFi protocols – Uniswap, Compound and DeFi.

“From our first product roadmap, we have planned to integrate into BSC, and the timing couldn’t be better, given the platform’s exploding ecosystem,” Umbrella’s founding partner Sam Kim said.

Some researchers have recently voiced concerns about possible centralization on BSC, as the smart contract platform relies on just 21 validators selected daily to approve transactions. Meanwhile, ether has more than 125,000 validators, data source BeaconScan shows.

Umbrella Network, however, said it is confident that the shift to the less decentralized BSC will facilitate faster decentralization of its own network.

“Lower operating costs on BSC will allow Umbrella to move faster toward its goals of full decentralization by giving more members of the community the opportunity to participate as validators almost immediately,” Kim noted in the press release. “On Ethereum, that network’s prohibitive costs required node operators to have large capital bases to operate effectively.”

The oracle network plans to use the savings generated from the shift to BSC to deepen its data library. “The low-cost structure enables Umbrella to add more data points to the industry-leading 1,000+ data pairs already available via the Umbrella Network,” Kim said.

The migration kicks off Umbrella’s “BSC Month” event, during which the oracle network will announce new partnerships with more than 10 BSC-based projects, beginning this week with the first three: Smoothy, BlockBank and UnoRe.

In addition, Umbrella Network recently signed partnerships with cryptocurrency exchange Huobi, and Asia-based infrastructure provider HashQuark. In the future, the project envisions interoperability with other layer 1 platforms, including Avalanche, Solana, Polkadot and others, according to the press release.

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