Blockchain

Umbrella Network launches $15 million Oracle accelerator program

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Decentralized oracle service Umbrella Network A new accelerator program has been launched for projects that want to build a data pipeline for the cryptocurrency market. Many people in the industry believe that this process is necessary for the development of blockchain games, DeFi, and Metaverse.

Umbrella Network announced on Tuesday that the US$15 million accelerator program aims to fund companies that bring new data solutions to the blockchain ecosystem. Sam Kim, a partner of Umbrella Network, told Cointelegraph that his company focuses on funding blockchain games, Metaverse, digital advertising, blockchain-based identity, sports, and weather.

So far, due to the limitations of existing technology, projects in these and other areas have largely relied on centralized systems to run critical calculations, processes, and applications, Kim said. One of the goals of the accelerator program is to provide access to decentralized data applications to help emerging projects develop and expand their operations.

In addition to funding, the accelerator program will also provide business and technical support. Kim confirmed that Umbrella will also become the initial operator of decentralized oracles.

The blockchain oracle is Say By connecting smart contracts with the outside world, they play a key role in the development of the decentralized Web 3.0 ecosystem. Specifically, the oracle enables blockchain-based applications to connect to existing legacy systems and data sources.Some people believe that institutional investors, who have long been regarded as an important part of the future of blockchain, need Trusted encrypted market data Before mass adoption.

related: The former Google CEO is now a strategic advisor to Chainlink Labs

Chain link (Associate) Is the largest oracle network to date, with a market value of US$8.4 billion. Augur (REP) and Band Protocol (band) Ranked second and third respectively, with a total value of more than 170 million U.S. dollars. At the same time, at the time of writing, the total market value of Umbrella Network is $19 million.