Umbrella Network Announces Partnership With Elrond
Umbrella Network is pleased to reveal its collaboration with Elrond, the fast, scalable, and secure blockchain platform that’s creating the backbone for a high bandwidth, transparent financial system universally accessible to anyone and anywhere. Specifically, Elrond brings a 1,000x improvement in throughput, execution speed, and transaction costs on the blockchain.
Elrond Network is a well-known piece of blockchain infrastructure that can essentially accommodate any kind of transaction, and can furthermore do so at extremely high speeds. Their blockchain uses sharding to handle vast amounts of transactions with low costs and instant finality. It’s super-fast, transacts across blockchains, and has won a lot of attention and mindshare in the DeFi space — its community of 190,000 people, including 157,000 Twitter followers, can’t be wrong.
Now Umbrella will provide its oracle services to Elrond’s high-speed interoperable money market, bringing accurate, up-to-the minute off-chain data that will keep Elrond operations turning smoothly. Umbrella’s price feeds are secure, scalable, and community-owned, keeping them decentralized and free from manipulation. In addition, Elrond’s EGLD price feed will be added to Umbrella’s data sets.
A high-performance DeFi network needs a robust oracle system, and we’re proud that Elrond has teamed up with us to see our oracle integrate into their network. Furthermore, integrating into Elrond’s high-throughput, high-transaction infrastructure will help further Umbrella’s mission to drive the cost of data acquisition down to almost zero.
“For the Internet of Money to perform at truly internet-scale speeds, all of its underlying technologies must operate in tandem. With the Umbrella Network integration, we are adding new sources of off-chain data and broadening developer access to real-time information.” said Beniamin Mincu, Elrond CEO.
“It’s exciting to play a meaningful role in moving value across different blockchains for Elrond. We’re excited to bring our two technology stacks together and jointly offer data transfer and processing speeds that will set a new performance standard for the next wave of DeFi innovations.” said Sam Kim, Umbrella Network Partner.
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
