Umbrella Network Launches $ 15 Million Oracle Accelerator Program

Decentralized Oracle Umbrella Network Service has launched a new acceleration program for projects seeking to create data pipelines to t...



Decentralized Oracle Umbrella Network Service has launched a new acceleration program for projects seeking to create data pipelines to the cryptocurrency market, a process that many in the industry deem necessary to develop the emerging areas of blockchain gaming, DeFi and of the metaverse.

The $ 15 million acceleration program aims to fund companies that bring new data solutions to the blockchain ecosystem, the Umbrella Network announced on Tuesday. Umbrella Network partner Sam Kim told Cointelegraph that his company is focused on funding projects in the areas of blockchain gaming, metaverse, digital advertising, blockchain-based identity, sports and weather, among others.

To date, projects in these and other areas have relied heavily on centralized systems to run key calculations, processes and applications due to limitations in existing technology, Kim said. One of the goals of the Acceleration Program is to provide access to decentralized data applications that can help emerging projects grow and scale their operations.

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

Blockchain oracles are noted play a key role in the development of decentralized Web 3.0 ecosystems by connecting smart contracts with the outside world. Specifically, oracles give blockchain-based applications the ability to connect to legacy systems and data sources. It has been argued that institutional investors, who have long been seen as a vital part of the future of blockchain, need crypto market confidence data before large-scale adoption is possible.

Related: Former Google CEO Now Strategic Advisor for Chainlink Labs

Chain link (LINK) is by far the largest Oracle network with a market cap of $ 8.4 billion. Augur (REP) and band protocol (BANDAGED) are far second and third respectively, with a total value of over $ 170 million each. Umbrella Network, meanwhile, has a total market value of $ 19 million at the time of writing.