Mr Bụt ( Update Soon), [01.04.21 21:02]
💥 Dear community, VIC GROUP will host an AMA with UMBRELLA NETWORK team on Thursday , 1st April , at 21:00 PM (UTC+7)
This Ama session will consist of 3 parts
👉Part 1 : Basic Introduction of UMBRELLA and Guest MIGUEL MORALE is Technical Advisor , SAM KIM partner of UMBRELLA NETWORK
👉Part 2: Guest MIGUEL MORALE is Technical Advisor , SAM KIM partner of UMBRELLA NETWORK will answer community questions.
👉Part 3: All members can ask anything directly about UMBRELLA NETWORK
And we will get to the first part
👉Part 1 : Basic Introduction of UMBRELLA and Guest SAM KIM partner of UMBRELLA NETWORK
We invite guests to have a brief overview of the project and themselves for everyone to know @kimsamjoo
Sam Kim | Umbrella
Good morning. I guess good evening over there. Thank you for having me. Very excited to be here with you all.
I’ve been in technology startups my entire career except when I spent 3 years in Vietnam working for the World Bank.
My career has mostly been in advertising technology which is arguably the most highly scaled industry in the world. We operate at well over 1 million transactions per second with less than 100ms response times.
I was previously the Co-Founder and COO of Gimbal and Co-founded and was the CEO of Lucidity, a blockchain based advertising technology company.
Sam Kim | Umbrella
At Lucidity, we developered a Merkle Tree based sidechain to process the 100,000s of transaction that needed to be processed. And Umbrella utilizes many similar concepts to the oracle market.
The oracle market has been plagued by slow and expensive data. And Umbrella Network will revolutionize that market with an abundance of low cost and FREE data for dApp developers around the world.
Mr Bụt
Thanks for the answers to help us understand more about the Umbrella project, I will have a few questions I hope you are ready to answer. @kimsamjoo
Sam Kim | Umbrella | Never DM You First (Umbrella), [01.04.21 21:12]
i hope so too
Mr Bụt
Question : Why did the project choose the meaningful name “Umbrella”? @kimsamjoo
Sam Kim | Umbrella |
We believe Umbrellas represent what we do as a project very well.
First, we believe oracles serve a critical and vitally important role in the decentralized application ecosystem. I believe it’s as important as the root chain itself. And so, oracles MUST protect it’s ecosystem from attacks, falsified data and other malicious behavior. And we believe Umbrellas are a reflection of that.
Sam Kim | Umbrella | Never DM You First (Umbrella), [01.04.21 21:18]
Second, umbrellas are made up of a network of interconnected nodes and spines. That network working together is what gives it strength and allows it to protect us from the elements like rain and snow. Similarly, Umbrella Network believes the best way to protect the ecosystem is through TRUE decentralization — a network of validators incentivized to behave honestly and to defend against attacks.
Mr Bụt
Thanks for the wonderful answer from the guest, I will keep going with one more question and we will go through Part II of AMA
Question : Now let’s talk about the milestones you’ve achieved so far? @kimsamjoo
Sam Kim | Umbrella |
Absolutely. We launched our Alpha / demo application back in November or December of 2020. That was really exciting to show the community how our product works and what the advantage is.
We completed our IDO on Polkastarter on 9 February 2021. We rolled out our public testnet about 2 weeks ago. And we are currently providing 750 pieces of critical data which are updated approximately every 3 minutes. That is compared to the competition who support about 200 or so datapairs and updates it far less frequently than we do.
We’re continuing to add data and expect to hit 10,000+ this year.
Last week, we began support for Binance Smart Chain by bridging our token from ETH to BSC. And the token is now trading on Pancakeswap.
We’ll launch our product on BSC in the next couple of months with Mainnet in early Summer.
That’s just a small peak into what the Umbrella Network team has been working on. But there’s much more like our staking and rewarding programs which I hope to cover later.
Mr Bụt
Yes thanks for the guest updates we will end Part I and continue with Part II of AMA
👉Part 2: Guest SAM KIM partner of UMBRELLA NETWORK will answer community questions. from to form
We’ll start with the first question
The world is ready for a quality leap in dapps technology, will it be a turning point or should we not expect quality growth in the coming years? Will you fully support all blockchains with dapps?
@kimsamjoo
Sam Kim | Umbrella |
Right now, dapp developers are limited by two things: 1) slow and expensive networks and 2) limited availability of data on chain.
The first part is being solved by ETH2, BSC, DOT, Solana and others. Faster and cheaper networks are abolutely critical for dapp develoers to build the applications they envision.
The second part is that dapp developers have very limited accurate, secure data. Until fairly recently Chainlink only provided 84 datapairs. And some of that data was only updated once every 24 hours. There is very little a dapp developer can do with old data or data they simply can’t access
Umbrella Network is solving the second part of this problem. We already support 750 data pairs. And we’ll be at 10,000 or more this year. We are updating every 3 minutes currently and expect to increase that frequency going forward.
So yes, I think dapps will grow in quality
Mr Bụt
Thanks to the guest answer, we will continue with the second question: What DeFi projects right now that can be Umbrella Network (UMB) biggest competitor? What is your advantages and new innovations that can get you ahead of the market? @kimsamjoo
Sam Kim | Umbrella |
Our biggest competitor is Chainlink. They are a multi-billion dollar project that has significant market share and marketing power. However, their technology is slow, expensive and very limited because they write each piece of data onchain one at a time. When they do their cost calculations, they assume ETH of $300 and gwei of 30. Obviously this is to trick the market.
Umbrella Network is a low market cap project. We are among the first 4 oracles to hit the market with a product. And we have tremendous growth opportunity ahead of us because we are the lowest cost data provider with the most comprehensive dataset in the industry.
Our cost advantage and our unparalleled data availability will be why we can take significant market share.
Mr Bụt
Thanks for the answer and I like the conclusion that it will help Umbrella grow more rapidly in the future
Mr Bụt
We will continue with question 3 : I need to have at least how many UMB to be a Validator Node? In addition to staking, what other benefits can the Validator Node get when holding UMB for a long time? @kimsamjoo
Sam Kim | Umbrella |
Currently, we’re working with just a handful of validators on Testnet. We want to make sure our platform is optimized, efficient and that the onboarding of new validators is simple. The first two are InfinityStone and Hashquark. We’ll be announcing the third pretty soon.
Ultimately, we will open up to outsiders to run a validator node. Currently, validator nodes must hold 100,000 $UMB tokens. However, that minimum is definitely subject to change as we roll out the network.
Validator Nodes are given rewards as you suggested, they will share in the user fees and finally, they will serve as representatives in governance of the network.
welcome to the club
Mr Bụt ( Update Soon), [01.04.21 21:44]
Thanks for the answer we continue with question 4: A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump? and over time a lot of DEFI projects have been hacked. Is UMB prepared to prevent hacking? @kimsamjoo
Sam Kim | Umbrella |
UMB is definitely prepared. And we continue to bolster our defenses from hacks. Our smart contracts have been audited by two separate Tier 1 firms. We will be announcing bounties in the near future and before we reach mainnet. So between the experts at Certik and Slowmist, our own internal testing and the community, I am certain we are prepared.
As for the price and farming, it’s not something I can comment too heavily on. We don’t discuss UMB prices for legal reasons. However, I can say that our token is designed for long term holders. Our reward tokens are not redeemable to UMB until up to 1 year. So you really have to believe in our mission to get on board. Our private token buyers are locked up for 2 years. And over 60% of the tokens are subject to 4 year linear vesting.
Mr Bụt
yes all are on the plan, we will continue with the last question and conclude part II of the AMA
Last question : Which market does #Umbrella active mostly right now? Which market will your team plan to expand to ? and Why? @kimsamjoo
Sam Kim | Umbrella |
We’re currently most active within the DeFi market. And in particular projects that are looking for data that isn’t available on Chainlink. So data like mid-cap and small-cap projects, calculated values like indexes and option price related data.
Mr Bụt
Yes, thanks for the guest answer and finished part II
👉Part 3: All members can ask anything directly about UMBRELLA NETWORK
The group will be unmuted within 2 minutes for everyone to ask questions
Hi. @kimsamjoo
Question
I have a simple question.
Can i stack from UMB(BSC chain)
Sam Kim | Umbrella |
Currently, there is no staking from BSC Chain. If we see increased interest on BSC and activity on Pancakeswap, we will increase our support including staking of BSC $UMB.
Question: Liquidity is the challenge of defi, how does Umbrella solve this problem?
Sam Kim | Umbrella |
Our liquidity on Uniswap is approximately $3.5 million and growing. And that’s in large part due to the Uniswap LP Token rewards program we launched last week. We believe we have sufficient liquidity and will continue to expand liquidity in other markets including on CEX.
Question: How was the process of building the decentralized nodes of Umbrella, what makes them able to make thousands of transactions and group them in a single node keeping them all decentralized?
Sam Kim | Umbrella |
We bundle our datapoints into a Merkle Tree where each leaf in the merkle tree represents a key value pair like ETH-USD $2000. We then rollup the merkle tree into a root hash that is anchored to Ethereum or other blockchains.
Question :
As a community driven project and me a developer am interested in contributing to the project, do you have such programs? During the build of your project, do you take into account any of the community feedbacks or demands to further expand the new ideas for the proyect?
Sam Kim | Umbrella |
We currently have a developer challenge that rewards developers for creating a demo application using the Umbrella Network oracle. We’ll have much more to engage the developer community including a Hackathon, bug bounties and more. Join our community to stay in touch.
Question : Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?
Sam Kim | Umbrella |
We’ll be announcing this week about our Ambassador program. So please join our community.
Mr Bụt
Give me a place to Ambassador program help my umbrella grow :))
Thank you for today’s guest for joining the AMA and Vic group today
Sam Kim | Umbrella |
Thank you @Mrbut88 . And thank you to the VIC Community for joining today. Look forward to speaking with you in the future.
Mr Bụt
AMA END