Umbrella Network, a decentralized oracle solution that facilitates the flow of pricing data for DeFi and other decentralized applications, has announced a partnership with the world’s second-largest cryptocurrency exchange, Huobi Group. Huobi will serve as a validator node on Umbrella’s recently launched public testnet, playing a critical governance role ahead of the oracle platform’s launch of its full operation mainnet system.
The partnership follows Umbrella Network’s recently launched IDO, which was one of the most successful in Polkastarter history, just before the company launched its public testnet. The addition of Huobi to the validation and governance infrastructure enhances Umbrella’s ability to provide data feeds with up-to-date, fast, and inexpensive information for the growing number of applications relying on its system.
“We’re extremely pleased to welcome Huobi as a key validator on Umbrella, greatly expanding our network and helping us provide essential data to the decentralized applications we support,” said Umbrella Network’s founding partner, Sam Kim. “As we aim toward our mainnet launch, Huobi’s influence will be critical to building the robust data infrastructure required by markets around the world.”
Huobi’s participation provides a huge boost to the information that can be accessed and used by those relying on the Umbrella network, which features Merkle Tree and proof-of-stake technologies that allow it to package much larger amounts of data — at a far lower — in each transaction than competitors. Huobi’s participation, moreover, follows a recent flurry of professional validators also joining up to take part in Umbrella’s testnet, including HashQuark and InfStones.
The widening participation will help to better position Umbrella ahead of its mainnet launch in the coming weeks, notably in the form of data from both on-chain and off-chain networks that have reached Wall Street levels of quality and accuracy. Moreover, the integration with Umbrella will help Huobi use more and accurate and more cost-effective data for those who rely on the exchange and its pricing data.
In a statement, Zero Zhu, Commercial Director of Huobi Pool said, “We strongly believe in the quality of the services that Umbrella provides and we are proud to join their network as a validator node. As Umbrella continues to establish itself among oracle network solutions, we are excited to enter into this partnership and look forward to seeing what the future holds. ”
Umbrella offers a novel, much-needed, oracle solution that is particularly beneficial to the DeFi ecosystem — serving, essentially, as a connective tissue that transfers data from the off-chain to the on-chain world. In particular, Umbrella Network’s unique architecture represents a major step forward in the oracle space. Its use of Merkle Tree technology enables batch processing of thousands of transactions while ensuring data integrity, which solves long-standing issues of cost, scalability, and security that have plagued other oracle networks, and results in lower transaction fees for its partners.