The newly followed smart contracts trends on DeFi have become a data-based intensive industry. And Oracle is offering its services to build bridges to further narrow the gap. Oracle has officially launched its decentralized Umbrella Network on Ethereum on past Friday. The goal behind the launch of the network on Ethereum is to establish a cross-chain transactions connection between Ethereum and Binance.
The cross-chain transaction connection between Ethereum and Binance was initially proposed in Umbrella Networks’ in-house operations. After running extensive testing, the mechanism is finally launched on the Ethereum exchange. The company’s officials have said that the network is designed to fulfill the increasing need of customers to transfer tokens and other crypto assets between the two networks. This cross-chain bridge will also allow customers to stake and farm crypto of either blockchain.
Umbrella further opened up on the company’s future plans by saying that in future company is looking forward to forming another cross-chain bridge with Polygon, Solana, Cardano and Avalanch. However, no specific time period is given regarding the execution of this plan.
However, blockchain technology has introduced wide range of services. But as of this writing, Umbrella claims that its protocol is most advanced, efficient and offers rapid services at affordable prices when compared with some other leading competitors. In the start the Umbrella platform will have around 1,200 data pairs on Ethereum. Oracle’s data gathering efficiency is above board and considered as the most reliable component when it comes to smart contracts. As the result the exchanges can explore the broader perspective of their operations.
As smart contracts technology is becoming more and more mainstream the need of reliable data sources has become immense. Recently Brazil’s main stock exchange said that they are looking forward to exploring multiple options to provide data inputs to the country’s central banks regarding Bank’s digital operations.
The fact of the matter is that the digital world, including digital trading, is a data-driven industry that heavily relies on data regarding the new trends and what customers like or what they don’t like. DeFi protocols integrate data oracles. However, Oracle-oriented services have developed strong roots in the sector. Since, the Ethereum network has announced that the company is upgrading to Ethereum 2.0, the role of Oracle-oriented services has become more integral. One of the biggest competitive advantages of employing Oracle services is that they offer state-of-the-art privacy protection and fosters the overall operations. Umbrella’s launch on Ethereum in order to strengthen the cross-chain transactions while using Oracle services seems a popular move, which will not just fulfill customer’s need but also make trading easy for the customers.