By Luke F - Cryptocurrency Dealer - 01-10-2021
Blockchain networks in the cryptocurrency trading industry are becoming more sophisticated every day as ecosystems like Solana (SOL) and Ethereum (ETH) invest in initiatives, smart contracts, and oracles. These crypto blockchain networks utilise their native cryptocurrencies to be used amongst the ecosystems. For example, users can buy Ethereum tokens to use applications and features like minting NFTS within the network.
Smart contracts have multiple uses as programs installed on a blockchain-based platform to help automate the execution of an agreement providing the conditions of the contract are met. Oracles support smart contracts by providing the programs with external information. One decentralised oracle service is finally debuting on Ethereum this Friday.
Umbrella Network, the first oracle service that provides users with affordable and secure yet scalable solutions for smart contracts, is set to launch on Ethereum this week. The network leads cross-chain transactions for smart contract platforms and Binance Smart Chain (BSC). The oracle has bridged a gap between BSC and the Ethereum blockchain, which further showcases the importance of transferring tokens to invest in cryptocurrency through two separate networks. Reportedly, users can also begin staking and farming tokens via the cross-chain bridge built by the Umbrella Network.
Aside from its Ether launch, the oracle has announced its plan to integrate Polygon (MATIC), Solana, Avalanche (AVAX), and Cardano (ADA). Despite the Umbrella Network stating its future goals, there is yet to be a date release. As previously stated, Umbrella describes its protocol as the faster and more affordable variant of oracles on the market. On the Ether blockchain platform, the oracle's protocol had given support for over 1200 data pairings. The data pairings allow users to combine information with crypto spots.