Umbrella Network has collaborated with Elrond Network to provide fast streams of off-chain data through their high-performing Oracle system. Elrond is a Blockchain platform that offers a high bandwidth financial system available globally and accessible to anyone around the world.
Elrond is the much-preferred option for businesses transacting in large volumes and other traditional financial chains and applications since it is capable of scaling above 100,000 transactions per second. Elrond is optimized on the Blockchain infrastructure, improving throughput and execution speed by over a thousand times.
With this collaboration, Umbrella will roll out its Oracle services for Elrond. It will help the high-speed interoperable money market of Elrond to operate smoothly and seamlessly through accurate and updated off-chain data. This will primarily be possible because of the Umbrella’s price feeds which are scalable, community-owned, and secure. The price feeds are decentralized and safe from any kind of manipulation. With this collaboration, Elrond’s EGLD price feed will be included in Umbrella’s data sets. The integration is important for the Elrond ecosystem, as it provides a valuable source of off-chain data for developers building on Elrond Network and looking to deliver applications that will operate at an internet-scale performance.
The announcement of the partnership was announced in a Tweet on the Umbrella Network handle. Check it out at
Umbrella Network is pleased to reveal its collaboration with @ElrondNetwork, the fast, scalable, and secure blockchain platform that’s creating the backbone for a high bandwidth, transparent financial system universally accessible to anyone and anywhere.https://t.co/aYBOHd9FP6 pic.twitter.com/D26An42RSS
— Umbrella Network (@UmbNetwork) February 23, 2021
What does this partnership with the Umbrella Network bring to the table for Elrond Network? For one thing, any high-performing Defi network requires a robust Oracle system to operate on. This target will be achieved with an improvement in throughput, execution speed, and transaction costs. By collaborating with Elrond’s high-transaction infrastructure, Umbrella will be able to hammer down data acquisition costs to near zero.
CEO Beniamin Mincu of Elrond Network feels that through the Umbrella Network integration, Elrond will be able to add new sources of off-chain data while simultaneously widening the scope of developer access to information in real-time.
Umbrella Network Partner Sam Kin says that the company is looking forward to playing a meaningful role across various Blockchain infrastructures for Elrond. He is hopeful that this partnership will set new benchmarks in performance for the next wave of Defi innovations.