Blockchain Finance News

Decentralized Oracle Solution Umbrella Network Expands Strategic Partnership with HashQuark

Decentralized Oracle Solution Umbrella Network Expands Strategic Partnership with HashQuark

Umbrella’s agreement with the pioneer validator will bolster security, help scale

Umbrella Network, a decentralized oracle solution that promises to dramatically increase the flow of accurate data between on-chain and off-chain platforms, announced a key partnership with Asia’s leading infrastructure service providers, HashQuark.

The collaboration marks a major milestone ahead of Umbrella’s mainnet launch, with HashQuark serving as a validator node that will significantly enhance the security of transmitted data for powering decentralized applications, including decentralized finance, or DeFi. Already, HashQuark serves as a validator node for a number of other high-profile platforms in the blockchain and DeFi ecosystems, including Polkadot, Klaytn, and Band Protocol.

The HashQuark partnership will help Umbrella’s network scale while ensuring maximum security, said Samuel Kim, a founding partner at Umbrella Network. He lauded the collaboration as another in a rapid succession of successful developments happening at Umbrella, including its initial DEX offering, or IDO, on Polkastarter last month. Roughly 110,000 applicants signed up to participate in the offering in what was one of the largest IDOs in Polkastarter’s history.

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“We’re thrilled to have HashQuark join as one of the marquee validators on the Umbrella Network. Through HashQuark’s strategic support and involvement more generally, Umbrella will be able to vastly expand our network,” Kim said. “As we look ahead to the launch of our mainnet, adding HashQuark to our growing list of strategic partners helps us build an even firmer foundation not only for markets across Asia but around the world.”

Umbrella Network is a community-owned Layer-2 oracle network that batches data and proofs for providing inexpensive, scalable, and secure information. By using Layer 2 Merkle Trees and a proof-of-stake consensus model, Umbrella can write multiple data points on a single on-chain transaction. This allows each node to validate thousands of transactions for the price it would take to validate one transaction on other networks. As a result, Umbrella can offer many more data pairs for crypto markets as well as for equities and derivatives.

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HashQuark CEO Leo Li lauded the partnership with Umbrella as another big step in helping to scale oracle networks, which form an infrastructure layer that will play an increasingly critical role in fusing on-chain platforms with off-chain systems.

“Decentralized data aggregation is an important part of decentralized finance and we are excited to join in a strategic partnership with the Umbrella Network,” Li said. “Indeed, we anticipate that Umbrella Network will soon be one of the leading oracle solutions in the DeFi space.”

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