Despite the oracle blockchain market still operating under great influence of Chainlink, it seems that some new optimistic faces are expected to crawl out.
The decentralized Umbrella Network is introducing a new boosting scheme for specific projects that are looking forward to construct data routes into the crypto market. Many people in the crypto space believe that this kind of project is vital for the development and overall growth of emerging sub sectors such as, Blockchain Gaming, Decentralized Finance and the Metaverse.
About the Project
According to the very recent announcement made by the Umbrella Network, the intentions behind the launch of this new scheme is to financially support firms that are contributing new and unique projects into the blockchain ecosystem.
An Umbrella Network associate by the name of Sam Kim, mentioned that his firm is currently working on providing significant funds to projects that are related to blockchain-based gaming, Metaverse, Digital Advertisement, blockchain-powered identity solutions, and a few more additional fields.
Ditching Centralized Systems
Kim also mentioned that still to this date, projects related to these fields have always had to work with centralized systems in order to power up complex computations, processes and apps, because of the limitations of the technology being utilized. So, one of the key goals of the new boosting scheme is to enable access to decentralized data apps that can assist related projects to expand and become scalable.
The boosting scheme will also be providing business-related and technical assistance for projects and Umbrella Network will be the one to be the primary operator of the decentralized oracles.
Chainlink is currently one of the biggest oracle networks in terms of market capitalization, which according to sources has crossed more than $8.4 Billion in value, in comparison to Auger, Band Protocol and Umbrella itself that is currently sitting at a market cap of around $19Million.
Advantage of Blockchain Oracles
Blockchain Oracles have been known to exist as vital tools for the development of the latest decentralized Web 3.0 systems and bring smart contracts to the outer world. Oracles also power up blockchain applications by giving them the power to gain connection to legacy systems and data networks. It is said that institutional investors are quite sensitive when it comes to genuine market data that is needed for growing adoption rates, as they play a vital role in the future of blockchain technology.