Umbrella Network Launches Oracle Accelerator valued at $ 15 million

The blockchain oracle market is still largely dominated by Chainlink, but there are a handful of promising challengers.

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Oracle’s decentralized service, Umbrella Community, has launched a new accelerator for projects looking to build a data pipeline to the crypto market, a process that many in the industry believe is necessary in order to tackle the emerging areas of blockchain gaming, DeFi, and Metaverse to develop.

The $ 15 million accelerator program is set to fund companies that bring new data solutions to the blockchain ecosystem, the Umbrella Community said on Tuesday.

Sam Kim, a partner with the Umbrella Community, told Cointelegraph that his company is focused on funding projects in the areas of blockchain gaming, metaverse, digital advertising, blockchain-based identity, fitness, etc., sports and weather, etc.

To date, projects in this and other areas have relied largely on centralized systems to run critical computations, processes and applications due to the limitations of existing technology, Kim said. One of the goals of the accelerator is to provide access to decentralized data applications that can help emerging projects grow and scale their operations.

In addition to funding, the accelerator will provide business and technical support. Umbrella will also be the original operator of the decentralized Oracle, confirmed Kim.

God is on the blockchain to speak Play an important role in developing the website’s decentralized ecosystem by connecting 3. smart contracts to the outside world. In particular, Oracle’s blockchain-based applications offer the possibility of connecting to existing legacy systems and data sources. It is suggested that institutional investors, long recognized as key players in the future of blockchain, need reliable crypto market data before regulation can be applied.

Why are crypto stories on the rise? Experts believe this is because institutional and retail investors need to trust crypto market data. https://t.co/C2vrG1jA04

Related: The former CEO of Google is now a strategic advisor to Chainlink Labs

Chainlink (hyperlink) is by far the largest Oracle network with a market capitalization of $ 8.4 billion. Augur (REP) and Band Protocol (BAND) took second and third places, respectively, with a total value of over $ 170 million each. As of this writing, Umbrella Community has a total market value of $ 19 million.