Buy Umbrella Network (UMB)
What is Umbrella Network?
Umbrella Network is a decentralised oracle service designed to provide blockchain projects with secure, scalable, and customisable data solutions. It offers low-cost data solutions for smart contract integration and supports over 1,000 data pairs, including real-world financial data for indexes, equities, and commodities.
How does Umbrella Network work?
Umbrella Network operates on a Delegated Proof of Stake (DPoS) consensus mechanism to validate transactions and ensure the security of its network. It uses Merkle trees and Layer 2 solutions to bundle transactions, reducing gas fees and enhancing scalability. This approach allows the network to handle a large volume of data, which is essential for decentralised finance (DeFi) applications. The network is based on the Ethereum blockchain, providing secure data feeds to smart contracts.
What are the potential use cases for Umbrella Network?
Umbrella Network can be utilised in various industries due to its capability to provide secure and scalable data solutions:
- Decentralised Finance (DeFi): It provides valuable pricing data and feeds for DeFi applications, aiding services like lending platforms, automated market makers, and insurance protocols.
- Advertising: Through its acquisition of Lucidity, it can improve digital media buying experiences by enhancing supply chain transparency and optimising processes in the advertising sector.
- Telecommunications and Other Sectors: There's potential use in telecommunication for monitoring networks and in sectors like supply chain, manufacturing, legal, entertainment, and gaming for secure data management.
What is the history of Umbrella Network?
Founded in 2020 by entrepreneur Sam Kim, Umbrella Network quickly expanded its blockchain presence. Initially deployed on Binance Smart Chain (BSC), it later launched on the Ethereum mainnet in September 2021, with plans to integrate with multiple blockchain platforms including Polygon, Solana, Cardano, Avalanche, and Moonbeam. The network developed its own token bridge following an exploit with a third-party service and uses a DPoS staking mechanism to reinforce its decentralised governance model. Umbrella Network has progressively established itself as a reliable Layer 2 oracle solution, enhancing blockchain interoperability and efficiency through innovations such as Merkle trees for scalable transaction processing.
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Frequently Asked Questions (FAQs)
What is the current price of Umbrella Network (UMB)?
The Umbrella Network price is $0.0126662 AUD, representing a -2.25% from the day prior.
Where is the best place to buy Umbrella Network (UMB) in Australia?
The best place to buy Umbrella Network (UMB) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Umbrella Network (UMB) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Umbrella Network (UMB)?
The trading volume of Umbrella Network (UMB) is $274.3K AUD in the last 24hrs, representing a -2.25% from the day prior.
How can I buy Umbrella Network (UMB)?
Umbrella Network (UMB) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Umbrella Network (UMB)?
The current market cap of Umbrella Network (UMB) is $5.3M AUD.
Can I convert Umbrella Network (UMB) to cash?
Yes - With Coinstash you can convert your Umbrella Network (UMB) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Umbrella Network (UMB) are there?
The current circulating supply of Umbrella Network (UMB) is 427.6M.
Is Coinstash a safe place to buy Umbrella Network (UMB) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Umbrella Network (UMB) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.