SpiderDAO Announces Partnership & LaU program with Umbrella Network
SpiderDAo is delighted to be partnering with Umbrella Network and to bring our LaU (Liquidity as Utility) program to their many users and loyal community.
As one of the newly emerging leaders in the world of decentralized oracle services for the DeFi market Umbrella Network is a community-owned Layer-2 data oracle service. It provides secure and massively scalable data solutions to the DeFi ecosystem, at the lowest cost possible and helps users access a wider variety of data across multiple segments. This data includes major key pairs, middle and long-tail crypto assets, as well as real-world financial data. Umbrella uses Delegated Proof of Stake (DPoS) to accurately validate data by economically incentivizing the participants.
Here at SpiderDAO, we are always looking to provide the very best in privacy solutions and utility for partners and their end-users. With that in mind, in a very short period of time, there will be a unique opportunity for $UMB holders to fully secure their network connection through FREE access to SpiderDAO’s VPN service.
To obtain free access to the Spider VPN service, all end-users or $UMB token holders have to do is participate in the upcoming Umbrella Network liquidity (LaU) staking programs.
Umbrella Network solves the scalability issues in oracles today by utilizing Merkle trees for batching transactions. Merkle trees are used to aggregate the data, allowing multiple transactions to bundle up into a single transaction, and for a single fee. Hence, the time and cost required to bring real-world data on-chain are significantly reduced, allowing Umbrella to be the lowest cost oracle solution with the largest data set available in the market.
One of the common problems in decentralized networks is when large buyers (whales) create a plutocracy by accumulating and staking a significant portion of tokens. This gets them personal gains by obtaining majority voting rights to influence the development of the network. This is where SpiderDAO introduces a governance structure to retain representative voting rights and thereby restricting voting participation for non-users. The users of the network utilize hardware devices like routers as Proof of Use. The SpiderDAO team aims to establish an inherently democratic governance mechanism keeping in mind that the future evolution of the network, development decisions, and the subsequent value capture created is distributed fairly amongst its members, instead of a centralized party.
“We are pleased to join hands with SpiderDAO as one of our strategic partners,” shared Umbrella Network Partner, Sam Kim. “This partnership is going to be greatly beneficial to Umbrella Network and our community as SpiderDAO focuses to bring privacy & security back to internet users. Along with this, their Liquidity as Utility (LAU) concept will be of great advantage in rendering additional benefits and increasing demand for UMB tokens. Leveraging clever token economic designs, SpiderDAO will enable the development of a fair, robust, and self-sustaining ecosystem. We are very excited to work with them. ”
“SpiderDAO is pumped to work with Umbrella Network as they help us resolve and overcome the threat of data being misused or leveraged for malicious purposes,” said Nathan Varty, CEO of SpiderDAO. “We look forward to being able to provide Umbrella Network with industry-leading security and protection of their online privacy, as they help us build liquidity. We are excited to join up with Umbrella as more diversified financial data comes to the industry via decentralized oracles.”
About Umbrella Network
The DeFi and blockchain community is blessed with the first-ever decentralized, community-owned layer-2 oracle providing scalability at the lowest cost. It’s Layer 2 technology allows writing multiple data points on a single on-chain transaction using the Merkle tree technology, which enables batch-data processing to provide data to smart contracts precisely and securely at a low cost. Umbrella thrives to develop a truly decentralized financial system and believes that a community-owned oracle will definitely help achieve the same.
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About SpiderDAO
SpiderVPN provides a decentralized router-based VPN service for its users by using a dual-governance model which brings together hardware and software tools with on-chain elements. The team aims to build a new set of standards for Decentralized Autonomous Organisations to counteract the unfair distribution of voting power. Combining hardware safeguards and leveraging the Polkadot consensus mechanism, SpiderDAO establishes a whale-resistant mechanism whilst creating a highly scalable, interoperable, and stable governance system.
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