On the 22th of January, TAG community has a Telegram AMA with UMBRELLA NETWORK.
At the AMA, Samuel Kim – Founding Partner and introduce and share many Interesting information about UMBRELLA.
And here are the key
takeaways of the AMA:
TAG: The AMA would be happened as follows
Segment 1: Greeting and Introduction.
Segment 2: Answer the closed questions from twitter (5 questions)
Segment 3: Live Q&A session (5 questions)
Segment 4: Quiz on Telegram Umbrella Network Viet Nam
TAG: Firstly, Could you please introduce about yourself and UMBRELLA?
Umbrella Network: For the past 10 years, the senior team at Umbrella and I focused on building really performant and scalable products, primarily in the digital advertising industry. I served as the CO-Founder and COO of Gimbal, a buy side platform that recently acquired TrueX from Disney. Frustrated by the lack of transparency in digital advertising, we decided to apply the breakthroughs in blockchain technology to solve this problem.
nd so, my friends and I started Lucidity in 2017. Lucidity currently works with traditional brands like Toyota, Hyundai, KFC and GroupM
The underlying technology we used at Lucidity scaled to over 100,000 events per second easily. And so we decided to apply this technology in the oracle market where there are similar problems with scale and cost.
And that’s how Umbrella Network was born.We’re a team of mostly engineers. Actually until last week I was the only one that didn’t write code everyday. So we’re really product driven.
TAG : Could you tell us What are the competitive advantages of Umbrella Network compared to other projects?
Umbrella Network: Current oracle solutions require you to compromise between security of the data or freshness / liveliness of the data. With Umbrella you can have both. We use multiple data sources so that you aren’t at risk of data manipulation at the source as we’ve seen in so many recent flash loan + oracle hacks.
We also use DPOS as I mentioned earlier so that there is an economic incentive and disincentive layer unlike alternative solutions.
And finally, with our merkle tree, we have low cost data which ultimately means we can provide more data and more types of data. So we’re able to meet the needs of emerging blockchain solutions in options, indexes, synthetics, etc. So we’re able to give DeFi projects both secure and current market data at incredibly low cost
TAG : Could you please share with us some new upcoming events, as well as big partners Umbrella Network has been working with during its development period
Umbrella Network: We have a lot of partnership announcements coming. We recently announced our partnerships with BoringDAO to provide pricing transparency for middle and long tail market pricing. Prior to that we announced our partnership with Genesis Volatility to bring a robust set of data used in the options trading market. And our partnership with Hedget, a portfolio hedging product. We were extremely excited by this announcement because the market really validated our belief that decentralized options is a key emerging sector. Check out the Cointelegraph coverage on this: https://cointelegraph.com/news/zcash-zec-kusama-ksm-and-hedget-hget-soar-as-bitcoin-hits-40k?fbclid=IwAR2BcDRPvA9DIYUMu3kG1MFFoYG6C0thfsJzRMJTuPpnmG-x3DeiRJ9XMTM
I think Hedget was pretty happy with their 90% increase in token price
And now we will turn to segment 2: Answer the questions from twitter
TAG: The first questions is: Umbrella’s decentralized nodes were created using Layer 2 Merkle Trees, a solution to combine thousands of transactions into a single node. So explain more about these Layer 2 Merkle Trees and how does it work?
Umbrella Network: Merkle Trees are an incredibly efficient and elegant way to store large amounts of data and transactions on a block. You can ask Satoshi and Vitalik who use it in their blockchains
For us, it’s simply a way to store large amounts of data off-chain while ensuring the integrity and immutability of the data on-chain. So with a single blockchain transaction, I can store the representation of thousands of data points. At the same time, I can prove whether a Key-Value Pair (i.e. ethusd $5000) is on that block or not. And I can do this very cost-effectively.
Data will ultimately move towards a zero cost environment. Meaning that the true economic cost of a piece of data should approach zero in the long run. And the Merkle Tree gives Umbrella Network an advantage in achieving that goal.
Merkle trees are complicated but feel free to checkout our medium post for more info
TAG: The second question is: Marketing and awareness are one of the most important factors in any project! And so, What is Umbrella Markeing plan to increase people’s visibility and attract new users?
Umbrella Network: Marketing and awareness are critical for the long term success of a project. And for us, that begins with rallying the community. You’ll see that we’re allocating close to 2/3 of our tokens to the community, mostly through rewards.
It is now time to get the word out to the world about what Umbrella is. We’re going to provide a lot of new content, run educational series and launch ambassador programs.
In addition, we’ll actively market ourselves in partnership with other projects. And marketing in many ways really starts with our token sale. Our token sale is coming up soon. And you should join our telegram channel to stay informed.
Vietnam is an important market for us. And so we actually have a Vietnamese channel. So please join us!
TAG: The third question is: Umbrella Network is decentralised and community driven project. So my question is how secure is Umbrella?Does there is loop holes on Umbrella for hackers?
Umbrella Network: Well… I hope there aren’t any loop holes.
Hacking is obviously a problem these days. And so we thought it was so important that we had two outside auditors test our platform.
We’ll continue to test and we’ll run bug bounties down the road. So we will do everythign possible to ensure there are no vulnerabilities in the Umbrella Network platform.
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TAG: 4th question: Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain
Umbrella Network: For many projects, they start with marketing and public sale. They write really well written whitepapers and a great website promising what they will do after the public token sale.
So after the token sale, they have to build their product, get real partnerships and users and then show that the platform adds real value.
We took a different approach. As I mentioned earlier, we are a product driven company. And so, we have a product that’s already on Testnet even prior to the token sale. Our public alpha has been out there for some time. We have partners that are integrating now and finding real value in the data we are providing them.
TAG: the last question is: People are not very friendly to data collection. It reduced the use of whatsapp worldwide and increased the use of telegrams and other channels. How can you earn trust about connecting all world data together?
Umbrella Network : That is very true. It’s one of the reasons I don’t use any Facebook product. Unfortunately, I can’t seem to get away from Google.
Currently, we’re focused on financial market data. We are not collecting information about individuals on social media or other platforms.
However, as we grow into other markets like location data and marketing attribution, we will always keep in mind what data we should and should not collect.
My team and I have a long history in digital advertising. So we know the kind of data that is being collected and used. And so we know what we should and shouldn’t collect.
Now we turn to Segment 3: Live Q&A session (7 questions)
TAG: 1 here has been an increasing interest in DeFi products lately. But too many projects came out? How will Umbrella survive this crowd? If there is a financial congestion, will you be able to solve it?
Umbrella Network: As an entrepreneur, I can only control what we do. And so, we will focus on conserving cash by spending wisely whether the market is hot or not. Furthermore, we will have a revenue generating model very early on. And we can do this because our product is ready to be launched right after the token sale.
.TAG: Many of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
Umbrella Network : Unfortunately you are right. A lot of projects focus on short term token price. And in many ways they have to because that’s what their private token buyers demand. We’re a little different. First, our private round was very small. Most of our tokens, nearly 2/3, will be owned by the community. So they don’t have much influence on what Umbrella does. Second, they agreed to an 18 month linear vesting schedule. So they don’t even get those tokens in their wallets for 18 months. And they agree to this because they understand we MUST have a long term outlook on Umbrella.
Our entire system including our rewards tokens were designed for long term holding.
TAG: Is this project a Global project ?
Can local communities partake in it ?
Umbrella Network : Yes. We are a global project from day 1. I work with communities and projects in Asia, Europe, Latin America, etc.
Our developers are in Eastern and Western Europe, latin america and North America. So I think we are definitely global from day 1.
So please join. We’ll have validators from around the world. Projects from everywhere.
TAG: Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Umbrella Network : It matters if this is important to the community. My team and I are locked into a 4 year linear vesting schedule. The development and foundation funds are also in a 4 year linear vesting schedule. So it might be cool to see UMB trade at $100, but it doesn’t benefit us really cause we have to sustain the projects performance for at least 4 years if not longer.
TAG: As a Vietnamese project, do you find it difficult to compete with other projects around the world? How do you think about the blockchain market in Vietnam, which is your potential development market?
Umbrella Network : Just to be clear, we are not a Vietnamese project, and I am not Vietnamese. I am Korean American. I want to see Umbrella thrive in Vietnam because Vietnam is like my second home. I spent 3 of my best years in Vietnam working for The World Bank. I watched the opening of Diamond Plaza and all of the amazing growth in HCMC, Hanoi and in rural areas. So, it’s an opportunity for me to reengage in a place that I love with people who have been so great to me.
TAG: You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …So now I want to ask what do you want to receive from the community?
Umbrella Network :Thank you for this question. And yes, we aren’t just doing AMAs and giving 2/3 of the tokens to the community because we are nice people. We are nice people. But that is not why. We need the community. We need the community to drive awareness of Umbrella around the world. You see, building a global company usually takes a lot of time and costs millions and millions of dollars. But with the help of our community, we can achieve this together faster and with less cost. So I want the community to learn more about Umbrella. Help spread the word about Umbrella. Participate in the governance of Umbrella. And really, I want us to all get on the project together and enjoy the fun and rewards together.
TAG: What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Umbrella Network :one of the challenges of being a product driven company is that we didn’t have anybody to write and educate the community about all the great things that we’re doing at Umbrella. But we have changed that. We hired 2 writers recently to help produce materials to increase awareness. We’ll do more AMAs with tg groups like this one. And we’ll work with our partner communities as well.
Tag: Thanks so much for taking your time with very detail answers ! Hope that TAG would be the great partner in Vietnam.
Umbrella Network : hope to see you all join the Umbrella community
Join Umbrella Network channel: