Umbrella Network, the decentralized oracle service, has launched a new accelerator program for projects looking to build data pipelines to the cryptocurrency market, a process that many within the industry believe is necessary to grow the emerging domains of blockchain gaming, decentralized finance (DeFi) and the Metaverse.
It has been reported that the $15 million accelerator program intends to fund companies that are bringing new data solutions to the blockchain ecosystem.
Sam Kim, a partner at Umbrella Network, said that his company is focused on funding projects within blockchain gaming, the Metaverse, digital advertising, blockchain-based identity, sports, and weather, among others.
Kim said that to date, projects in these and other fields have largely relied on centralized systems for running key computations, processes, and applications due to the limitations of existing technology.
However, one of the goals of the accelerator program is to provide access to decentralized data applications that can help emerging projects grow and scale their operations. In addition to funding, the accelerator program will provide business and technical support. Umbrella will also be the initial operator of the decentralized oracles.
The report said that blockchain oracles are said to play a key role in the development of decentralized Web 3.0 ecosystems by connecting smart contracts with the outside world. Specifically, oracles give blockchain-based applications the ability to connect to existing legacy systems and data sources.
It has been argued that institutional investors, who have long been viewed as a critical component of blockchain’s future, need trusted crypto market data before widescale adoption is possible. Chainlink (LINK) is by far the largest oracle network with a market capitalization of $8.4 billion.
Thus, Augur (REP) and Band Protocol (BAND) are a distant second and third, respectively, with a total value of over $170 million each. Umbrella Network, meanwhile, has a total market value of $19 million, as of December 15.