High volume financial applications will always favor high throughput and low latency decentralized networks. Elrond is capable of scaling beyond 100,000 transactions per second and will always be the right choice for large transactional volumes, either from traditional financial applications or other chains.
Our mainnet’s performance under heavy load will however only partly be measured by how fast it can process data. The other part of the performance will depend on how fast it is able to transfer & acquire data to & from the off-chain sources and applications.
This is why we are happy to announce that Umbrella Network will provide the Elrond Network with fast streams of off-chain data through their high-performance oracles.
“For the Internet of Money to perform at truly internet-scale speeds, all of its underlying technologies must operate in tandem. With the Umbrella Network integration, we are adding new sources of off-chain data and broadening developer access to real-time information.” said Beniamin Mincu, Elrond CEO.
Umbrella Network is an oracles network built on top of a fast dPoS layer that enables batch processing of thousands of transactions while ensuring data-integrity, which can translate to a significantly lower transaction cost.
The collaboration will focus on making the off-chain data points provided by Umbrella Network available on the Elrond devnet, and soon after on the mainnet. In addition, the EGLD price feed will be added to Umbrella’s data sets.
"It's exciting to play a meaningful role in moving value across different blockchains for Elrond. We're excited to bring our two technology stacks together and jointly offer data transfer and processing speeds that will set a new performance standard for the next wave of DeFi innovations." said Sam Kim, Umbrella Network Founding Partner.
The integration is important for the Elrond ecosystem, as it provides a valuable source of off-chain data for developers building on Elrond Network and looking to deliver applications that will operate at an internet-scale performance.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.