AMA Venue: Umbrella Network Telegram Channel

AMA When: Friday, September 24, 2021 | Time: 2:00 PM UTC

Umbrella is a scalable, community-owned oracle that securely brings external data on-chain. It is the first decentralized oracle service that provides the community with the scale and security needed for modern DeFi applications.

**AMA starts***

A short statement from SAM KIM:

Hi, Umbrella Network community.

These are incredibly exciting times for us. I'm excited to share the first of many goodies coming soon. But first, I would like to thank everyone who has supported us tremendously over the past 7 months. We appreciate your trust on us.

So to go into a bit more detail, I published a blog post late last night providing some details about the Lucidity acquisition.

Blog post: https://medium.com/umbrella-network/launching-the-enterprise-blockchain-business-why-the-umbrella-network-acquired-lucidity-47f4db6e5eff

This acquisition allows us to work with many of the largest companies in the world and become their blockchain data partner of choice. To make it even better, we're able to structure deals on very economically friendly terms.

As mentioned in the press release, the deal will be accretive to Umbrella Network beginning in the first quarter of 2022. In other words, this deal is very performance-oriented.

The deal will close next week, subject to community board approval next week.

I'm sure you all have a lot of questions. So, without further delay, let's start the AMA!

Live AMA Questions:

Q1. When will UMB be listed on Binance?

SAM KIM: We've never been asked that question before. So thank you for sharing.

Unfortunately, we do not speculate or discuss listings or potential listings. However, we will share what we know with you as soon as possible.

Q2. When will the mainnet be launched? Has Umbrella made money so far from the data she provided to Binance Network? If yes, how much? How will you increase the value of UMB token?

SAM KIM: The BSC main network is running. The Ethereum mainnet will launch next weekend. On the revenue side, we've already launched a few projects that are still in free trials.

I cannot comment on activities aimed at increasing token value. It is a proof-of-stake token with governance rights. We focus on increasing utility.

Q3. Isn't Lucidity already run by part of the team that started Umbrella Network?

What does an acquisition actually mean?If Umbrella Network is "community owned", why wasn't the community involved in the acquisition?

SAM KIM: Yes, I was part of the founding team of Lucidity. However, the two entities are clearly separate. I left Lucidity in 2020 before starting Umbrella Network.

As for what the acquisition means, please refer to my blog post from earlier today. It should cover the details you asked for. If you have any other questions, please let us know.

Umbrella Network is community owned. The community board will have the opportunity to approve or reject the deal next week. Wait for their approval and the transaction will be completed.

In private deals, negotiations must be kept confidential. So the Umbrella Network team negotiated a deal, did their due diligence and is now awaiting community board approval. This is very similar to the traditional business world, where deals close months after the terms have been agreed upon.

Q4. Nice to hear from Sam and John again. What was the reasoning behind the acquisition of Lucidity?

JOHN CHEN: Same! There were many reasons for acquiring Lucidity, but they can be boiled down to three main ones:

1) The acquisition of Lucidity gives us immediate and successful entry into the enterprise market, giving us a significant presence in the digital advertising technology market.

2) Once integrated, it will give us immediate market adoption by blue-chip clients, which is critical to the advancement of our project. Not just a small amount of market adoption, but a massive adoption of oracles by some of the biggest companies in the world (i.e. Samsung, Hyundai, KFC, etc.), and a massive amount of data processing that will make us the largest blockchain oracle in the world quantity.

3) Because Umbrella is probably the only oracle capable of absorbing the high capacity and throughput requirements that Lucidity requires, we form a combined entity that is far more than the sum of its parts.

Q5. How does Umbrella Network make money? Is it only from token sales or are there other sources of income? If so, can we get the percentage of revenue composition?

SAM KIM: UMB is a utility token used to power our ecosystem. This is a proof-of-stake system. Umbrella Network will bill its customers, including Lucidity's customers (after the transaction is completed).

Q6. Are there any plans to implement a Swift payment system used by banks? Chainlink already has this capability. If Umbrella Network also had this capability, it would be attractive to the banking industry.

SAM KIM: Chainlink is not part of the Swift payment system. Speaking of which, Swift is different than being part of the Swift Network. They propose a future where they will be part of Swift. But if you're asking, they're by no means transacting on the Swift network, nor actually replacing Swift.

Q7. Will Umbrella Network have its own blockchain in the future?

JOHN CHEN: Our goal is to support as many blockchain ecosystems as possible. We have an aggressive roadmap that has us supporting 8 layer 1 chains by the middle of next year.

We will plan to continue supporting more chains based on the size of the ecosystem and the potential value we can bring to the developer community as an oracle.

But we will not develop our own blockchain. We are already running on our own proprietary layer 2 sidechain and eventually deploying to various layer 1 protocols, which is actually more beneficial in our opinion.

Q8. Who is @kimsamjoo on the Community Council?

SAM KIM: We will make an announcement about this soon. But they are the ones who are most active in this and other community forums.

Q9. Cryptocurrencies are the result of Swift cutting back on business. We need to adopt a banking system. Are there plans to partner with financial institutions investing in crypto?

SAM KIM: The acquisition of Lucidity is our first step into enterprise and traditional business. It is an accelerator of this strategy.

Q10. How will the network plan attract Chainlink customers?

JOHN CHEN: The market is large and growing, and we don't want to aggressively pursue chainlink customers. What we want to do is provide a high-value solution to a problem that no one in the oracle space has really solved, which is the high cost of on-chain data and the lack of different types of data in the ecosystem.

We believe customers are naturally attracted to solutions that bring value to them. So if a Chainlink customer turns to us, which does and continues to happen, we'd love to address their concerns.

Q11. Is there any plan for UMB token burning activities in the future?

JOHN CHEN: I just answered this question in the last AMA. We just recently burned about 1.5MM tokens, and we are willing to burn more in the future based on the best interests of the community and the project.

Umbrella Network’s Token Burn Event

For example, we have an annual rewards program allocation of rUMB that is exchanged 1:1 for UMB at the end of each year.

However, redemption starts earlier if certain achievements are reached. When this happens, all unallocated rUMBs and their corresponding UMBs will be burned. This could represent a significant portion of the allocated supply.

Q12. What is your opinion on the strengthening of the US regulatory environment and what does this mean for the future of this field?

SAM KIM: We're watching closely. We take all necessary precautions.

Q13. You said in a recent AMA that you will have a proven use case for random number generators in no time! Can you tell us more about it and how you're going to use it? Also, have you already done some deals with the gaming industry? Maybe some big players?

SAM KIM: Yes. We are developing a random number generator for blockchain. We already have use cases. We will announce details in due course.

Q14. If it makes strategic sense, will there be other acquisitions?

JOHN CHEN: We are always opportunistic when evaluating any potential partnership or acquisition. We'll follow a similar process to Lucidity; evaluate, do due diligence, if it makes strategic and financial sense, we'll seek to close an agreement, make the case, and then seek community approval.

Q15. Why not modify the project information on the currency market value website? I've seen this misinformation take up the association's time many timesbetween. Error messages such as

• Circulating supply — 74,060,182.47 UMB

• Maximum supply — 46,405,087

• Total supply — 97,437,397

• And the pancakeswap trade will not be added to the exchange list either.

SAM KIM: Yesterday I finally mastered CMC. And promised to update these figures within 24 hours.

As for PCS, I will also follow up.

Q16. Do you support the Ascendex Staking program as your UMB reward?

SAM KIM: Ascendex has been integrated into our reward UMB smart contract. However, this is their integration, not ours. So we don't have full control or visibility.

Q17. @chen225 Can I join the community board? If so, how?

JOHN CHEN: Now we have a full community board, all members are known and active in our community from day one of the project. However, as our project continues to develop and grow, we may consider companies. Of course, we'll be sure to keep the community updated.

Q18. @chen225, any plans to organize an Umbrella Network event so we can meet in person and have fun?

SAM KIM: Absolutely. There will be an announcement about it soon. Curious to know what other locations you would like in addition to the ones we have planned. So after the AMA, let's vote on some spots.

Q19. Are you in Hong Kong?

SAM KIM: I'm not in Hong Kong, but I'd love to visit. But given their 3 week quarantine policy, it seems unlikely that I will be going there this year.

Q20. If Bitcoin DeFi becomes a thing, then do I think our oracles will support this blockchain?

SAM KIM: Before getting into ethereum and other blockchains, I started bitcoin maxi (because only bitcoin). So yes, supporting BTC would be great.

Q21. Where is the "headquarters" of Umbrella Network?

in conclusion:

in conclusion:

SAM KIM: Thank you for spending your Friday with us.

We are very excited about the road ahead. We'll keep you up to date on all the good stuff in store. have a good weekend.

JOHN CHEN: Thank you everyone!

Guys don't forget we are accepting applications for Cohort 2 of the Community Validator Program.