OCTION Announces Official Partnership with Umbrella Network

OCTION will partner Umbrella Network to offer crypto options on crypto, NFTs and commodities.

Umbrella Network

Umbrella Network is a community-owned decentralized service that provides the most secure, economically cost efficient and massively scalable data solutions to Blockchain applications. Umbrella Network has created and established proprietary technology to help smart contract developers across multiple fields and segments, which includes both mid and long tail cryptocurrency assets, to provide live range of data. The creators of Umbrella Network has also managed to implement real world financial data, which includes stocks and commodities into their live feeds.

In addition, Umbrella Network solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions. Merkle trees can considerably reduce the amount of data that has to be maintained for verification purposes, which can reside locally or on a distributed system, thus separating the validation of data from the actual data itself.

Benefits of Merkle Tree

The benefits of Merkle Tree include:

  1. Providing a way to prove both the validity and integrity of data;
  2. Significantly reduces the amount of memory needed to complete Point 1;
  3. The required proof and management only needs small amounts of information to be transmitted across network to ascertain validation; and
  4. Simplified payment verification, a way of verifying transactions in a block without downloading the entire block.

OCTION x Umbrella Network

OCTION, being the worlds first CeDeFi Options Trading Platform built on the Binance Smart Chain, promises to provide users a seamless and transparent options trading environment where all data is immutable and decentralized, preventing manipulation to favour any individual or entity. OCTION’s partnership with Umbrella Network will enhance cost efficiency and allow for a wide diversification of data that is fully decentralized.

In essence, users on the OCTION platform will be able to trade options without having to worry about:

  1. Price manipulation;
  2. Lagged data feeds;
  3. A lack of implementation on available options for other commodities; and
  4. Scalability and high transaction costs.

All in all, OCTION’s partnership with Umbrella Network will help fulfil a critical aspect of OCTION’s Options Trading Platform. As the date of the rollout gets closer, it is undoubtedly exciting times for the OCTION community!

Thank You

As always, THANK YOU for your continued support, and stay tuned for more exciting news on OCTION!

- The OCTION Team

About OCTION

OCTION is the world’s 1st CeDeFi Options Trading Platform built on the Binance Smart Chain. Users will be able to trade options through CeDeFi, with no middlemen, no centralized organization, lower fees, more option types and zero data or market manipulation. OCTION allows for options trading through a democratic framework on the Blockchain, specifically the Binance Smart Chain.

Follow OCTION on Social Media

Website: www.oction.io

Whitepaper: https://oction.io/assets/images/OCTION%20Whitepaper_Final%20(20210406).pdf

Twitter: www.twitter.com/octionofficial

Telegram: https://t.me/octionofficial

Discord: https://discord.gg/PDBr2r6mxa

Medium: https://octionofficial.medium.com/

OCTION NFT Marketplace: https://opensea.io/collection/oction-collectibles

Follow Umbrella Network on Social Media

Website: https://www.umb.network/

Twitter: https://twitter.com/UmbNetwork

Telegram: https://t.me/umbrellanet

Telegram Announcement Channel: https://t.me/umbnetannouncement

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octionofficial

octionofficial

World’s 1st CeDefi Options Trading Platform built on the Binance Smart Chain