Decentralized oracle service Umbrella Network has reportedly shared details, regarding its official introduction on Ethereum, paving the way for cross-chain transactions between Ether and Binance Smart Chain (BSC). 

Specifically, The cross-chain bridge aimed at linking Ethereum and BSC reportedly underwent an in-house design process at Umbrella Network, highlighting the demand for moving tokens and different crypto assets between the two networks. 

The cross-chain bridge further offers supporting features for the staking and farming of crypto tokens on either blockchain. 

Umbrella additionally disclosed its future plans of carrying out cross-chain integrations with Polygon, Solana, Cardano and Avalanche, although a particular schedule is yet to be revealed. 

Regardless of the blockchain sphere has introduced several oracle services, Umbrella reportedly believed its protocol introduced feeds with enhanced speed and competitive costs, in comparison with the top-tier rivals. 

The protocol was initially planned to have more than 1,200 Ethereum-based data pairs, making it possible for users to complete the integration of information, from spot cryptocurrency, crypto derivatives and traditional financial markets.

Oracles are widely recognized as a crucial component of smart contracts, since they offer reliable data feeds from external sources, consequently extending the field their operations can cover. 

The demand for reliable data feeds seems to be on the rise, alongside with the increasing mainstream nature of smart contract tech. For instance, Brazil’s main stock exchange is deep-diving into coming up with measures to offer data inputs for the nation’s CBDC initiative.