Decentralized oracle service Umbrella Network has launched a new accelerator program for projects looking to build data pipelines to the cryptocurrency market, a process that many within the manufacture believe is necessary to grow the emerging domains of blockchain gaming, decentralized finance (DeFi) and the Metaverse.

The $fifteen million accelerator program intends to fund companies that are bringing new information solutions to the blockchain ecosystem, Umbrella Network announced on Tuesday. Sam Kim, a partner at Umbrella Network, told Cointelegraph that his company is focused on funding projects inside blockchain gaming, the Metaverse, digital advertising, blockchain-based identity, sports and atmospheric condition, among others.

To date, projects in these and other fields accept largely relied on centralized systems for running key computations, processes and applications due to the limitations of existing engineering science, Kim said. I of the goals of the accelerator program is to provide access to decentralized information applications that tin can help emerging projects grow and scale their operations.

In addition to funding, the accelerator plan will provide concern and technical support. Umbrella will also be the initial operator of the decentralized oracles, Kim confirmed.

Blockchain oracles are said to play a cardinal function in the development of decentralized Web 3.0 ecosystems by connecting smart contracts with the outside world. Specifically, oracles requite blockchain-based applications the ability to connect to existing legacy systems and data sources. Information technology has been argued that institutional investors, who have long been viewed every bit a disquisitional component of blockchain's future, need trusted crypto market data before widescale adoption is possible.

Related: Former Google CEO is now a strategic advisor for Chainlink Labs

Chainlink (LINK) is by far the largest oracle network with a market capitalization of $viii.4 billion. Augur (REP) and Ring Protocol (Band) are a afar second and third, respectively, with a total value of over $170 million each. Umbrella Network, meanwhile, has a total market value of $19 million at the fourth dimension of writing.