Band Protocol announced the successful deployment of BandChain Phase 2 onto the Mainnet, moving from GuanYu to Laozi, that allows data providers to earn streaming income and integrations of IBC.
The BandChain Phase 2 update improves all aspects of the decentralized network of oracle, allowing it to reliably supply information from external sources to meet the fast-rising demand of Blockchain apps, cross-chain capabilities, and decentralized finance.
Band Protocol focuses on expanding its existing data coverage along with data types for decentralized applications. It will happen with data providers of institutional-grade such as Finage, CoinGecko, and Brave New Coin. The datasets will be commercialized by oracle scripts on the BandChain. These oracle scripts would be ready for integration.
The primary focus is on growing its data provider cohort for price oracles in crypto assets, FOREX, traditional equities, and trades and expanding data offerings to include time data, volume-weighted data, and regulated benchmarked data which is from new enterprise-data partners.
Moving Forward
BandChain thanks enterprise partners, integrators, data providers, and the Validator set on BandChain for providing critical feedback and assistance during the Laozi Testnet #4. This helped it steer the direction of Band Protocol to provide developers with a transparent, scalable, and secured network of oracle.
The next step is the submission of a formal proposal for governance that would provide complete IBC compatibility to Cosmos-focused blockchains and extend Band Protocol’s offering of products. This will include:
- Decentralized result and the submission of proof
- VRF & Randomness On-Chain
- Expanding the use of oracles in cross-chain and multi-chain specifications
About Brand Protocol
The Band Protocol is a cross-chain data oracle platform that gathers and links data and APIs within smart contracts. Band Protocol allows smart contracts like DeFi, market predictions, and develop games on the blockchain without depending on a centralized oracle’s single point of failure. Band Protocol is supported by a diverse group of investors, including Sequoia Capital, one of the world’s most prestigious venture capital companies, and Binance, the world’s largest cryptocurrency exchange.
