Band Protocol 2020 Partnerships for Decentralized Oracles

Band Protocol facilitates infrastructure for the effective and accurate functioning of blockchain-enabled smart contracts network. The protocol facilitates cross-chain interoperability by enabling an oracle that supplies real-world data to and from smart contracts. Through the functioning of an oracle, it aims to build a decentralized bridge between smart contracts and the traditional web.

In 2020, the platform has partnered with prominent organizations to provide scalable, verified, and innovative solutions. In this article, we take a look at the strategic partnerships of Band Protocol with other networks in the past few months and how it adds value to its ecosystem.

Band Protocol X Nervos

In August 2020, Nervos integrated with Band Protocol to facilitate a decentralized data oracle that matches the needs of the Nervos ecosystem. With this partnership, the developers of Nervos will be able to access data feeds from decentralized oracles instead of relying on centralized oracles that often face the issues of blockchain congestion and long update times.

Nervos developers will leverage the Band Protocol’s infrastructure to access price feeds, event information, and other data oracles. This further facilitates developers to build scalable, secure, and innovative decentralized applications on the Nervos blockchain.

Band Protocol X Starname

Starname is a decentralized naming provider to access services including wallets, dApps, and exchanges in a simplified manner. In October 2020, it integrated the Band Protocol services to its ecosystem to facilitate secure foreign exchange price feeds.

The Band Protocol price oracle will be integrated to provide a secure and improved user experience. The price oracles will be used for providing exchange rates for 12+ foreign currencies including EUR, GBP, CNY, SGD, KRW, JPY, INR, RUB, CHF, AUD, BRL, CAD, HKT, and USD. The partnership will eliminate volatile price quotations and enable stability when using Starname’s services. Additionally, users will also be able to able to use BAND, the native token, to purchase services of Starname.

Band Protocol X Komodo

In October 2020, Komodo, a blockchain-enabled smart contracts platform, partnered with the Band Protocol platform. The integration was to facilitate secure price feeds for one of its products — AtomicDEX. The Komodo network intends to access decentralized price oracles from the Band Protocol to provide real-time market values from multiple aggregators to the decentralized exchange.

Komodo’s product Atomic DEX is a secure wallet and non-custodial exchange service provider. By integrating price feed oracles, it plans to provide secure price feeds for different cryptocurrencies. The oracles will facilitate users of Atomic decentralized exchange to access fair market values of digital assets.

Band Protocol X KyberSwap

KyberSwap, a DeFi protocol, integrated with the Band Protocol network in October 2020. The integration allows KyberSwap to leverage decentralized oracles for providing extensive pricing data of digital assets to traders. The partnership facilitates a solution for users to protect against price manipulation and slippage while engaging in token swaps.

The customized oracle will ensure that KyberSwap users receive fair market prices sourced from up to 10 individual data aggregators. The decentralized oracle will provide price feeds to KyberSwap protocol in a scalable and timely manner.

Band Protocol X Harmony

Harmony is an open-source blockchain platform that can be accessed by developers to build decentralized blockchain applications. In October 2020, it partnered with the Band Protocol to provide developers with a cross-chain data oracle.

It intends to access the platform’s services to enable a custom oracle that will provide off-chain data to developers. This will further allow the creation of dApps on Harmony with fast finality and low gas fees. The integration will pave the way for secure dApps with access to reliable off-chain data integrations.

Band Protocol X Icon

Earlier this year, the ICON Network partnered with Band Protocol to access their secure and verified data oracles for their decentralized applications. ICON’s dApps cater to different sectors including DeFi, prediction market, sports betting, and VRF applications. Through this collaboration, ICON intends to use customized data oracles such as price feeds to support the development of dApps.

In November 2020, the partnership further extended to operate validator nodes on each other’s network. Band Protocol’s oracles have already been successfully implemented in various ICON dApps that function in industries like DeFi and online gaming. The successful execution of this partnership has led both teams to further extend it on their respective networks.

Band Protocol X Ubik Capital

In August 2020, Band Protocol partnered with the fourth-largest public representative of the ICON network — Ubik Capital. Ubik Capital provides enterprise-grade validator infrastructure to various other prominent platforms including ICON, Oasis Protocol, Solana, and more.

Ubik Capital which has over 13.5+ million ICX staked to them and 3500 unique delegators on ICON Network, is one of the genesis validators of the Band Protocol network.

With this partnership, Ubik Capital will provide validator infrastructure to the Band Protocol network. This further assists the Band Protocol network to connect validated real-world data to smart contracts in real-time.

Band Protocol X Swipe

Swipe, a multi-asset wallet provider, has partnered with Band Protocol for the launch of one of its products SwipeFi in August 2020. With this partnership, Swipe intends to access the oracle technology for its decentralized finance (DeFi) product.

The teams have been working to develop a custom price oracle for its native token SXP/USD pair. With this partnership, the platforms aim to develop a secure price oracle that diversifies all the dependable factors including update time and costs. The Swipe team seeks to develop a custom oracle facilitating scalability, accuracy, and security of data with this partnership.

Band Protocol X Swingby

Swingby facilitating the connection of Bitcoin to other blockchain networks has partnered with the Band Protocol in November 2020. The Swingby team seeks to leverage services of the Band Protocol for a customized oracle that facilitates real-time price feeds of its token.

The implementation of oracles will allow the Swingby DeFi product to incorporate a risk mechanism and control the price difference between two assets. This will further support its decentralized finance applications and allow a robust platform for cross-chain atomic swaps.

Bottom Line

In 2020, Band Protocol has developed strategic partnerships with various organizations to leverage their customized oracles in different ways. By enabling an infrastructure that supports the accurate functioning of smart contracts, the platform facilitates decentralized oracles meeting the needs of DeFi as well as blockchain applications.

And more

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