Band Protocol Mainnet Launch Decentralized Oracles for Secure Smart Contracts
Smart contracts empowered with blockchain technology are a groundbreaking innovation of this century. The application of smart contracts on a number of domains from agriculture to finance is highly unprecedented. The implementation of smart contracts will create a dynamic layer built with automation and innovation.
However, smart contracts are only as successful as the information fed to them. Oracles are the bridging gap that governs the functionality and success of a smart contract in any industry. With this purview, Band Protocol facilitates a trustless ecosystem for transmitting secure data through a decentralized oracle framework.
Band Protocol: Bridging the Gap For Web 3.0 Applications
Essentially, a smart contract relies on external data, feed, and information in order to act upon its pre-programmed conditions. This set of data is fed by backend API’s or websites to a smart contract infrastructure. However, if misleading or incorrect data is supplied to a smart contract it can have damaging consequences.
Band Protocol enables a secure infrastructure that integrates off-chain data to a smart contract in a trusted ecosystem. Moreover, Band Protocol creates a secure environment for decentralized applications of Web 3.0 to successfully operate. Band Protocol facilitates building a trusted infrastructure that allows blockchain and smart contracts to interact with external sources of data.
Band Protocol oracles have been integrated with some of the most prominent dApps or Web 3.0 infrastructures. Band Protocol oracles have been integrated with Fantom’s Opera Mainnet to render support for the government and DeFi applications. Furthermore, this year, Band Protocol project’s price data oracle was integrated with Kava’s DeFi platform, a Ripple and Binance-backed project, to provide a secure price data on cryptocurrency tokens.
Band Protocol oracle framework is a necessary solution to ensure the success of a blockchain ecosystem. Misleading information, data congestion, and hacks in the network can potentially result in system failure or users losing their money with DeFi applications. Band Protocol network allows developers to seamlessly build blockchain applications and ensure maximum security.
Band Protocol Mainnet Launch
Band Protocol believes in innovating and expanding so as to provide optimum experience to users. Band Protocol is officially launching the public Mainnet of BandChain Phase 0 (Wenchang) at 2:00 PM UTC on June 10th, 2020.
BandChain, a new Mainnet for Band Protocol 2.0, is Band Protocol effort to increase the functionality in existing protocol along with maximizing stability and security. BandChain has advanced features supporting a number of use cases for different industries and smart contracts. An advanced version of Band Protocol is developed after continuous feedback from Band Protocol partners. It is designed so as to support a range of decentralized applications across different domains in DeFi, gaming, and enterprise solutions.
In this solution, Band Protocol has introduced a Data Delivery Network (D3N) that provides a more flexible approach for data sharing between users and off-chain information. Moreover, Band Protocol has built features that can help scale the dApps for tomorrow that are likely to require a number of API endpoints. These endpoints range from price feeds, real-world event decisions, identity data, and more.
Band Protocol has developed a timeline for rolling out Mainnet in 3 stages, the first of which is scheduled on 10th June, 2020. In this stage, the Mainnet will have a genesis ceremony encompassing 17 genesis validators.
Conclusion
Band Protocol oracles will be a fundamental infrastructure to support the dApps and smart contracts of tomorrow. BandChain launch is a step towards building scalable and secure oracles to bridge the gap between smart contracts and traditional APIs.
Ubik Capital is happy to take part in such a great project as Band Protocol
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