2020 has been the biggest year for Band Protocol. They have launched BandChain, a decentralized oracle network designed for performance and scalability which has passed 1,000,000 data requests.
Their goal now is to make Band Protocol the decentralized oracle for scalable blockchain applications, by providing for end-to-end flexibility and customizability for both spectrums of users, whether it be institutional data providers or oracle integrators.
By the end of 2021, developers will be able to integrate Band Protocol oracles in a fully documented, self-serviced manner. Enterprise data providers will also be able to self-sufficiently provide data to smart contracts and automatically collect fee revenue.
Available on Ethereum, the top EVM-compatible chains, Polkadot, Cosmos and layer-2 ecosystems – the data offered by $BAND will span across all smart contract application verticals through financial data, real-world events, insurance data, sport/esport events and VRF.
The integrity of the global $BAND community and their support to taking this project to where it is now makes is possible for band to looking towards a BIGGER 2021 with more partners, more smart contracts and value secured through Band Protocol oracles.
The January updates for Band Protocol includes, 1,000,000 Oracle Requests on BandChain, improvements to BandChain, CosmoScan Stargate and Cosmos Network’s IBC Development, Four Major Partnership Developments, Harmony Protocol and the Hackathon Results.
For clarity, Band Protocol bring the cross-chain data oracle platform aggregates and connects real-world data and APIs to smart contracts.
Band Protocol (BAND) Improving Smart Contract Functionalities
Oracles are very important for blockchains, because they facilitate immutable storage and deterministic and verifiable computations. Since blockchains do not access trusted real-world information which will be available outside their networks, the Band Protocol improves the smart contract functionalities by providing them access to reliable data without central points of failure.
Oracles on blockchain are important to feed trusted price data to the DeFi using Band Oracles. Price feeds are very important for token swap and loan collateralization process. With the built-in price oracle, developers will be able to build DeFi in complete trust and peace of mind.
Band Protocol’s flexible oracle design makes it possible for developers to use any data from real-world events, sports, weather, random numbers and more. Developers will be able to create custom-made oracles by using WebAssembly to connect smart contracts with traditional web APIs within minutes.
Band oracles are compatible with almost all the smart contract and blockchain development frameworks. The job of pulling out efficiently verified data from external sources while aggregating them and organizing them in to a format which is easy to use.