2key to integrate Band Protocol’s decentralized data oracle
We are excited to announce that Band Protocol’s decentralized data oracles will be integrated into 2key Network, and 2key’s smart link technology will be implemented into the Band ecosystem.
2key Network allows businesses to generate Smart Links, which bind smart contracts into standard HTTP web links. 2key seamlessly migrates users from Web 2.0 to Web 3.0 without the people realizing it. When a user clicks on a Smart Link, their browser becomes a node with a non-custodial wallet — providing the masses all the tools needed to enter Web 3.0 without tarnishing the convenient user experience of Web 2.0.
2key Network’s smart contracts will be integrating Band Protocol’s decentralized on-chain feed to get the exchange rates between DAI and more volatile assets such as ETH and 2KEY. This allows 2key users to withdraw payouts in any supported tokens through the 2key Exchange Contract.
It is important to note that the 2key Exchange Contract needs access to reliable price oracle. Otherwise, it would have to rely on price information from decentralized exchanges (DEX), which can be vulnerable to sandwich attacks (buying and selling in the same transaction to manipulate price on-chain).
Band Protocol will be working with 2key Network to bring off-chain sales conversions onto the blockchain. For any successful sales made through an online vendor, the 2key smart contract needs an oracle to validate that the transaction actually happens off-chain before paying out rewards. Band Protocol’s oracle enables a secure and scalable interface between Web 2.0 and Web 3.0 for the 2key ecosystem.
Additionally, Band Protocol’s data provider ecosystem will have 2key Network’s Smart Links deployed as a means for sourcing curators/voters. As such, smart link sourced stakers will receive a portion of the query fees collected by the data provider as a conversion reward.
About 2key Network
2key Network is a layer-two scalability solution that enables eased transitioning from the Web 2 to the Web 3. By simply clicking on a Smart Link, a proprietary technology created by 2key, a user’s browser is turned into a node with a noncustodial wallet.
Smart Links are a business solution that transforms web links for the decentralized web. The protocol powering them offers multi-step tracking that allows businesses to embed economic models into links representing their web domains and business goals. The 2key Network empowers businesses to compensate their fans, followers, clients, customers, etc. for helping them grow their business and achieving business results — https://www.2key.network/
About Band Protocol
Band Protocol is a data oracle platform building the data layer of the Web 3.0. It provides an accurate information feed from community-curated data providers that allows blockchains to access trusted data from outside of the network. This solution is particularly important for the execution of smart contracts, that are triggered by off-chain occurrences. It is open, decentralised and does not rely on third party services. Band Protocol makes dApp (decentralised applications) development simple and allows developers to tap into trusted data sources by integrating a basic line of code.
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