Band Protocol integrates with top four data providers across Asia
The data oracle platform allows dApp developers to tap into a feed of financial data from CoinGecko, DeSquare, Woodstock and one of China’s largest staking pools.
Data oracles are an essential layer that connects real-world data and API to the smart contracts that power decentralized applications.
“Without inputs from trusted off-chain data, dApp development will be limited and severely stunted. It is important that developers have access to the right tools to ensure that they’re building solutions that are relevant to the real world and integrating these four financial data providers brings us closer to making this happen,” said Soravis Srinawakoon, Co-Founder and CEO of Band Protocol.
Currently, the selection of data provider and onboarding process for financial data feed are conducted by Band Protocol team to ensure the initial reliability and stability of the oracle. To promote values of decentralisation, all four sources are from different regions and industries to minimise the influence of geographical, political and industry-wide events. We are working on expanding both the number of data providers and quality of data providers, including community-run nodes. It is also important to note that, since Band Protocol is fully open-sourced, anyone can launch competing or new dataset with different providers. Similarly, any entities can choose to stake more than top 5 data providers in the financial dataset (XFN) to become top data provider instead.
Over the past three weeks, data providers have already contributed price information for the initial financial dataset (XFN), which includes
ETH/USD. Since then XFN has seen a 350% increase in market cap and more than 2,000 on-chain data queries have already been made by dApps.
The next integration phase will include financial data inputs such as price and volumes for other cryptocurrencies, stocks, and commodities. These processes will be decentralised in the coming months so that community members can pledge Band Protocol’s dataset, which are sub tokens generated by collateralizing $BAND for data providers that they trust to do the work.
The data providers and stakers who are responsible for curating high-quality data will then be rewarded with query fees for delivering data that users trust. Users who stake on these providers can already earn 30% APR (annual percentage rate) interest for securing Band Protocol financial data oracle.
Participants in the Band Protocol ecosystem will be able to either utilize data directly in their dApps, receive query fees for providing quality data or stake collateral to help secure the data feeds.
Data feed reports from the four data providers are now available on https://xfn.bandprotocol.com. More detail on collaborations with each data provider and many more will be published in upcoming days. Stay tuned!
Soravis Srinawakoon, CEO, Band Protocol
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.