Band Protocol
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Band Protocol

Band Protocol June 2020 Community Update

Dear Band Community,

The month of June has been all hands on deck on supporting the BandChain Phase 0 Mainnet and upcoming release of Phase 1 which includes full-fledged oracle functionality. While Mainnet launch is a major milestone for any blockchain project, it marks Day 1 of operating in the open environment with much more work to be done in iteration, improvement and growth.

We are excited to share with you all of our progress from technical upgrades, new releases, onboarding numerous ecosystem partners, supporting partnerships for the BandChain Mainnet and community validators!

The Band Protocol team has been working harder than ever to deliver a completely decentralized, scalable and efficient cross-chain oracle solution to power all blockchain applications and smart contract platforms with real-world data and APIs.

Tech Updates

Having doubled the Band Protocol technical team in the past two months, our engineers continue to work extensively on the functionality of BandChain Phase 1 which is live on the devnet alongside numerous partners who will be integrating upon Mainnet release. In addition, we have implemented various patches to oracle scripts and CosmoScan while also releasing a frontend utility tool for projects to query data directly from BandChain.

BandChain Phase 0: Genesis Ceremony

The BandChain mainnet launch is LIVE and fully functional with the number of validators growing from the original 17 professional genesis validators to 48 active validators bonding over 80% of the total BAND supply and producing over 1,000,000 blocks.

Stage 1, the Genesis Ceremony, was completed successfully on June 10 and marked an important milestone for Band Protocol as we began to onboard more ecosystem partners and enable staking to the public.

BandChain Phase 0: Completing Stage 2, Commencing Stage 3

Two weeks after BandChain Phase 0 launch, we have onboarded numerous exchanges, wallets, and early community validators that are supporting the Mainnet — more on this in the partnership development section.

With the network stable and increasingly growing each day, we are ready to commence Stage 3 of the BandChain launch which will allow anyone to run a validator node — a critical step towards the complete decentralization of BandChain.

Check out the guide to running a BandChain Mainnet Node 👇

BandChain Phase 1 Update

The Guan Yu (Phase 1) devnet with oracle functionality has been patched to Cosmos version v0.38.4 and various components have been updated to use the OBI standard. Furthermore, we have improved REST endpoints for better developer experience, enabled Google Cloud support for OWASM executors and enhanced oracle script execution with Wasmerio — the leading WebAssembly Runtime supporting WASI and Emscripten.

Oracle Script Update

The data oracle script on BandChain, which allows developers to create fine-tuned decentralized oracles in a permissionless environment has been upgraded to improve security through safeguards to check import, export, and memory limit for WASM execution. We have also added memory out-of-bound tests and improved the build process of WASM runtime.

CosmoScan Update

Highly requested from the community, we have also fast-tracked the development of CosmoScan, releasing the ‘redelegate’ functionality feature and adding validator images for visibility. The readability of error messages have also been improved with an updated example of Oracle Script integration code to comply with the OBI standard.

Frontend Utility Tool (bandchain.js)

We have added a tool for any frontend to query data from BandChain. This allows DApp user interfaces to leverage trusted oracles that Band Protocol offers to tap into real-time price feeds of choice and various real-world data points without trusting a centralized 3rd-party.

BAND Staking Guide with Ledger Wallet

With Stage 2 enabling token transfer and staking on BandChain, our team has released a guide on how to stake BAND directly on CosmoScan using a Ledger Wallet as well as explaining some key terminologies and concepts behind staking.

Partnership Developments

As part of Stage 2 of the BandChain Phase 0 Mainnet rollout plan, we have announced several ecosystem partners who will be supporting token swap and staking such as Binance and BitMax. Furthermore, we have completed integration with the Celo platform and participated as an official mentor for Celo Camp — a hybrid accelerator program in conjunction with the likes of Andreessen-Horowitz (a16z), Polychain, Winklevoss Capital, C Labs and other leading blockchain figures.

Binance Announces Support For BandChain Mainnet

Binance has announced support for both deposits and withdrawals of the BAND Mainnet token and ERC20 token. On deposit and withdrawal pages, users will be able to freely choose between any of these networks allowing seamless token swaps.

Binance Launches Customizable Savings Product For BAND

Binance launched support for BAND to the Customizable Locked Savings product on 2020/06/19 12:00 PM (UTC), where 7-day/30-day/60-day products will be made available. Users can lock-up BAND token for a predetermined amount of time for a return at an annualized interest rate.

Celo Integration & Celo Camp

Band Protocol has completed integration with the Celo platform and was the oracle technology provider for Celo Camp, an eight-week virtual bootcamp and accelerator for over 18 finalist startups building on Celo. Our very own CPO & Co-Founder, Paul Nattapatsiri, participated as a mentor alongside Andreessen-Horowitz (a16z), Polychain, Winklevoss Capital, C Labs and more leading blockchain figures contributing to an open financial future.

Frontier Wallet Integration

Band Protocol strategically partnered with Frontier Wallet, the first mobile DeFi wallet to integrate the top cryptoasset wallets such as Coinbase Wallet, Metamask, Trust Wallet, imToken, Portis and Fortmatic to access and store DeFi tokens and stake directly from within a mobile-native interface.

Users are able to directly store and stake BAND tokens for chosen BandChain validators on their mobile application that is available on both iOS and Android.

BitMax Exchange Listing & Staking Support

BitMax, an exchange platform has over $400 million in daily volume, has listed Band Protocol (BAND), and has joined the BandChain ecosystem as a validator. The listing provides BitMax’s retail and institutional clients a direct avenue to stake BAND and contribute to the trustless sourcing of external data for numerous decentralized applications in return for block rewards.

Math Wallet Strategic Partnership

Math Wallet, a multi-faceted crypto wallet with one million users globally backed by prestigious investors such as Fenbushi Capital, has integrated full support for the BandChain Mainnet. Using Math Wallet, users can create a BandChain wallet, store, and stake BAND tokens securely in a non-custodial manner alongside support for 40+ leading public chains

Community Outreach

Over the course of June, we have provided our community staking guides for our partnered wallets as well as rollout the first three batches of community validators who are actively participating on the BandChain Mainnet.

Manual Token Swap Guide

Band Protocol released a guide on how to conduct a manual token swap from BAND ERC20 to the BandChain native token which will be used for staking going forward.

While Band Protocol migrates to its own chain, we have ensured that our integrations with DeFi and other dApps on Ethereum are still valid. Thus, the process of swapping BandChain Mainnet tokens back to ERC20 here has also been provided.

IBC/Cosmostation Wallet Staking Guide

Cosmostation, a strategic partner and genesis validator for Band Protocol, has integrated staking support for the BAND token. Together, our teams have released a comprehensive and step-by-step guide on how to create a BandChain wallet and start sending, staking, claiming rewards, and managing your BAND mainnet tokens.

Atomic Wallet Staking Guide

Atomic Wallet, partner of Band Protocol and one of the largest cryptocurrency wallets on both mobile and desktop, integrated full support of the BAND token to allow secure storage and staking. In collaboration with the Atomic team, this is a step-by-step guide on how to create a BandChain wallet and begin using BAND mainnet tokens to start sending, staking and claiming rewards.

Community Validator Rollouts

As part of the Stage 2 plan, token transactions and staking have been successfully enabled alongside various ecosystem partners supporting BandChain. This also includes rolling out our community nodes that have participated in the Wenchang Testnet #2 successfully in batches of 3–5.

Below, we have spotlighted our first three batches of community validators onboarded onto the Phase 0 Mainnet which you can begin delegating your BAND tokens to right now!

Looking Into July

With BandChain Phase 0 Mainnet launching successfully in June, all efforts will be directed towards the release of oracle functionality in Phase 1, Guan Yu. Developments will be focused around bug fixing, improving stability, and kickstarting the code audit process. Validators will also be onboarded to the Phase 1 Testnet upon launch along with a public bug bounties program for developers.

Additionally, BandChain bridge implements with numerous different blockchain architectures will be tested and audited, allowing for integrations with decentralized applications such as DeFi, prediction markets, gaming platform, stablecoins and more to be implemented live on-chain as soon as possible.

About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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