BandChain Phase 1: Launching Proof-of-Authority Mainnet
Earlier in July, we began taking the first steps that would bring BandChain Phase 1 with oracle functionality to the Mainnet starting with the Guan Yu Testnet #1. The testnet has been progressing as planned with the help of 52 validators to monitor and fix issues in preparation for a fully decentralized public Mainnet upgrade.
We will continue to work with our validators and community to run the testnet, fix bugs, conduct further stress testing to ensure a smooth transition from Phase 0 to Phase 1 on the Mainnet in the upcoming rollout.
BandChain Phase 1 Proof-of-Authority Launch
Due to strong demand from developers and our partners, we are ready to proceed towards the launch of a Proof-of-Authority Mainnet in early August to accelerate the availability of Band Protocol oracles for partners to utilize on a smart contract and frontend level. This will allow developers and partners to integrate their Mainnet with BandChain prior to the public launch of Phase 1.
Upon the upcoming launch, we will be sharing more details about the various available oracle scripts and public sentry node endpoints so any developer can begin leveraging Band Protocol’s customizable and scalable decentralized oracles. For developers who are looking forward to creating a custom oracle script that taps into various different data sources, we’d love to work with you to have the oracle data ready through the PoA Mainnet launch — please reach out to us on Discord!
Who Operates Proof-of-Authority Validator Nodes?
BandChain nodes on the Proof-of-Authority Mainnet will be maintained by geographically diversified validator nodes belonging to the foundation and private selective validators that will run the latest stable version of Guan Yu while we continue to stress-test a fully decentralized version of BandChain Phase 1 on the Testnet.
How is the PoA Mainnet Different From The Fully Decentralized Mainnet in Q4?
As the validator nodes are operated by the Band Foundation, data requests and software upgrades will be conducted by the foundation. This means that oracle requests will be fulfilled by 7 Band Foundation nodes and private selective validators initially instead of the 50+ global pool of validator nodes upon the public Mainnet launch of Phase 1.
The BAND tokens on the Proof-of-Authority Mainnet will have no real token value and not traded on any exchange. There is no action required for token holders and current Phase 0 Wenchang validators.
For security and availability of the network, the Band Foundation will be distributing PoA Mainnet tokens for selected partners and developers to query oracle data.
Wrapping Up
If you’re a developer looking to build a scalable decentralized application that leverages Band Protocol oracles or simply a community member with a question — don’t hesitate to reach out to us in our Telegram or Discord groups!
In the upcoming weeks, we will announce the public endpoint for the PoA Mainnet and begin rolling out details on the partners that will be integrating Band Protocol oracles on the Mainnet.
Stay tuned!
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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