BandChain Phase 1: Proof-of-Authority Mainnet Launch
We are excited to announce the launch of our Proof-of-Authority Mainnet and two major developments as we strive towards the Mainnet launch of BandChain Phase 1: Guan Yu. This blog includes details on our Proof-of-Authority Mainnet launch, successful code audit, and release of a new bug bounty program!
This update comes with the successful BandChain GuanYu oracle module audit by Least Authority — one of the most reputable security audit firms with an impressive track record of reports for ZCash, Ethereum 2.0, Blockstack, MetaMask, Tezos and more!
Check out the previous BandChain Phase 1 update where we announced our working timeline and commencement of audit:
Code Audit
The audit process with Least Authority was completed with both teams working closely to understand the BandChain specification of the oracle module and its dependency libraries to verify that the implementation indeed follows the specification without issues.
✅ No security issues have been identified.
The Least Authority team has provided a number of non-critical suggestions on how to further improve and optimize BandChain — some of which will be incorporated into the upcoming GuanYu release while others will require further research. Moving forward, we will continue to work closely with Least Authority to iterate and improve BandChain to become the decentralized oracle network for all smart contract applications.
Proof-of-Authority Mainnet Launched
With the successful audit and clearance from Least Authority, we are excited to announce that the BandChain Proof-of-Authority network on the Mainnet has launched! This marks an important milestone where our partners can start utilizing our oracle on their mainnet, and over the coming weeks, we will be prioritizing work with our partners to migrate oracle scripts from testnet into the production environment.
The network is functional and live on CosmoScan at:
Due to strong demand from developers and our partners, have decided to accelerate the availability of Band Protocol oracles for partners to utilize on the Mainnet using the Proof-of-Authority network. The network is operated by 7 foundation nodes distributed across data centers in geographically diversified regions. Furthermore, we have also set up numerous spare nodes that keep syncing with the current BandChain state. In the case of unexpected downtime, the spare nodes will replace the main nodes to ensure 99.99% uptime and full availability of oracle data.
The Proof-of-Authority Mainnet will be used as the live integration vetting ground prior to the fully decentralized GuanYu launch. The general public will not be able to interact with the chain directly but will be able to inspect live, on-chain data requests from various partners onboarded to use BandChain data in production environments. While there are various oracle scripts and integrations already visible on CosmoScan, this is an ongoing process and we will be sharing more information on each partner who will be utilizing BandChain oracle data on the Mainnet! For confidentiality reasons, oracle script details are marked as TBD and we will add more detail once they become public.
Working with our partners to create their own custom oracle scripts based on their data sources, aggregation methods, update and security parameters — the initial data sources on the BandChain PoA Mainnet include:
- Aggregated Crypto Price Data
CoinMarketCap, CoinGecko, CryptoCompare - Raw Crypto Price Information From Major Exchanges
Binance, Huobi Pro, Coinbase Pro, Kraken, Bitfinex, Bittrex, Bitstamp, OKEX, FTX, HitBTC, itBit, Bithump, and Coinone - Currency & Commodity Exchange Rate From Open & Premium Providers
Alpha Vantage, Fixer, 1Forge, Open Exchange Rates, and XE.
Other non-financial data sources such as sports, esports, and verifiable random function (VRF) are being audited alongside Least Authority and will also be added to the PoA Mainnet alongside our pilot integrations!
Bug Bounty Program
To tie everything together, we are excited to announce a new public bug bounty program with the scope on:
- BandChain Software
https://github.com/bandprotocol/bandchain/tree/master/chain - Oracle scripts on POA with live integration (have suffixed with “[live]”):
https://guanyu-poa.cosmoscan.io/oracle-scripts
Bounty rewards will be decided on a rolling and case-by-case basis that is ongoing. There are two factors in the bug bounty that impact the reward scheme: likelihood and severity. To align with common developer standards, we will be using the Ethereum Foundation approach in terms of bounty rules.
While anyone can file a bug report, it may only qualify for a reward if all the following conditions are met:
- Band Protocol team must not be aware of the bug before the report.
- The reporter allows the Band team a reasonable amount of time to fix the vulnerability before disclosing it to other parties or to the public.
- The reporter has not used the bug to receive any reward or monetary gain outside of the bug bounty rewards or allowed anyone else to profit outside the bug bounty program.
To submit a bug bounty report, send an email to bugbounty@bandprotocol.com with a detailed explanation of the issue and a way to reproduce it in the test environment, if applicable.
What’s Next?
With the launch of our Proof-of-Authority mainnet and ongoing working relationship with Least Authority, our engineering efforts will be focused on improving BandChain while onboarding existing and new partners who will be using Band oracles in their smart contracts across various different blockchain architectures. This is an ongoing process and we will be showcasing each integration along with technical detail.
Stay tuned on our Telegram channel to be the first to hear more information on our partners that are using BandChain oracle data on the Mainnet.
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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