Band Protocol
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Band Protocol

BCIP-7: Increase data integrity via the number of external calls to data sources

Band Protocol continues to expand the supply of data on its platform which reinforces the data integrity. More data providers mean more options for users to pick the source they want, and more redundancy to safeguard against malicious actions from the data provider end.

The parameter max_raw_request_count sets the upper limit of how many external calls to data source a request can make, limiting the number of sources that one request can include.

The Bandchain data ecosystems now have more data sources that can be used to aggregate data results to secure more robust integrity of the data request. But with the limit of `max_raw_request_count`a request can only currently call out to 12 sources.
The Band Protocol team proposes to increase the limit from 12 to 16 external calls per request. We think 16 is the number of sources that can strengthen the current requests without spamming data source execution on the validator’s side.

The Outcome of the Proposal

Upon the proposal conclusion on March, 25th 2022, there are two possible outcomes:

  1. If the proposal passes, max_raw_request_count will change from 12 to 16. This will allow for more source redundancy and integrity for price feeds
  2. If the proposal fails, BandChain will not be able to take advantage of growing data redundancy. We will collect feedback to improve upon what is needed.

Delegators Can Vote

Every delegator and token holder on BandChain has voting power based on the tokens that have been staked on the mainnet network. Delegators have 5 possible options to interact with the BandChain proposal, including this one, as follows:

  1. Vote “Yes”, if you agree with the network upgrade
  2. Vote “No”, if you disagree with the network upgrade
  3. “No with Veto”, if you strongly disagree with this proposal
  4. “Abstain”, if you do not intend to vote in favor or against the proposal but accept the result of the vote
  5. Do not vote (do not submit transaction), if you wish to delegate your voting power to the validator who will vote on your behalf

For any questions, please feel free to raise any questions or concerns regarding the proposal in our Discord group.

How is the Proposal’s Outcome Determined?

After the voting period ends, this proposal will be determined as YES if all of the following conditions are met.

  1. More than 40% of total bonded tokens vote on this proposal.
  2. “No” with veto votes must be less than one-third of the total votes.
  3. “Yes” votes are more than the sum of “No” and “No with Veto” votes.

Effects on End-Users

The upgrade has no effect on the end-users operations of the chain.

About Band Protocol

Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling 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.

Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github

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Secure, Scalable, Cross-chain Decentralized Oracle for Web 3.0

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Bun Uthaitirat

Bun Uthaitirat

Full-stack engineering at band protocol

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