Cross-Chain Interoperability Protocol Gravity Hub Collaborates With Band Protocol To Build Symbiotic Oracle Network
Gravity, a blockchain-agnostic cross-chain data oracles protocol, will be utilizing Band Protocol’s oracles to create a symbiotic network to unite all existing blockchains and decentralized applications. Band Protocol will be facilitating a bridge for all participating blockchains on Gravity between all types of data, ranging from on-chain events used in cross-chain operations such as token transfer to external data sources or APIs that power specific decentralized applications.
This collaboration is a result of the Waves Protocol and Band Protocol strategic partnership, where both teams are working together to secure the next generation of innovative DeFi and Web 3.0 applications.
Gravity is a blockchain-agnostic network that does not utilize any tokens but can establish communication between blockchains such as BandChain, Waves or Ethereum. This works by leveraging the economies of participating blockchains where Gravity nodes stake or lock up a certain amount of native tokens from participating chains in order to relay data in return for a fee.
Gravity ’s nodes will be able to obtain oracle data from the BandChain decentralized oracle network and relay them to any other blockchain or decentralized application connected to Gravity. For any specific piece of data available on BandChain, it will be possible to prove, from another blockchain, that an oracle query result or specific transaction has taken place on BandChain.
With this interoperability innovation fusing with BandChain’s decentralized oracles, Waves and Band Protocol are powering InterChain DApps and DeFi. This will make DeFi products accessible on all chains, securing them in a frictionless manner using the specifics of the underlying blockchain platform. One of the first Interchain DeFi DApps will be Neutrino, the leading decentralized stablecoin on Waves which are using Band oracles to provide security for the $15 million locked in collateral.
“Building a blockchain-agnostic oracle system with the integration of Band Protocol’s cross-chain, decentralized and scalable oracles is a huge step forward for the Gravity team in unifying the blockchain industry and all its underlying decentralized applications. Together our teams are superimposing our passions for interoperability and DeFi to make DApps accessible on all chains in a sustainable and secure manner.
Alexei Pupyshev, Protocol Architect & Team Leader of Gravity Protocol
“Band Protocol working closely with the Gravity team on integration of the BandChain decentralized oracle network has been a major push towards making Interchain DeFi and cross-chain compatible DApps a reality. We are proud to be the supporting oracle network on Gravity Hub to bring various types of data from external data sources and APIs accessible to numerous different blockchains.
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Not too long ago, it was simply impossible to seamlessly transfer data from one blockchain to another, or from an off-chain source to a blockchain. Gravity and Band Protocol are proud to be working on a solution that will eliminate the aforementioned shortcomings as well as push for cross-chain interoperability to become a new standard in the blockchain industry.
About Gravity
Gravity is a decentralized cross-chain and oracle network based on the truly blockchain-agnostic protocol for communication between blockchains and with the outside world, working with the native token economies
Gravity provides multi-purpose cross-chain interaction, but without introducing a new gravity token. The true blockchain agnostic no-token approach creates a more inclusive, open ecosystem, while addressing future economical scaling/stability issues.
Website | Whitepaper | Telegram | Medium | Twitter | Github
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.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github
