Elrond, a leading blockchain platform focused on scalability and usability, has doubled down on their existing partnership with Band Protocol and chosen to integrate Band oracles to bring significant improvements to the existing data availability and scalability in the Elrond ecosystem. Both teams have been working closely to complete the BandChain bridge implementation with the end-goal of providing all Elrond decentralized applications highly reliable and secure customizable oracles that exhaustively cover all developer needs.
This extensive collaboration is designed to support the Elrond developer community for stronger data availability and oracle mechanisms that are designed to match the scalability of the Elrond blockchain as well as ones with the highest degree of security, efficiency and developer friendliness. In order to accelerate adoption and enable multiple application scenarios on their recently launched mainnet, Elrond has allocated additional resources to pursue the integration with Band Protocol’s secure and highly robust oracles that can cater to any and all developer needs.
“Cross-chain data availability will accelerate DeFi and wider decentralized applications being built on Elrond, while off-chain data will open the door for a multitude of potent business applications. We’re impressed by the capabilities of the Band Protocol team as well as the increased security and scalability of their oracles — making it an obvious oracle solution for Elrond developers who are building with focus on scalability.”
Beniamin Mincu, CEO of Elrond
By integrating with Elrond, developers will no longer be limited by predetermined datasets that provide delayed data, high costs, or the numerous scalability issues arising from native blockchain-based oracle solutions. Developers will have the power to leverage Band Protocol’s flexible oracle design to bridge any off-chain data source into their smart contracts. This is extendable to even bringing rain data collected by certified IoT sensors which can trigger insurance payouts for droughts or floods in a decentralized insurance product.
“Working with the Elrond team has been very productive — their knowledge, tech, available toolset, and overall energy make their collaboration with Band Protocol even more fruitful beyond what we envisioned 2019. The results of our technical implementation of BandChain will soon come live, providing developers with new and powerful tools to bridge off-chain real-world data onto Elrond in a highly reliable and scalable manner.”
Soravis Srinawakoon, CEO of Band Protocol
The two development teams have a clearly defined working integration plan, with results to be showcased to the public in the coming weeks.
Here’s an overview of the milestones:
- Porting BandChain OBI data decoding to Elrond Smart Contracts platform.
- Creating off-chain price feeds for Elrond apps: common crypto price, foreign exchange rate, and commodity trading price.
- Generalizing the price feeds to make them available on multiple shards.
- Building light-client verification of BandChain state on Elrond.
- Support for data requests via BandChain. Flexible data available include Verifiable Random Function, Sport & Esport results, verifiable storage state in other blockchains, price feeds from both crypto and traditional exchanges, etc.
The partnership and deep collaboration is an on-going process and will be done in parallel with onboarding the leading decentralized applications built on top of Elrond to integrate their very own custom oracle script on BandChain.
Stay tuned as both teams announce development progress in the upcoming weeks!
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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.