Elrond partners with Band Protocol to integrate secure data oracle for Elrond smart contracts
Band Protocol — the secure and scalable decentralized data oracle for Web 3.0 and Elrond — the leading sharding-based public blockchain network are proud to announce the integration of Band Protocol into Elrond.
Elrond is the first blockchain architecture to integrate smart contracts on a state sharded architecture through an asynchronous and secure scheme. The advanced design of Elrond’s blockchain platform means that any user can call any smart contract, independent of which shard the smart contracts and the user accounts reside — without the need for atomic locking, yanking, or close synchronization between different shards.
Band Protocol offers a unique approach to decentralized data management with oracles by making data readily available to be queried on-chain, using delegated proof of stake to ensure data integrity and security — as data providers have both economic and reputational benefit at stake. By Elrond supporting this model of oracle with a Band integration, it is providing developers building dApps on its platform with a viable approach to interacting with real-world data securely feeds and create connections to legacy Web 2.0 APIs, while minimizing centralizing points of failure.
Band Protocol enables instant, cheap and synchronous off-chain data query for decentralized applications, that is an improvement over current oracle designs that are either centralized or asynchronous. By providing developers with even more tools and resources to use on Elrond, the use cases and level of utility of applications are able to be expanded and become more valuable. Likewise, for Band Protocol it will gain more alternatives for users of the protocol to build on and access an ever-growing pool of developers and technical resources for new applications to be realized.
About Elrond
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.
Elrond can process and respond with low latency even if there are thousands of applications running on the protocol. Through state-of-the-art optimization techniques, the load is balanced on the shards, and multiple SCs are running on parallel. Further improving horizontal scalability.
For more information, visit: https://elrond.com
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.
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