ICON Network Launches BandChain Validator Node and Doubles Down on Partnership With Band Protocol
ICON Network, one of the largest decentralized blockchain networks, is expanding its collaboration and partnership with Band Protocol to operate validator nodes on each other’s networks. The ICON Foundation has been collaborating with Band Protocol to ensure that its rapidly growing developer and application ecosystem continues to use secure and decentralized oracle technology provided by Band Protocol.
This validator agreement will continue to align long-term incentives for both teams.
To limit the impact on reward distribution and governance procedures on the respective networks, the agreed mutual delegation will only be a small percentage of the total tokens staked on each network. The delegation amounts will be reassessed periodically each quarter to ensure that changes in the network conditions are accounted for.
“We are excited to deepen our collaboration with Band Protocol. Their secure decentralized technology has been meaningful for our community developers and their team has proven their ability to execute in the production environment for many DApps on ICON. We look forward to working together for the long term.”
Min Kim, ICON Foundation Council Member
“Band Protocol is proud to continue working closely with ICON, the major leader in the blockchain space with deep roots in South Korea. Expanding our strategic partnership to mutually operate nodes on each other’s network will ensure that both teams continue to collaborate on a deeper level long into the future to create synergistic value.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Band Protocol has been integrated into many ICON DApps so far including Balanced, ICON’s first DeFi platform, and FutureICX, a multi-grant winning application for gamified trading, with many more to be showcased and released onto the Mainnet. We look forward to continuing servicing the specific needs and painpoints of the ICON DApps long into the future.
About ICON Network
ICON is a decentralized public blockchain network with a focus on governance and interoperability. Headquartered in Seoul, ICON’s technical partner, ICONLOOP, a blockchain services company, focuses its efforts on developing decentralized identification solutions for enterprises. ICON’s key achievements thus far include a decentralized grant program (Contribution Proposal System), an interoperability standard (BTP), a decentralized governance mechanism (DPoC), and a scalable, flexible, and smart-contract enabled public blockchain powered by ICX.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | 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
