Band Protocol
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Band Protocol

Interoperable DeFi Platform FinNexus Chooses Band Protocol To Power Synthetic Real-World Assets

Band Protocol has partnered with FinNexus, an open finance protocol built and backed by Wanchain, to provide price feed data as a base layer oracle. Founded by Boris Yang, one of the core founders of Wanchain, FinNexus is currently building tokenized real-world assets on the XRP & Wanchain ledgers which requires access to reliable and real-time data provided by Band Protocol.

Combining both FinNexus’ bridge for decentralized ledgers and traditional finance applications with Band Protocol’s end-to-end flexibility will enable truly decentralized and secure financial products to be created using reliable real-time data oracle.

Oracles are the foundation of any robust decentralized financial application as it dictates smart contract logic and behavior contingent on the consumed data. As such, smart contracts relying on oracles that deliver inaccurate or delayed data risk the entire application or product susceptible to manipulation. For example, reference data is particularly vulnerable when querying the price of assets in a volatile market as every update interval cannot capture fair market prices without paying an excessive amount of fees. During times of network congestion, this problem becomes even starker as oracle providers are not able to update the referenced price on time.

FinNexus is an open financial platform that bridges decentralized and traditional financial ecosystems starting with a marketplace for hybrid financial products such as asset-backed tokens. The team is currently working to release assets such as stocks, bonds, and exchange-traded funds on the XRP & Wanchain ledger which Band Protocol’s oracles will be powering.

Sample Data Request Process For FinNexus

“The integration with Band Protocol will bring secure off-chain data to the FinNexus platform in real-time. As a platform and hybrid marketplace for decentralized/traditional financial products, Band is an ideal replacement for centralized data feeds and reference feeds which provide delayed price information. We’re excited to work with the Band Protocol team who are completely focused on building a highly advanced and flexible oracle solution that allows teams like ours to rapidly iterate.” Boris Yang, CEO & Co-Founder of FinNexus

Band Protocol, The Real-Time Oracle For Tokenized Assets

FinNexus protocols provide the tools for developers to create various digital assets and solve the lack of diverse investments and convenience in today’s decentralized finance. These digital assets represent real-world assets and include but are not limited to stocks, options, insurance products, indexes, exchange-traded funds, bonds and more.

As a one-stop-shop protocol for the creation of tokens backed by real assets that fluctuate in price, Band Protocol oracles will be implemented into the base layer of FinNexus to query the price of any traditional asset on-demand and in a real-time, highly accurate, secure and trustless manner.

“Bridging traditional enterprise and decentralized finance has always been at the heart of Band Protocol. Working closely with FinNexus to power tokenized assets and hybrid decentralized/traditional financial products will enable Band Protocol to be a stronger player in the interoperability of smart contacts and traditional finance as the go-to oracle solution for real-time reliable data.“
Soravis Srinawakoon, CEO & Co-Founder

Integration Overview

FinNexus uses a price oracle module smart contract that receives spot price feeds of basic currency (BTC, ETH, stablecoins, fiat exchange rates) from BandChain which is combined into an oracle smart contract. Simultaneously, the portfolio module smart contract calculates the combined price of a certain portfolio of assets also based on the pricing data from BandChain. Together, these pieces of external information are used to mint different tokens derived from FinNexus’ Asset Distribution Protocol (ADP) cluster or Decentralized Options Minting (DOM) cluster that are currently under development.

In all cases, reliable oracle pricing information will be instrumental across all the FinNexus (FNX) protocols made available from their user interface. These smart contracts and functions will also be deployed on different chains with plans to support at least Wanchain, XRP, and Ethereum ledgers.

Wandora Box To Use Band Oracles To Settle Prediction Games

Wandora Box is the first decentralized prediction game to launch on Wanchain where users win rewards for correctly predicting the price trend of WAN/BTC over a period of time. Maintaining the security of the prediction game where oracles determine the final outcome is critical to all the end-users on the DApp to prevent invalid settlement. As such, Band Protocol will be integrated into Wandora Box to provide a robust and reliable price feed for WAN/BTC that is resistant to manipulation and a single point of failure.

The Wandora Box integration will also form the foundation for the fully decentralized options products for a variety of collateral that is currently under development by the FinNexus team.

About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus plans on releasing will be innovative tokenized assets (available Q1 2020) with value based on real world cash flows.

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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.

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