Major Blockchain Network ICON Strategically Partners & Integrates With Band Protocol Scalable Decentralized Oracles
ICON Network, one of the largest decentralized blockchain networks, has strategically partnered and chosen Band Protocol to provide secure and verified data oracles for its rapidly growing decentralized application ecosystem. Both teams have been working together to integrate Band Protocol’s decentralized oracles that have been fine-tuned for the needs of numerous leading DApps in the ICON ecosystem. These include DeFi, prediction market, sports/esports betting, and RNG/VRF applications.
This collaboration is extendable into using Band Protocol to support ICON’s multi-faceted network of established enterprises and government agencies ranging from banks, telecommunications companies, and South Korean government agencies — expanding the use-cases for customized and scalable data oracles provided by Band Protocol.
With the bridge implementation completed on ICON Network, Band Protocol has been officially added into the ICON Developer Portal, providing the tools for developers to create and utilize custom data oracle scripts to securely build decentralized applications in a scalable manner. ICON developers starting from today will have complete access to the BandChain decentralized oracle network and can begin utilizing various price feeds or build a custom oracle script of their own specification.
The following price pairs are currently available to be read from the BandChain bridge contract BTC/USD, ETH/USD, ICX/USD which are automatically updated every 5 minutes. The SCORE itself is currently deployed on ICON Yeouido testnet at cx8b679486b721b70e332f59cfb9c46dadc23ff0c5. Any additional oracle data script can be easily created and customized to meet the evolving demands of new scalable decentralized applications on top of ICON.
“The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project. Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real world uses.”
Min Kim, Founder of ICON Network
ICON Network is a general-purpose blockchain protocol based on the native cryptocurrency ICX that can run smart contracts, adopt a Delegated Proof-of-Stake consensus protocol, and use an economic-governance protocol called DPoC (Delegated Proof-of-Contribution). Combining ICON’s extensive ecosystem of partners and Band Protocol’s secure decentralized oracles, both projects will be unlocking more expansive use-cases of smart contracts on the ICON platform in a reliable and secure manner.
“Band Protocol is excited to be integrating with ICON, a pioneer and leader in the blockchain space to expand the use of data oracles in South Korea where the blockchain industry is very developed and welcomed by authorities as well as enterprises. With the end-to-end customizability of Band Protocol’s oracles, we look forward to extending our support to traditional enterprises and departments that have potential to leverage blockchain technology in Korea with the help of ICON.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Both ICON and Band Protocol teams will work together in the long-term as part of this strategic partnership with the goals of securing smart contracts and all decentralized applications in the ICON ecosystem by reliably connecting smart contracts to external data sources. This includes providing engineering support for the projects looking to integrate Band Protocol’s decentralized oracles.
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 novel consensus mechanism (LFT2), an interoperability standard (BTP), a decentralized governance mechanism (DPoC), and a scalable, flexible, and smart-contract enabled public blockchain powered by ICX.
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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.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github
