Moonbeam Integrates Band Protocol to Power Ethereum-Compatible Smart Contracts on Polkadot
Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, has completed the implementation of Band Protocol to bring decentralized and scalable cross-chain oracles to developers building on the Moonbase Alpha Testnet. With unrestricted access 150+ price feeds among other external datapoints supported on Band Protocol, both teams will be working to simplify the implementation process for Ethereum projects who wish to expand to Polkadot.
“This integration is an exciting step forward in Moonbeam’s mission to deliver a seamless experience for developers. With the Band Protocol oracle, developers on Moonbeam have easy access to the tools necessary to create secure applications that can connect to Polkadot.”
Derek Yoo, CEO of PureStake & Head of the Moonbeam
The Moonbeam protocol is built and powered by PureStake, a leading provider in blockchain infrastructure and validator services. Moonbeam is designed as an easy on-ramp to Polkadot: by supporting Solidity smart contracts and mirroring the Ethereum development environment, it is simple and easy for developers to build applications on Polkadot. Experienced Solidity developers can continue to use their existing smart contracts, favorite developer tools, and even their Ethereum accounts — all without leaving Moonbeam. Applications built on the Moonbeam parachain will also have a path to become a full parachain or parathread if there is a need for scalability and increased control. Band Protocol is proud to be an oracle solution on the Moonbeam Alpha Testnet and will be live for their launch on Kusama in Q1 2021 as well as Mainnet launch on Polkadot in Q2 2021.
Providing Secure Oracles For Moonbeam Developers
The Band Protocol implementation brings significant benefits to developers building or looking to build on Moonbeam. Without relying on unscalable or centralized solutions, using Band Protocol Moonbeam developers will be able to retrieve institutional-grade data from premium data providers that are legally bound by a service agreement and require credential access. Here’s what Moonbeam developers do with Band Protocol:
- Get asset prices for a long list of supported tokens from a standard dataset currently supporting price feeds for over 125+ crypto assets, two commodities (gold and silver) and 13 exchange rates.
- Query data through the Band Protocol smart contracts on Moonbeam by implementing the StdReference contract interface, which exposes the getReferenceData and getReferenceDataBulk functions.
- Use the JavaScript auxiliary library, which bypasses the blockchain and fetches data directly from the Band Protocol API.
- Create custom oracle scripts connecting to any external data source with fine-tuned update and security parameters.
The Moonbeam team has also created developer documentation and new tutorials for the Band Protocol integration, demonstrating how to leverage the new oracle system using Moonbase Alpha, Moonbeam’s TestNet. The tutorials are available on the official documentation site.
Working Together
Creating a foundation for Polkadot developers to integrate highly secure and reliable oracles is the collective goal of both Moonbeam and Band Protocol teams. We look forward to integrating with the various teams and projects expanding to the Polkadot ecosystem to secure more leading decentralized applications creating a new world for society.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/
About PureStake
PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more at https://www.purestake.com/
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. 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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