Elrond is pleased to announce the collaboration with Band Protocol, a decentralized data oracle for Web 3.0 applications.
Because of the decentralized, encrypted and incentivized nature of blockchain architecture, on-chain data is provably reliable. Building the next generation of decentralized applications will require reliably integrating information from off-chain sources as well.
Through this partnership, smart contracts running on Elrond’s innovative sharded architecture will gain access to trustworthy data delivered efficiently via Band Protocol’s data layer, while Band Protocol’s cost effective, fast and scalable query model will be able to showcase their advanced tech on top of a blazing fast Layer 1 solution.
“At Elrond we are passionate about bringing a 1000x improvement in blockchain speed, scale, cost and user experience to create a compelling future for the digital economy. But we also know that the blockchain layer is just a piece of the puzzle that needs to be solved. We observed Band Protocol and their capabilities and believe they are building a valuable different piece of the same puzzle, so we are happy to work together with them moving forward.” says, Beniamin Mincu, CEO of Elrond
“We are impressed with Elrond’s fast and scalable blockchain architecture built with core focus toward adoption. With the accelerated growth of dApp usages, especially in decentralized finance (DeFi), the industry needs better building blocks to support the next generations of dApps. Together, Band Protocol and Elrond collaboration creates an inspiring future where DeFi, games, and digital identity on the blockchain can flourish.” — Soravis Srinawakoon, CEO of Band Protocol
About Band Protocol
Band Protocol is a data governance framework for Web3.0 applications operating as an open-source standard for the decentralized management of data. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect with any web API, with DApps able to request and use data that has assured integrity through dPoS economic incentives, with 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.
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 is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team.