We are happy to announce that we have established a partnership with Band Protocol, a cross-chain decentralized data oracle that aggregates and connects smart contracts to high-quality off-chain data to enable applications such as DeFi, prediction markets and games to be built on-chain without relying on a single point of failure.
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.
“Forbole is excited to support Band Protocol, a decentralized oracle framework connecting smart contracts to trusted high-quality data sources. With their developer-friendly and cross-chain focus alongside the launch of IBC, we see Band Protocol playing a key role in the interoperability space and emerge as a popular oracle solution for developers.”
Terence Lam, Co-Founder & Evangelist of Forbole
We are confident that Band Protocol will positively impact data governance and the security standard of decentralized applications in the entire blockchain ecosystem, as such we look forward to launching our validator nodes on BandChain to support their mission.
Why Band Protocol?
Band is an oracle protocol for decentralized data governance, providing an open-source standard and framework for the decentralized management of data in the Web3 technology stack. Band is initially built on Ethereum, but will eventually be supported on more smart contract platforms including those in Cosmos Network since the protocol is blockchain-agnostic.
Decentralized oracle design has never been more important than now. Last year, leading DeFi project Synthetix’s price oracle failed which resulted in the loss of more than 37 million synthetic ETH. And last month with the availability of flash loan arbitrages, bZx’s margin lending and borrowing platform lost $645K and MakerDAO’s was left with millions of undercollateralized Dai due to a stalling price feed from a congested Ethereum network.
Band Protocol solves these oracle risks by enabling:
- Streamlined Data Requests
Band Protocol is able to produce real-time spot data by moving onto their own independent blockchain to offload all expensive computational oracle requirements including sourcing and aggregating onto BandChain so only the final value needs to be submitted to target blockchains. - Customizable Data Querying
Decentralized applications and developers have full flexibility to define how the data they need is sourced and aggregated to their respective needs. - Secure Connections to High Quality Data
Any traditional open API can be queried with Band Protocol’s ability to facilitate cross-chain payment for permissioned oracle data from private or commercial APIs that deliver premium data. - Cross-Chain Compatible Solution
Band Protocol seamlessly connects to any other blockchain through bridge contracts or Cosmos-based blockchain through IBC and already have established partners such as Fantom, Kava, Tomochain and more.
Band’s work on blockchain data governance coincides with our mission and vision. Ensuring data integrity and security has always been Forbole’s goal since entering the blockchain world as enterprise-grade validator. Band’s solution to connect real-world data will enable more use cases and ultimately foster the wide adoption of crypto and blockchain technology. We are particularly interested in seeing how Desmos, the decentralized social network project initiated by our team, can leverage on the solution of Band.
We believe Band Protocol’s model has robust economic incentives to uphold security and has the capacity to mitigate existing oracle risks through BandChain which will incorporate customizability, flexibility and speed to ensure that no same mistakes with oracles will happen again.
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through
community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through 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.
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About Forbole
Forbole [ˈfɔːbəl] is a pioneer in blockchain technology and UX solution founded in Hong Kong in 2017. We provide network infrastructure, software development, UX design and community management. We are known as a helpful, reliable and friendly validator, contributor and builder on various blockchains such as Agoric, Aion Network, Akash, Cosmos Hub, Cyber, e-Money, IOV, IRISnet, Kava, Kusama, LikeCoin, Oasis Lab, Polkadot, Regen Network, Sentinel, Solana, Terra Money, and now Band Protocol. Forbole is also the creator of Big Dipper which is an open-source block explorer used by people from over 140 countries.
