Gravity Collaborates With Band Protocol To Secure Blockchain-Agnostic Protocol
Waves and Band Protocol will collaborate on building a symbiotic decentralized blockchain-agnostic oracle network in the Waves ecosystem with all blockchains integrated through Gravity adapters. Band Protocol will be providing all types of data ranging from on-chain events used in cross-chain operations such as token transfer to external data sources and APIs that power specific decentralized applications on Gravity.
Gravity’s interoperability combined with Band Protocol customizable cross-chain oracles will provide inter-chain DeFi and DApps with connections to the most secure data sources to build the next generation of reliable Web 3.0 applications.
We are pleased to announce a collaboration on creating a symbiotic oracle network between Gravity and Band Protocol. Gravity (started within the Waves ecosystem) is a blockchain-agnostic and token-agnostic protocol for decentralized oracles, which allows for receiving a trusted data feed in any target blockchain. Due to its blockchain-agnostic and token-agnostic architecture, the Gravity protocol allows for a deep integration of the Band network to power our numerous collaborations across different ecosystems, improving the reliability and security of cross-chain decentralized networks as a whole.
Oracles are an essential element for data to be transferred from the outside world to a blockchain network. This task is crucial for the applications in the field of decentralized finance where price feed data dictates the logic and behaviour of underlying applications. Oracles must have a high level of stability and security in order to be trusted, considering that the safety of financial flows can depend on them.
As a result of this collaboration, Gravity nodes will be able to retrieve oracle data from the BandChain decentralized oracle network and be able to relay them to any other blockchain or decentralized application connected to Gravity. That is, developers on any of the Gravity supported blockchains or decentralized applications will be able to emit an oracle query on BandChain and prove from another blockchain that the provided query result is indeed valid and unaltered. This innovation in interoperability will make decentralized interchain applications accessible on all chains while ensuring the data security and integrity as a result of Band Protocol’s cross-chain design. In addition, Band Protocol oracle technology is scalable and fluid enough to cater tofor the needs of growing network usages and an expansive developer community that have varying oracle needs.
“Building a blockchain-agnostic oracle system with the integration of Band Protocol’s cross-chain, decentralized and scalable oracles is a huge step forward for the Gravity team in unifying the blockchain industry and all its underlying decentralized applications. Together our teams are superimposing our passions for interoperability and DeFi to make DApps accessible on all chains in a sustainable and secure manner.
Alexei Pupyshev, Protocol Architect & Team Leader of Gravity Protocol
“Band Protocol working closely with the Gravity team on integration of the BandChain decentralized oracle network has been a major push towards making Interchain DeFi and cross-chain compatible DApps a reality. We are proud to be the supporting oracle network on Gravity Hub to bring various types of data from external data sources and APIs accessible to numerous different blockchains.
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Band Protocol is a decentralized cross-chain data oracle that connects smart contracts with scalable real-time external data, providing the tools for developers to specify and connect to any external data source or API with custom aggregation methods. They are backed by world-class investors such as Sequoia Capital and the top cryptocurrency exchange, Binance.
Waves Protocol provides everything required to support the backend of Web 3.0 services. In 2017, Waves launched its mainnet with LPoS, decentralized exchange DEX, and later the Waves-NG protocol. In 2018, the Waves development team delivered the first implementation of smart contracts.
This open-source collaboration between Waves, Gravity and Band is aimed at jointly organizing, managing and coordinating the development of adapters for different blockchains, giving node operators and users the space to monetize and use data services accordingly. All joint activities are supported by the Waves Association.
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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