KardiaChain Announces Strategic Partnership With Band Protocol To Power Enterprise & Government Applications
KardiaChain, the public blockchain platform leveraging dual node technology for enterprise and government applications, has entered a strategic partnership with Band Protocol to provide decentralized data feeds for fiat, cryptocurrency and real-world events to all applications in the Kardia ecosystem.
Blockchains and smart contracts are unable to communicate outside their network or access external data without oracles. Oracles are a middleware data layer that allows smart contracts to connect to external data and APIs, determining the logic and behaviour of underlying applications. However, for blockchain applications to be used reliably, oracles must be able to feed data reliably and securely with minimal exposure to network and manipulation risk.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. This enables any smart contract application 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.
Why Band Protocol?
KardiaChain is built with a focus on non-invasive interoperability to power large enterprise and government applications on the blockchain. Reliability, scalability, real-time data are vital to ensure the stability and security of the KardiaChain ecosystem which can only be achieved currently through Band Protocol. While other oracles are using reference data, where data updates are only provided every X minutes, Band Protocol is able to meet the demands of a real-time data request while sourcing data sources of the developer’s choice.
- Flexible Data Oracle Script
Developers on KardiaChain are able to create their own custom data oracle script which allows them to specify their data sources and the data aggregation method, retaining end-to-end control to fine tune the oracle to their respective needs. This means that enterprises and government applications will also be able to utilize private APIs to bring off-chain data on-chain for any decentralized application.
Band Protocol has built BandChain, an independent blockchain built for oracle computations. Having a blocktime of 2 seconds, this allows any complex data request to be performed on-demand within 6 seconds and a single, aggregated data point to be submitted to KardiaChain. As such, applications on KardiaChain are able to query data in real-time to receive spot updates for price feeds, real-world events and more!
- Cross-Chain Compatibility
Band Protocol is blockchain agnostic, using lite client (bridge) smart contracts to relay oracle data to KardiaChain given that it has sufficient signatures from BandChain’s validators to verify data integrity and validity.
We have designed our oracle to leverage Band Protocol’s unique and key offerings to ensure that any enterprise or government application is operating in a highly secure and stable manner. Our oracle infrastructure will have the following features:
- Multiple Data Sources
KardiaChain’s oracle will source data from multiple reputable data sources to ensure diversification and reliability, this will be aggregated into a single value for smart contract usage.
- Reliability Through Validator Consensus
Leveraging Band Protocol’s flexible data request script, KardiaChain will require a minimum of 7 validator confirmations for each data request. This safeguards against any corrupt validators providing invalid data on the BandChain network
To further enhance application security, KardiaChain will be cross-referencing data sources to detech any deviations i.e. any price deviations above 5%. In the case that a deviation is detected, the specific transaction will revert and protect against any unexpected behaviours in smart contracts. This is to ensure that invalid or corrupt data sources are not aggregated into the final value.
KardiaChain will utilize Band Protocol’s technology as of data oracles to integrate smart contracts and server infrastructures with KardiaChain network, as well as on-board decentralized applications that utilize Band’s data governance layer to build on KardiaChain blockchain platform. Some of the powerful use cases are with Geleximco conglomerate, ONSports Adapp and Mobile payment gateway with top telco in Vietnam.
One of KardiaChain strategic partner, Geleximco — one of the Vietnamese’s leading economic groups with various businesses such as banking, real estate, construction and agriculture industries to integrate KardiaChain hybrid blockchain solution. To improve operational efficiency, ensure the highest security and transparency, such conglomerate requires an effective data system. Band Protocol will jointly transform it by providing the bridge to all external data sources including but not limited to fiat price feeds, enterprise and identity data in use cases of Geleximco’s daughter companies such as decentralized ID, supply chain management and smart city solution.
ON Sports, first KardiaChain’s Adapp (Adoption Dapp) — Vietnam’s top sports content platform with over 200,000 users who can experience blockchain technology first-hand by being able to predict football match scores and donate streamers, using KAI tokens. ONSports — a subsidiary of VTVCab — national TV cable as government enterprise, has used a centralized oracle. Hence, ON Sports will use Band Protocol to break the barrier of downtime or manipulation to provide accurate and reliable prediction market results without relying on any single points of failure, thanks to disrupting sporting event data sources. You can download the ON Sports app on the App Store or Google Play today!
Kardiachain is pioneering in creating a mobile payment gateway in Vietnam, through collaboration with Vietnamese’s top telecommunications company with available 60 million users. Mobile phone balance will be used for acquiring KAI tokens. Using KardiaChain’s blockchain infrastructure with low credit/debit card penetration, KardiaChain aims to create a perfect payment solution in Vietnam. This will be only achievable by handling highly secure and robust oracles through Band Protocol to provide price feeds for the Vietnamese Dong and be subjected to support other various crypto-assets.
With the mission of building a world with transparency and effectiveness based on data governance and non-invasive interoperability, KardiaChain and Band Protocol will also work together to explore reputable data providers as well as enterprises which need efficient data system in blockchain ecosystem to allow applications to consume trusted real-world data effortlessly on-chain.