Figment is pleased to announce that we will be supporting Band Protocol’s mission to improve the standard for data oracles as an infrastructure provider. Band Protocol is a cross-chain compatible decentralized data oracle that plans to enable smart contracts to connect and aggregate off-chain data and APIs without relying on a single point of failure.
We will be participating in their Wenchang #2 testnet, which will lead into their upcoming mainnet launch.
Figment is hosting an AMA with CEO Soravis Srinawakoon and CTO Sorawit Suriyakarn of Band Protocol on April 20th, at 7a PT / 10a ET / 4p CET. Join us!
About Band Protocol
Band is an open protocol that facilitates the governance of data used in decentralized blockchain systems. While many decentralized applications rely on centralized data providers, Band Protocol plans to leverage existing internet data as a secure and scalable decentralized oracle. Band Protocol is backed by a large network of stakeholders including Sequoia Capital as well as Binance.
Blockchains like Ethereum cannot access data outside of their network. Data providers, or oracles, feed external/off-chain data to these networks so that smart contracts have the information necessary to execute. If oracles feed bad data to these blockchains then it can completely change the behavior of these smart contracts. This leads to a security issue within these blockchains.
Band Protocol plans to solve this problem by building data feeds with community-curated data sources. Users and data providers will be economically incentivized to self-moderate to ensure trust and reliability of the network.
Their Decentralized Data Delivery Network (D3N) is set to launch in Q2 2020. D3N plans to offer:
- Complete Flexibility to Define & Aggregate Data Sources – Developers and decentralized applications will be able to aggregate values and connect to any open API from public or private sources that feed high-quality data. With this flexibility, data feeds will be consumed through any developer defined method, which factors in slippage and liquidity.
- Efficient Blockchain-Agnostic Data Requests – Band Protocol will offload all expensive oracle computations such as sourcing and aggregating onto D3N such that only the final value will need to be submitted to targeted blockchains. This will enable Band Protocol to produce real-time spot data and avoid the congested network issue entirely for updating data.
Users and data providers will be economically incentivized to self-moderate to ensure security and reliability of the network through staking rewards using the native BAND token. Outside of staking rewards, the BAND token will be used to vote in on-chain governance proposals and fund the community pool, which will fund future development of the network.
D3N is being built on Tendermint and Cosmos SDK, and is designed for speed, flexibility, and cross-chain compatibility.
We believe access to quality data and external APIs is one of the main drivers of blockchain adoption. Data points like asset prices, real-world payments, and identity are necessary for the growth of decentralized finance, commerce, and banking.
We believe Band Procol’s promising D3N network is well positioned to bring more industries, companies, and applications to the blockchain space. Their focus on community development and governance is also important to us as we believe that governance will become increasingly important for future development of decentralized networks.
“We’re excited to participate in Band Protocol’s unique token-based approach to dataset availability and governance. Their D3N network has the potential to improve the standard for oracle security and allow for many new and niche applications to be brought on chain.”Andrew Cronk, Co-founder & Head of Product at Figment
Band Protocol chose us because we support networks throughout every stage of their development. Our commitment to supporting top networks not just through our infrastructure provider, but through our software and governance solutions as well was also a driving factor.
“To work closely with the number one blockchain infrastructure and staking provider in Canada is extremely thrilling for the development and decentralization of the BandChain ecosystem. We are proud to have the backing of Figment who strategically support top networks for the entirety of their lifecycle, from testnet, to mainnet, and beyond.”Soravis Srinawakoon, CEO & Co-founder of Band Protocol