Cross-chain data oracle provider, Band Protocol, announced Tuesday that its BandChain Oracle blockchain is about to upgrade to Phase 2. According to a press release to Cointelegraph, the upgrade – which was first proposed in June 2021 – will be the first data oracle network to enable providers to deliver data to the decentralized economy in this way.
The project hopes to give traditional businesses access to more data sources and richer data types by making it easier to access decentralized apps or dApps. The upgrade is also intended to enable institutional data providers working with Band Protocol to expand their data coverage and offerings for on-chain developers.
Soravis Srinawakoon, CEO and Co-Founder of Band Protocol stated:
“After giving priority to decentralized application onboarding, we are shifting our focus to bridging the gap between mainstream companies and the blockchain industry. There is tremendous potential for traditional companies to create new business models and revenue streams by integrating their valuable data into decentralized ecosystems made possible by the tape protocol. “
According to the publication, BandChain 2 will also enable smaller data providers to develop new revenue streams while improving the quality of the data by simplifying the onboarding process.
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According to the project, BandChain has served more than 7.7 million data requests, and Phase 2 will enable support for eight times more requests per block and execution of Oracle scripts that are 10-15 times faster. Phase 2 also achieves greater interoperability. This is achieved by implementing the IBC protocol which allows all dApps that implement the IBC standard to request data from BandChain without the need for additional validation.
Since its launch in 2018, Band Protocol has stated that it has secured more than $ 10 billion worth of smart contracts without incident.
In April, Google Cloud integrated technology from Band Protocol to provide “instant and accurate analysis of financial time series data,” said Kevin Lu, director of business development at Band. Google Cloud translates financial time series data into real-time analytics using machine learning.