Band Protocol, the cross-chain knowledge oracle supplier, introduced Tuesday that its BandChain oracle blockchain is within the strategy of upgrading to section 2. In keeping with a press launch offered to Cointelegraph, the improve — which was first proposed again in June 2021 — would be the first knowledge oracle community to permit suppliers to provide knowledge to the decentralized financial system on this method.
The undertaking hopes to permit for entry to extra knowledge sources and richer knowledge varieties for conventional enterprises by simplifying entry to decentralized apps, or dApps. The improve additionally seeks to permit institutional knowledge suppliers partnered with Band Protocol to increase their knowledge protection and choices to on-chain builders.
Soravis Srinawakoon, CEO and Co-Founding father of Band Protocol, defined:
“After prioritizing the onboarding of decentralized purposes, we’re directing our focus to bridge the hole between mainstream enterprises and the blockchain business. There may be huge potential for conventional enterprises to create new enterprise fashions and income streams by integrating their beneficial knowledge with decentralized ecosystems enabled via Band Protocol,”
In keeping with the discharge, BandChain 2 can even permit smaller knowledge suppliers the chance to create new income streams, whereas enhancing the standard of the info by simplifying the onboarding course of.
The undertaking said that BandChain has served greater than 7.7 million knowledge requests, and Part 2 will permit assist for eight occasions extra requests per block and the execution of oracle scripts that are 10-15 occasions quicker. Higher interoperability can even be coming with Part 2. That is achieved via the implementation of the IBC protocol permitting any dApps implementing the IBC commonplace to request knowledge from BandChain with out the necessity for added validation.
Since its launch in 2018, Band Protocol has said that it has secured greater than $10 billion of worth locked in good contracts with out incident.
In April Google Cloud incorporated technology from Band Protocol to allow “fast and correct evaluation of monetary time collection knowledge,” in line with Kevin Lu, head of enterprise growth at Band. Google Cloud interprets monetary time collection knowledge into actual time analytics via machine studying.