BANGKOK – Sequoia-backed, cross chain data oracle platform, Band Protocol, integrates with South Korea’s largest blockchain network, ICON, highlighting the expansion of real-world applications for secure and scalable data oracles.
Band Protocol and ICON will work together to support ICON’s network of Decentralized Applications (dApps) by providing secure and verified data to the ICON platform using data oracles.
“We are excited to be integrating with ICON and expanding the use of data oracles in South Korea where the blockchain industry is very developed and welcomed by authorities,” said Soravis Srinawakoon, CEO & Co-founder of Band Protocol.
Echoing similar sentiments, Min Kim, Founder of ICON Network, noted,
“The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project. Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real world uses.”
This relationship will also connect Band Protocol to ICON’s network of established banks, telecommunications companies, and South Korean government agencies — greatly expanding the use cases for data oracles.
ICON works by connecting data to smart contracts executed across its network of blockchains without the use of intermediaries — eliminating the need for vast paperwork or communication between multiple stakeholders. Band Protocol’s oracle will enable expansive use of smart contracts on ICON, which are utilized by many top enterprises in South Korea.
Decentralized Finance applications need price feeds on token swap and loan collateralization process. With Band Protocol’s built-in price oracle, developers can build DeFi with an absolute peace of mind that the price feeds they’re using are robust and tamper-proof.Band Protocol will support many dApps built on the ICON platform including DeFi, sports, and random number generation, among others.
Band Protocol’s flexible oracle design allows developers to use any data including real-world events, sports, weather, random numbers and more. Developers can create custom-made oracles using WebAssembly to connect smart contracts with traditional web APIs within minutes.BandChain is designed to be compatible with most smart contract and blockchain development frameworks. It does the heavy lifting jobs of pulling data from external sources, aggregating them, and packaging them into the format that’s easy to use and verified efficiently across multiple blockchains.
The absence of central authorities overseeing these smart contracts means the data verified by Band Protocol’s oracles is vital to ensure contracts are executed correctly.