Band Protocol, a Sequoia-backed, cross-chain knowledge oracle platform, has built-in with a blockchain community ICON to kind South Korea’s largest Blockchain Project to this point.
The merger highlights the growth of real-world functions for safe and scalable knowledge oracles.
“We’re excited to be integrating with ICON and increasing the usage of knowledge oracles in South Korea the place the blockchain business may be very developed and welcomed by authorities,” stated Soravis Srinawakoon, CEO & Co-founder of Band Protocol.
The 2 will work collectively to help ICON’s community of Decentralized Purposes (dApps) by offering safe and verified knowledge to the ICON platform utilizing knowledge oracles.
“The strategic partnership and integration with Band Protocol to the ICON Community will deliver elevated safety and scalability to all of the decentralized functions constructed on South Korea’s largest blockchain challenge. Band Protocol’s oracle will concurrently strengthen the present community and permit growth to new real-world makes use of,” stated Min Kim, Founding father of ICON Community.
This relationship will even join Band Protocol to ICON’s community of established banks, telecommunications firms and South Korean authorities companies — vastly increasing the use circumstances for knowledge oracles.
ICON works by connecting knowledge to good contracts executed throughout its community of blockchains with out the usage of intermediaries — eliminating the necessity for huge paperwork or communication between a number of stakeholders. Band Protocol’s oracle will allow expansive use of good contracts on ICON, that are utilized by many high enterprises in South Korea.
Band Protocol will help many dApps constructed on the ICON platform together with DeFi, sports activities and random quantity era, amongst others.
The absence of central authorities overseeing these good contracts means the information verified by Band Protocol’s oracles is important to make sure contracts are executed accurately.
Band Protocol is a cross-chain knowledge oracle platform that aggregates and connects real-world knowledge and APIs to good contracts. Blockchains are nice at immutable storage and deterministic, verifiable computations — nonetheless, they can not securely entry knowledge accessible exterior the blockchain networks. Band Protocol permits good contract functions comparable to DeFi, prediction markets, and video games to be constructed on-chain with out counting on the only level of failure of a centralized oracle. Band Protocol is backed by a robust community of stakeholders together with Sequoia Capital, one of many high enterprise capital companies on this planet, and the main cryptocurrency alternate, Binance.
ICON is the biggest cryptocurrency challenge from South Korea. ICON goals to construct a hybrid blockchain community that bridges autonomous on-line communities and real-world personal enterprises. ICON is at the moment the eighth most utilized blockchain and totally decentralized with 120 validators from world wide.