Band Protocol Integrates with Meter

Published on: 12.08.2022
Band Protocol Integrates with Meter

Band Protocol integrates with Meter a high-performance layer 1 and layer 2 blockchain infrastructure. Band Protocol is committed to helping enhance the capabilities and use-cases on smart contract platforms. They continuously strive to provide their partners with reliable data under a decentralized oracle framework.

This partnership will bring further integrations with various dApp developers who are working under the Meter ecosystem.

Meter’s Unique Infrastructure

Meter is a high-performance layer 1 and layer 2 blockchain infrastructure that scales and connects the financial internet in a multi-chain future. Moreover, the protocol separates its built-in, crypto-native, metastable DeFi infrastructure from its governance infrastructure that uses the HotStuff-based proof of stake consensus with MTRG (Meter Governance Token) to manage the blockchain ledger.

Meter’s unique decentralized financial infrastructure is achieved through the combination of both a Proof-of-Work (PoW), via its stablecoin (MTR), and a proof of stake (PoS) governance, via its MTRG token.

Hybrid PoW/PoS Consensus

This hybrid PoW/PoS consensus that Meter describes as the Proof-of-Value (PoV) consensus, helps to alleviate the disadvantages of having a single consensus mechanism. This infrastructure clearly separates the consensus layer for bookkeeping and currency issuance.

Furthermore, the consensus of PoW is responsible for the issuance of currency through mining whilst the PoS consensus uses the HotStuff consensus protocol, a variant of the Byzantine Fault Tolerant consensus protocol, which allows the network to perform bookkeeping quickly.

In addition, Meter offers another unique feature in the stablecoin MTR, generated by PoW mining. The Meter system achieves this by primarily including the cost of electricity, the major cost for miners to validate the network, and anchoring the mining cost of the MTR stablecoin to the power consumption of mining one MTR.

This mechanism efficiently monetizes the economic behavior of miners seeking profit and stabilizes the market price of MTR as it reflects the continuously adjusting supply and demand relationship for the network.

Band Protocol is looking forward to collaborating with the many developers. Working under the Meter network. In order to enhance the developer’s experience, they also provide customization data feeds from a growing number of data sources, they are also ready to provide additional ticker requests that meet its security test in order to maintain its record of delivering reliable data to its partners.

ABOUT Meter

Meter.io is a highly decentralize Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-two protocol. It also allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks.

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ABOUT Band Protocol

Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts. It also enables smart contract applications such as DeFi, prediction markets, and games build on-chain. Without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders. It includes Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

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