Band Protocol May 2021 Community Update
Band Protocol introduced May 2021 Community Update: launch of Phase 2 and integrations with major DeFi leaders to secure an additional $1.6B+ in value within smart contracts.
With the 2021 year crossing over into June, the setting stones for BandChain Phase 2 has been placed and the gap for enterprises as well as institutions to enter the decentralized application space has never been closer. Codenamed Laozi, the BandChain Phase 2 testnet #1 is currently live with a successful test migration and undergoing a series of stress-tests to prepare for the upcoming launch in production.
On the partnership development side, the team has been working with institutional-grade data providers and pilot partners who will be using BandChain Phase 2 upon launch. While confidential at time of writing, we expect to slowly showcase these partnerships and developments in the leadup to Phase 2.
During the course of May, the crypto-market experienced a ‘Black Wednesday’ which resulted in significant network congestion across various blockchain networks including Ethereum and Binance Smart Chain. As the first major battle-test for the BandChain decentralized oracle network in production, we are proud to say that all Band Protocol partners retrieved price updates with incident.
In May, the total number of oracle requests on the BandChain decentralized oracle network continued to grow and surpass 5,880,223 requests due to increased price feed support and new partners.
Early May 2021, we launched GuanYu testnet #4 (v1.2.7a) as a part of the migration test for BandChain Phase 2 with our validators. All data source scripts and oracle scripts have been migrated from GuanYu testnet #3 without issue and the network successfully upgraded to Laozi testnet #1 (v2.0.0-rc0) on 13 May 2021, and it is now live at https://laozi-testnet1.cosmoscan.io.
With Laozi testnet #1 live, it has been tested to find potential bugs and errors before the official upgrade on Mainnet. This includes transactions, stress-testing the data request processes and using the IBC protocol.
To improve the logic for premium data provider and Yoda’s runtime, Laozi testnet #1 has been updated from v2.0.0-rc0 to v2.0.0-rc1 on 25 May 2021. Yoda’s runtime executive now has the new following libraries:
- Added `bech32` library
- Updated `ccxt` library to v1.31.1 as the previous version has been removed from PyPI registry
CosmoScan can now also display packet communication to other chains to retrieve traffic data on BandChain. The endpoint to receive the Proof-of-Result of data requests has been brought back for verification purposes on EVM-compatible smart contracts.
With BandChain Phase 2, which is live on Laozi testnet #1, they have designed an architecture to incentivize data source providers which entails revenue collection in BAND token from decentralized protocols using their data.
They are collaborating with pilot data providers which provide institutional-grade solutions to develop a new server that verifies pending oracle requests and access data provider’s credentialed APIs in a more seamless manner. In addition, data source scripts are being developed to collect information of pending oracle requests to send to the aforementioned servers.
Their priority and efforts remain streamlined to steer towards the successful launch of BandChain Phase 2 in production. This includes working closely with each institutional-grade data provider to set up highly requested premium oracle scripts and connecting them with Band Protocol partners both in production and in the pipeline to begin implementation.
What is Band Protocol?
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
📰 INFO:
https://medium.com/bandprotocol/band-protocol-may-2021-community-update-c357f495ee63
