Band Protocol, the cross-chain knowledge oracle supplier, introduced Tuesday that its BandChain oracle blockchain is within the technique of upgrading to part 2. In response to 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 produce knowledge to the decentralized economic system on this method.
The venture 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’s monumental potential for conventional enterprises to create new enterprise fashions and income streams by integrating their precious knowledge with decentralized ecosystems enabled by Band Protocol,”
In response to the discharge, BandChain 2 will even permit smaller knowledge suppliers the chance to create new income streams, whereas enhancing the standard of the information by simplifying the onboarding course of.
The venture said that BandChain has served greater than 7.7 million knowledge requests, and Section 2 will permit assist for eight occasions extra requests per block and the execution of oracle scripts that are 10-15 occasions sooner. Larger interoperability will even be coming with Section 2. That is achieved by the implementation of the IBC protocol permitting any dApps implementing the IBC customary to request knowledge from BandChain with out the necessity for extra 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 economic time collection knowledge,” in response to Kevin Lu, head of enterprise improvement at Band. Google Cloud interprets monetary time collection knowledge into actual time analytics by machine studying.