Oracles are crucial to help smart contracts perform at their fullest. Smart contracts are designed to create Dapps and DAOs for organizations which call for real-world information. But blockchain’s underlying protocol prohibits access to external world data and this is where Oracles come to help. Oracles are designed to inject real-world data into blockchain and widen the scope of functionality for smart contracts.
Talk about the oracles today and there are two protocols that are commanding headlines of late- Bridge Protocol and Band Protocol. The Bridge Protocol operates on the TRON blockchain network while the Band Protocol is based on the BandChain blockchain. Both of them are decentralized protocols but there are some fundamental differences between the two.
- Launch
Bridge Oracle
Bridge is the first ever public oracle for TRON blockchain and was launched recently. TRON announced the upcoming launch of Bridge in the early quarter of 2020 and the Bridge Oracle had its IEO in September. The CEO of Bridge Oracle is top crypto expert Hakan Estavi. Besides, the Oracle team is graced by some of the most eminent crypto veterans in the advisory position. One of the leading advisors of Bridge Oracle is Mate Tokay, one of the co-founders of Bitcoin.com as well as an industry leader in the zone of blockchain solutions. Sydney Ifergan, renowned crypto guru and founder of famous crypto media website The Currency Analytics, is another major advisor for Bridge Oracle.
Band
Band has been launched in two versions. The first version (Band v1) was initially launched in 2019 September, on Ethereum. However, it failed to garner much interest and was not adapted on the mainnet. Later, the developers decided to launch the second and more improved version of the Oracle, Band v2, which was launched in the second quarter of 2020. The Band Protocol is founded by a rising team of young dynamic developers, namely Soravis Srinawakoon, Sorawit Suriyakarn and Paul Nattapatsiri. Mr. Srinawakoon has been listed in the esteemed Forbes’ 30 under 30 list.
- Chain operability
Bridge Oracle
As mentioned previously, Bridge Oracle is based on TRON blockchain and it works to supply real-world data for the said blockchain only. Thus, with Bridge you have more dedicated off-chain data supply for TRON blockchain and smart contracts. This ensures faster and timely provision of external world data through the Oracle system.
Band Oracle
Band Oracle is developed with cross-chain functionality. Put simply, the Band Oracle is not dedicated to one particular blockchain- rather it works to provide data for several blockchains. Thus, Band Oracle has to tread a busier route than Bridge oracle which means a comparatively slower response time.
- API Support
Bridge
The Bridge protocol oracle ecosystem supports a wide range of APIs. These include Public API, Decentralized API as well as Enterprise API.
Band
At present, Band protocol oracle can only support low-quality free APIs. In other words, it cannot offer support for password-protected APIs, at least for now.
The Bridge oracle operates through BRG token while the native token for Band Oracle is BAND.
