Home Finance News Band Protocol Upgrade brings in IBC Integration Opening up Opportunities with Several IBC Compatible Chains

Band Protocol Upgrade brings in IBC Integration Opening up Opportunities with Several IBC Compatible Chains

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Band Protocol Mainnet Upgrade from Phase 1 (GuanYu) to Phase 2 (Laozi) sets in some new features. It brings in Cosmos Integration, getstarport integration, new on-chain payment protocol.

After the upgrade is complete, Band Protocol will submit a proposal that will be incomplete IBC compatibility. The IBC integration will permit seamless oracle data request and token transfer between the BandChain and several other IBC-compatible chains.

This will lead to significant improvement across the board. There will be a whole new cohort of utilities, use cases, benefits for Band Oracles, network effects, token utility, partner growth, and community.

They are also actively working with the Tendermint team to integrate Band’s oracle directly into their Starport Framework.  This will permit anyone building on the tech to have access to connect and to use their data through IBC since day 1.

Yet another pinnacle with the network upgrade comes with the introduction of an on-chain payments protocol. This opens up another revenue stream for data providers, who will now have the option to collect payments for usage of their data source directly on-chain.

This revenue will continue to grow as Band’s oracle, and the network continues to see more and more adoption across a wider array of sectors and industries.  Once the upgrade is complete, they will be working with their existing data provider partners to onboard them.

The upgrade will further improve and significantly expand the product offerings into new developments, including Decentralized results and proof submission to Standard Dataset, On-chain Randomness, and Expanding oracle usage in the cross-chain and multi-chain spec.

For those who are wondering how much ATOMS are required to get started? One of the users stated its 50/50 ratio for atom x CRO pool. Perhaps it helps to check it through pools whether to add or remove liquidity.

When IBC gets adopted, it improves the realm of what is possible for any blockchain which will adopt it. For Band Chain, the benefits come in the form of the oracle and the chain data requests.  IBC compatible chain will be able to easily and native query any data from BandChain, all in a decentralized manner.

Apart from cross-chain data requests, IBC brings in new usages to band tokens.   A lot becomes possible with BAND and IBC. A small example would be to trade BAND on osmosiszone, lending and borrowing it on Mars Protocol, having bBAND as a collateral option on Anchor Protocol, and a lot more.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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