ICON taps Band Protocol oracles to bolster dApps in South Korea
One of the biggest South Korean cryptocurrency projects will now feature oracles services from a cross-chain data platform.
One of the biggest South Korean cryptocurrency projects will now feature oracles services from a cross-chain data platform. The project stands to benefit Korea’s flourishing crypto sector.
ICON to use Band Protocol in dApp landscape
A release obtained by CryptoSlate noted the alliance will see ICON’s broader partner network — established banks, government agencies, telecommunications companies — getting introduced to the potential for data oracle usage across varying industries.
For the uninitiated, oracles enable smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Blockchains, by themselves, do not incorporate data feeds by themselves, and need third-party oracles, such as Band Protocol, to power dApps.
With the addition of Band Protocol’s oracles, ICON dApps ranging from DeFi, sports, random number generation, and media applications would get access to a reliable data feed. This would prevent exploits due to “bad” data and an eventual mishap on a dApp.
ICON founder Min Ho Kim said of the partnership:
“The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project.”
He added Band Protocol’s oracle will “simultaneously strengthen the existing network and allow expansion to new real-world uses.”
Interview with Soravis Srinawakoon, Band Protocol CEO & Co-Founder
One line on what the partnership does for DeFi?
The direct benefit for Decentralized Finance (DeFi) applications using Band Protocol is a bridge to off-chain data sources in a decentralized manner that dictates the logic and behavior of smart contracts.
Any Korea-specific dApp usage or any ICON app that will see a direct benefit after Band's oracles are introduced?
Band Protocol alongside ICON Network has been working with leading decentralized applications (dApps) built on the ICON public blockchain.
Band Protocol will be initially providing a price feed for Bitcoin, Ethereum, and ICX – servicing Decentralized applications that allow users to deposit ICX as collateral and borrow tokens pegged to real-world assets.
With prediction markets on the rise, Band Protocol has dedicated a specific service for this growing industry on ICON. This integration allows prediction markets and games the ability to create custom decentralized oracles on BandChain to securely arbitrate and settle specific markets autonomously.
What datasets would Band protocols oracles tap into?
Band Protocol is not limited to any type of data. Unlike other oracle solutions, Band Protocol is not required to operate a certain feed, or undergo a vetting/audit and incentivization process for data providers on each feed.
Developers can create custom oracle scripts that fetch data from any open public APIs. For those that require premium private APIs, they work closely with the Band Protocol team to enable reliable access.
Band Protocol currently has 57 active nodes on the Mainnet with a target pool of 100+ validators. BandChain validators are composed of some of the leading proof-of-stake service firms, blockchain infrastructure/security companies as well as Chainlink node operators.