Waves Protocol collaborates with Band Protocol to boost up DeFi and Web 3.0 applications. Band Protocol partnership with Waves comes at a convenient time when DeFi and Web 3.0 are gaining traction in the financial market.
The merger comes after Band Protocol finished incorporating Band Protocol Oracle, which is decentralized and personalized. The oracle is well-suited as per particular Web 3.0 applications on Waves Platform. Waves’ users would be able to access external data sources and APIs using a unique BandChain oracle script aimed to sustain fluidity, security, and scalability of the system.
More Perks for Waves Users
The data available to Waves users comes from data inquiries on BandChain. The bridge smart-contract avails the results on Waves, storing it in case users wish to access it. The data on BTC/USD, ETH/USD, and WAVES/USD prices are automatically adjusted overtime after 5 minutes. BandChain attains the data from its validators who include CoinGecko, Binance, and CryptoCompare APIs. BandChain then goes ahead to get the mean values from the APIs and present it on Waves.
In addition to these functions, BandChain will give developers information on token price data provided, the multiplier that calculated a stored value, the time an inquiry was answered on BandChain, and the Waves Protocol block height a particular price data was updated. These elements aim to maintain the credibility of the data provided by the system since one can confirm the data attained as what they wished for.
Waves Fortifying Blockchain Networks
As per a statement by Waves’ Founder Sasha Ivanov, Waves is dedicated to equipping blockchain networks with instruments for advancements to attain solutions for problems that come with the implementation of the technology. He added that as partners with Band Protocol, they would work towards securing the creation of improved decentralized applications by developers via inexpensive, readily available, and simple oracles to exploit as BandChain provides.
The CEO and Co-Founder of Band Protocol Sovaris Srinawakoon mentioned that the two platforms have been working together to link decentralized apps with external data sources and APIs. The step would further ensure they embraced scalability and security for both systems. He stated that they value standing with blockchain projects that face oracle problems in need of immediate solutions.
Waves, an open-source blockchain platform, has come a long way in developing dApps to enable fast and secure transactions for the society and on-chain operations. Merging their efforts with Band Protocol, a data oracle, the two will revolutionize DeFi, gaming, DAOs, and smart contracts, among other sectors.