Elrond to Boost DeFi Tools & Business Process Deployment with Band Protocol
We’re very happy to reveal more details about data availability for Elrond smart contracts thanks to our ongoing collaboration with Band Protocol. We’re working with our partners to bridge our two networks with the goal of feeding reliable off-chain information in a secure and scalable manner from the Band Protocol oracles to applications developed on the Elrond mainnet.
“Cross-chain data availability will accelerate DeFi applications being built on Elrond, while off-chain data will open the door for a multitude of potent business applications. We’re impressed by the capabilities of the Band Protocol team and the level of energy they demonstrated throughout our collaboration.” said Beniamin Mincu, Elrond CEO.
Smart contracts developed on our blockchain thus get access to valuable global data feeds, through Band Protocol's end-to-end customizability in oracle design, which can be used as input for immediately useful scenarios. For example, rain information collected by certified IoT sensors can act as a trigger for paying insurance for droughts or floods, depending on the scenario.
The Elrond mainnet provides a highly scalable, trustless environment for deploying complex business processes and settlement of value transfer. In the example above, transfers could happen 100% automatically, as indicated by the smart contract logic. Band Protocol offers a decentralized verifiable source of information for data residing off-chain, limiting potential abuse for some scenarios. Abusing off-chain data to indicate a flood in the example above, even if there was no actual rain, would not be possible due to Band Protocol’s fully decentralized and trustless architecture.
“Working with the Elrond team has been very productive - their knowledge, tech, available toolset, and overall energy make their collaboration with Band Protocol even more fruitful beyond what we envisioned in 2019. The results of our technical implementation of BandChain will soon come live, providing developers with new and powerful tools to bridge off-chain real-world data onto Elrond in a highly reliable and scalable manner.” said Soravis Srinawakoon, CEO of Band Protocol.
The two development teams have a clearly defined plan, with results to be demonstrated in the coming weeks. Here’s a look at the task list:
- Porting BandChain OBI data decoding to Elrond Smart Contracts platform
- Creating off-chain price feeds for Elrond apps: common crypto price, foreign exchange rate, and commodity trading price
- Generalizing the price feeds to make them available on multiple shards
- Building light-client verification of BandChain state on Elrond
- Support for data requests via BandChain. Flexible data available include Verifiable Random Function, Sport & Esport results, verifiable storage state in other blockchains, price feeds from both crypto and traditional exchanges, etc
The integration of Band Protocol oracle data with the Elrond mainnet gives developers access to reliable data sources that can be used in complete trustless scenarios, guaranteeing end-to-end tamper-proof decentralized process logic execution. We look forward to providing constant updates around this collaboration and gradually showcase the applications built on top of Elrond using Band Protocol.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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