Band Protocol, the Sequoia-backed cross-chain data oracle platform, has entered into a strategic partnership with ICON, a public blockchain network of South Korea, to support the latter’s network of dApps (decentralized applications) by leveraging data oracles of Band Protocol. ICON provides crypto wallet services to the South Korean residents.
Band Protocol is a cross-chain data oracle platform connecting smart contracts to the real-time external data and is backed by Binance and Sequoia Capital. ICON connects data to smart contracts without the use of any intermediaries across its blockchain. ICON’s integration with Band Protocol will connect it to the various banks, telecommunication companies, and also South Korean Government agencies withing the ICON’s blockchain network, thereby increasing the use of data oracles cases.
All these ICON customers (banks, government agencies, and telecommunication firms) will have access to the decentralized data oracles from the Band Protocol in various real-world cases like in the smart contracts. Band Protocol will provide real-time, secure, and cross-chain data to the ICON users.
ICON developers will also have access to the BandChain’s data oracles, and they can use different price feeds as per their applications. Currently, crypto pairs like ETH/USD, BTC/USD, and ICX/USD are available through BandChain’s bridge contract, and the Band Protocol’s oracle updates them frequently after every 5 minutes.
ICON’s integration with Band Protocol has made it one of the most prominent blockchain projects of South Korea. It can now offer more stability and security to its developers through the data oracles solutions. Band Protocol competes with big names like Chainlink in providing oracle solutions to the blockchain industry. Therefore its integration with ICON will help ICON to gain more shares in the market, adding to its wide popularity among various enterprises.
There is no huge paperwork involved to validate data on the ICON network, which sometimes may invite intrusions, but with this integration with Band Protocol, chances of interventions are negligible; Band Protocol’s oracles ensure correct execution of smart contracts within the ICON blockchain network. Band Protocol’s data oracle cases will support many dApps cases built on the ICON network that includes random number generation, DeFi, sports, betting, etc. It is the first step to unlocking a multi-billion-dollar DeFi ecosystem on the ICON network through the implementation of highly flexible and scalable data oracles solution, that can be customized to any decentralized application’s needs.