Cosmos 'Internet of Blockchains' Engage With DeFi Oracle Band Protocol

Cosmos blockchains may now access a plethora of data streams made available via the decentralized (DeFi) Oracle Band Protocol.

Cosmos Blockchains Engage With DeFi Oracle Band Protocol

Cross-chain data oracle band protocol announced its engagement with a Cosmos blockchain Starport development tool that enables third-party to accomplish different new data feeds.

As a result of this collaboration in the Cosmos environment, freshly constructed chains will be able to communicate data via the interoperability standard known as inter-blockchain communication protocol, or IBC.

🔊 @cosmos 🤝 @BandProtocol integration

The Band Oracle has been integrated into Cosmos, through @StarportHQ, to further the realization of the Internet of Blockchains.https://t.co/eDvAj78luB pic.twitter.com/XSjEQB1eBe

— Cosmos – Internet of Blockchains ⚛️ (@cosmos) July 22, 2021

In a press statement, a developer from Brand Protocol explained, “Until recently, IBC was largely utilized for asset transactions.” 

The addition of the Band module to the Starport architecture allows third-party Cosmos developers to have access to decentralized data such as token information, real-world events, sports, weather, random number generation, and more.

“Together with Cosmos, we are developing a complex infrastructure for blockchains to interact in dynamic ways, well beyond token transfers,” Band Protocol CEO and co-founder Soravis Srinawakoon told in an email conversation.

According to the announcement, the agreement means that Band Protocol is the first oracle to be accepted as a standard in Starport, enabling blockchains in the Cosmos ecosystem “even more linked and interoperable than ever before.”

Introducing cBridge For Interoperability On Top Of State Channels

Celer’s multi-chain network, cBridge v1.0, is live on mainnet today, according to a press statement shared. It revitalizes Celer Network’s state channel design.

Celer’s cBridge enables token transfers between the Ethereum mainnet, Arbitrum, Polygon, and Binance Smart Chain. The latest version improves the speed and scalability of interaction between Ether’s Layer 1 and Layer 2.

Who Can Access To cBridge?

The mainnet version of cBridge v1.0 is a complete package containing both node software and a user interface.

Celer Network (CELR) cites a slew of applications for its new solution. First and foremost, it is the quick and cost-effective value transfer across multiple Layer 2 solutions without any need to return to Ethereum’s Layer 1. Then, cBridge enables multi-hop asset deposit/withdrawal into Ethereum’s Layer 1 through multiple Layer 2 solutions. 

As a result, the newly released solution’s net bandwidth improves by 1000x.

Oracle Protocol And The Cosmos Ecosystem

The Cosmos ecosystem was created to be an “Internet of Blockchains,” in which any decentralized network can connect, share data, and transact with any other.

Decentralized oracles are a form of middleware that collects and transmits real-world data to blockchain networks. Oracles typically obtain data from numerous sources and are not controlled by a single organization, which adds an extra degree of data protection.