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Band Protocol, one of the second biggest data providers has launched a new version BandChain 2. The company has partnered with the likes of Google, Microsoft and Bloomberg to offer seamless services.
The second-biggest blockchain data provider Band Protocol has launched a new version BandChain 2. The data provider company stands second after the market leader Chainlink. The company is live with its new version.
The external information is given into smart contracts by Oracle, Band Protocol, Chainlink and others. This will further help to give more powers to areas like decentralized finance (DeFi), the vast majority of which is linked to the Ethereum public ledger.
Scalable and cheapest system
Band Protocol had developed a system that focused on helping chains converse with each other. It was also easy to exchange assets, looking beyond DeFi’s hold on Ethereum. The system was developed using Cosmos Blockchain software in 2017.
Since people are moving towards Ethereum and making it more crowded and expensive to complete transactions on, faster and nimble options have come up. This supports Soravis Srinawakoon’s, CEO of Band Protocol interoperability thesis.
Srinawakoon said that the company wanted to be cross-chain compatible from the initial days, as they believe that there will be a bunch of blockchains with varied designs and trade offs. Even big players like Solana, Cosmos, Polkadot, BSC (Binance Smart Chain) and Terra are playing well. So it is important to address the fastest, cheapest and more scalable blockchains.
An important move
Band Protocol has moved to this second phase to allow data providers to run nodes themselves. There will be no need to have an intermediary to acquire the data. With this new approach, the system will become more transparent and decentralized. It is an approach chosen by other data services like API3, another data Oracle provider.
This move will get more traditional players onto the network. They are called premium APIs. The firms with the help of this new upgrade will be able to monitor their data directly. Brand Protocol is a minuscule company in front of Chainlink. However, the number two network has made great strides when it comes to soliciting data partners.
Brand Protocol is the first blockchain technology to join the open API initiative. Hence, the company has maintained the working relationship with big names like Google, Microsoft and financial data giant Bloomberg. But these partnerships with them are still a work in progress.