Band Protocol Rebranded: Scalable Oracle Technology For Enterprises and DeFi

This post was originally published on bandprotocol

Dear Band Community,

Today marks the first rebranding of Band Protocol which comes as Band Oracles secure an increasing amount of value locked in smart contracts — an estimated total of $10B+ as well as implementations with traditional enterprises including Google Cloud and the Open API Initiative. In the last three years, we have dedicated extensive efforts to create a decentralized oracle network designed for optimal performance and scalability with a dedicated team of builders:

  • Launched a production-ready, decentralized and highly scalable oracle network, BandChain.
  • Onboarded over 60+ leading validators from including leaders in exchanges, DevOps and blockchain security firms.
  • Served over 6.5M+ data requests in production
  • Completed Mainnet integrations with over 30+ industry-leading applications and blockchain networks.
  • Secured ~$10B+ of value locked in smart contracts without incident or failure.
  • Mentored and supported hackathons for various industry leaders including Cosmos, Delphi Digital, Terra and Celo Camp.

The inspiration for the suite of redesign comes to refine and polish the public-facing aspects for both developers and new users in the traditional enterprise space to understand the value propositions of Band Protocol. This sets the stone for BandChain Phase 2 where developers and institutional players will be able to implement or create custom oracle scripts on Band Protocol in a self-serviced manner and revenue directly from decentralized protocols.

The redesign includes a full revamp of the logo, colour theme, and websites including landing page, Band Standard Dataset, CosmoScan and BandChain developer documentation.

Before we show you a breakdown of the new revamp, here’s a small recap on the Band Protocol journey so far from 2018 to 2021.

Band Protocol: From Humble Beginnings to Product-Market-Fit

Band Protocol was first announced in May 2018, as a decentralized data curation protocol that ‘bands’ communities together with open and reliable data sources to decentralized applications. Back in 2017–2018, the crypto market was focused on raising money to build next-generation applications through an unregulated and new fundraising instrument — the ICO.

biswap

Lots of teams overpromised, many others simply took the money and never achieved their visions. Many people left during the bear market to seek other ventures and interests. Nevertheless, the builders stayed and many teams made significant progress towards their visions.

Through thick and thin, market cycles and volatility, the team built Band Protocol V1, which proved to be over-engineered and not as user-friendly as expected. We re-architected what a truly scalable and decentralized oracle should be for users focusing on a highly secure and trustless solution that can be integration-ready for developers on any network.

Two years later, with our team of diehard developers, Band Protocol has found product market fit with BandChain, the second iteration of the oracle platform, which went live on Mainnet on June 10, 2020. To date, we’ve crossed over 6,550,721+ data requests in production with over 25+ partners integrating Band Oracles live in production — bringing the total value secured by Band Oracles to over ~$10B+ as estimated by our community.

With BandChain Phase 2 coming up in the following months and Phase 3 to follow suit — this is the tip of the iceberg for what Band Protocol has to offer to the world. The majority of the users so far after Phase 1 have been decentralized applications, we are now getting ready to leverage our decentralized infrastructure on BandChain to serve further in DeFi, Cross-chain space and bridge the gap between traditional enterprise and blockchain industries.

BandChain Phase 2: Redesigned For Mass Adoption, Enterprises, Enhancements

Phase 1 unlocked monetization for validator nodes who report and aggregate data from multiple reputable sources on BandChain. Phase 2 opens up monetization capabilities to commercial enterprises and institutions to provide reliable data to decentralized applications.

Our redesign has been focused to sharpen Band Protocol value propositions for audiences of all types — enterprise partners and wider communities. Clearer in representation, sharper in colours here’s the Band Protocol redesign:

BandProtocol.com Website

The landing website for Band Protocol has been revamped to highlight key products and more context on the ‘oracle problem’ itself alongside our decentralized solution. With a growing amount of enterprises adopting blockchain and seeking entrance into the market, it’s pivotal to concisely convey the importance of oracles and how they too can play a role in shaping the next generation of applications.

CosmoScan Block Explorer

With both light and dark modes, CosmoScan adopts the new colour scheme and themes of the redesign — adhering to consistency and enabling key information on Phase 2 features such as revenue statistics, validator performance, IBC packets to be displayed in a visually appealing format.

Band Standard Dataset

Becoming commonplace for decentralized financial projects to integrate price feeds, the Band Standard Dataset has been fully updated to showcase new price oracle additions to total 230+ price symbols supported across foreign exchange, commodities and digital assets.

Developer Documentation

Similar to CosmoScan, the BandChain developer documentation has been updated to showcase the revamped Band Protocol theme. The updated developer documentation will come out with Laozi whitepaper and mainnet release very shortly.

Closing Remarks

Over the course of three years and working closely with an array of leaders spanning from blockchain networks, decentralized applications, traditional institutions — we’ve learnt one major lesson. Oracles are not winner-take-all, or one size fits all and there exists no perfect solution to-date.

DApps have different needs, are different shapes and sizes, centralized or decentralized, the co-existence of oracle teams and decentralized applications are the only way to draw closer to a perfect solution. The open-sourced Alpha Oracle Aggregator is a common initiative to aggregate leading oracle solutions to draw the synergistic benefits of each including scalability, flexibility, and security.

Alpha Finance Launches Alpha Oracle Aggregator with Data from Band Protocol and Chainlink

Oracles are critical to blockchain applications, so far we’ve only seen DeFi take off with many more verticals ready to disrupt and innovate traditional structures. As Band Protocol expands support to the leading layer-2 solutions such as Polygon (Matic Network), xDAI, and Arbitrum among others, we are proud to support developers and the innovation of blockchain technology.

Band Protocol goes where developers want to build and supports what developers require with end-to-end customizability, the flexibility built into the BandChain framework — exhaustively accommodating everyone’s needs.

This redesign is inspired to empower and prepare Band Protocol for mass adoption, both within the blockchain ecosystem and traditional enterprises.

We are excited to hear what you think about the redesign and welcome any feedback to [email protected].

About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. 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.

Website | Whitepaper | Telegram | Medium | Twitter | RedditGithub


Band Protocol Rebranded: Scalable Oracle Technology For Enterprises and DeFi was originally published in Band Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

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