Crypto Academy Season 3 | Intermediate course by @allbert –week 7: Blockchain Oracle
Thanks so much for this wonderful course professor @allbert, I like this assignment, it's the real definition of self research!
What Blockchain Oracle is:
Blockchain Oracle is a middle man service that prepare smart contracts along with information from outside the world. It is the layer that questions, substantiate, and authenticates the outside data sources, usually through trusted APIs and then activate that information.
pixabay
The e.g. of data that is always convey by oracles to smart contracts are information of price, successful completion of a payment made or receive, the temperature that is determined by a sensor, election results etc. And Data can be furnished by other software or by hardware.
Example of oracle software are; servers, databases, or essentially any online data. Example of Oracle Hardware are; scanners, sensors, barcode etc
Why blockchain need Oracle
Blockchains are best in giving storage that are unable to be change or deleted and fatalistic verifiable calculations. Nevertheless, they didn't have permission to the trusted real world information that is readily obtainable outside their networks.
- Here I would be taking about Brand Protocol Oracle
History and Description
Band Protocol heighten smart contract ability to function by granting access to data that are reliable with no central authority or points of loosing
Band protocol aim to give transaction that are reliable, speed and able to change in scale (abile to serve a large or big quantity of data asked to many public blockchains with minimal dekay, it is compatible with cross-chain and data suppleness (it is able to support both private and public data). This Oracle is initially discharge on the Ethereum blockchain in year 2019, Band protocol oracle ultimately built its own blockchain with the use of Cosmos SDK to convey data in all different blockchains.
BandChain's is being fully released across four sequence: which are Phase 0, phase 1, phase 2, and phase 3
Phase 0 is the groundlaying version of BandChain that permit BAND token to be transfer and stake for those that validates; this Mainnet was launched on Jun. 6, 2020.
Phase 1 stut no permission establishment of data that are able to customize oracle scripts which can question public and no permission data sources; This Mainnet movement was done on Oct. 15, 2020.
Phase 2 pledge to give chance to those that provides API to exploit their data on-chain in a no trust manner and take revenue on-chain.
Phase 3 is in support of private or identity oracle cursive and more payment choices in the ecosystem, that let's developers to pay in a token they choose or model of subscription. The concentration upon this discharge will make completion of the BandChain decentralize oracle network, set to drive capability in between smart contracts and traditional enterprise services.
Band Protocol saw quick growth in 2020 as it changed to Band Protocol v2.0 that is also known as BandChain from the community token and joined curve model in v1.0. This Oracle's new direction result to over 50 designed oracle entire, where Band will give price feeds to the planned protocols and 15 new beginning of those that validates for Band Protocol v2.0. Band Protocol became the number one blockchain firm that join the Open API Initiative with names like IBM, Google, and Microsoft in the 12th month of 2020. This group pledge to make a common API accepted range that let's blockchain applications to leverage APIs and data easily
Does it have any token or cryptocurrency associated?
Yes Band protocol Oracle has toke and the token name is called BAND. It is a native token that is used to make sure that high security are guaranteed and resist to economically manipulation that align with encouraging for all that participate in the network. Those that hold BAND can add to data sourcing in gaincoming for rewards
The network on Band Protocol depend on its native BAND token to encourage validators to make new blocks, take part in consensus, and to give answer to data requests.
here is the price according to coindex
i made the screenshot on coindex.com and edited it with imarkup
The BAND token itself is unique, it has both an Ethereum-based ERC-20 token repeat, a small portion of the Bans protocol’s earlier stages Ethereum-centric dais, as well as a new Band Protocol mainnet form. They are able to switch with each other at a ratio of 1:1, the condition is that only the new mainnet coin can be staked.
2 Functionalities and Real life application of Band protocol Oracle
The main aim of Band protocol are scalability and speed, it's compatible with cross-chain, and flexibile with data. The Smart contract development is the noteworthy of DeFi and other dApps sectors that are grows in rapid way.
How Brand protocol functions:
Band Protocol aim to give fast and reliable data to a wide all kind of public blockchains with answer time times measured in view seconds in an adequate manner to support the data needed of demanding smart contracts.
Band Protocol is able of send its data outcome to other blockchains by Cosmos’ IBC — an exchange data communication layer in between various blockchain networks.
it's in supports of the one way behavior, to transfer data as quickly as it's needed to blockchains not supported by the IBC.
Band Protocol also want to be uncertain in the sense that it has to give room to different forms of data and many ways of retrieving it. Some of the data Band Protocol have retrieve is publicly approachable, to get along with but other data might be given permission, it can protected by centralized entities, or be behind a paywall. If the afterward is true, payment to the data source is able to be verified on-chain and validators that are asking for the data can be supplied agreeably.
Those that gives data can mint money their data with the use of Band Protocol’s on-chain payment settlement, to avoid middlemen.
3 Pros and Cons of Band protocol
Pros
The Delegators receive the block reward in proportion to their delegated contribution of BAND that relate to the total amount of BAND that the validator has staked
Data can be monetize with the use of on-chain without the need of middlemen
BAND coins allow the holders to take part in Band protocol governance.
Validators can bring idea of new blocks and take part in Band Protocol’s DPoS general protocol by voting on the genuineness of data.
Cons
The Band Protocol network can't stand alone, it depend BAND, the token to encourage validators
Not all investors can be a validator, the Investors that didn't have much to stake and become a validator themselves would delegate their stake to those that have
Delegators cannot do without Validator
Validator have control over the Delegator in the sense that it's the amount they validate, not the amount the delegator delegate
Coins can only be staked, no trade or HODL
It's not free 2 % of block rewards you are given would be funneled to a community funding pool.
4 The Future developments and new projects of Band protocol Oracle
Among the new project of Band protocol Oracle;
On medium, I read that on 15th of April, Band Protocol announced that they've embody with google cloud data which would enable instant accurate study of time series data financially.
According to the article, their team are empowering developers and researchers to make use of decentralized oracle for all type of external data type of source and doesn't even matter if the application is built on the blockchain or web 2
The twitter link
On August 6, Kraken is supported four new assets and Band Protocol (BAND) is among them
And I still find this same information on telegram as well
screenshot made on telegram and edited by me with imarkup
Conclusion
This Blockchain Oracle called Brand protocol is still new, it didn't have so many features, the token it relies on was recently launched so it's still trying to get more features and how it would be more useful
Apart from Kraken that listed it, more listing company still need to list it so as to get popular like Chain Link. Although it's good, it has some functions that Chain link don't have when it comes to being Blockchain Oracle that they are
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https://twitter.com/opeyemioguns3/status/1424699395321307140?s=19