January 22, 2021
min read

Builders at work. Internet-scale Interoperability With Data Feeds Via Band Oracles

Because of their deterministic nature, public permissionless blockchains are trustless. Trustlessness is perhaps their most valuable property, which is inherent to the data stored on them. But the same can not be said about data spanning multiple networks.

The Internet of Money will interconnect multiple blockchains and centralized systems. And it will be trustless, thanks in large part to decentralized Oracles - services that verify and send data to a blockchain from any off-chain source.

Our mission to become the backbone of an internet-scale decentralized economy relies on interoperability with all critical systems. We’re therefore happy to announce we have finalized the integration of price feeds from Band Protocol oracles.

Band Protocol DeFi, Commodity & FOREX Price Feeds

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. It is built on a decentralized and scalable architecture that can feed trustworthy data in tandem with the needs of high-value financial applications requiring real-time information.

Our integration roadmap is proceeding according to plan and we are on track to achieve our common goal of fully integrating Band Protocol’s end-to-end customizable oracle data design into the Elrond Network. This will allow all developers and smart contracts on Elrond to access any external data in a highly reliable and secure manner.

The first Band Protocol smart contract is now available on the public devnet, bringing $EGLD, $BAND, $BTC, and $ETH token prices to be further used in Elrond DeFi scenarios, as well as 200+ data feeds that include more crypto assets, commodities and FOREX rates. Band’s decentralized oracles are checking the accuracy of the data and then sending it to the Elrond Network.

The integration required erdjs and erdpy components to be used in Band’s validator software. This allows them to connect to our API infrastructure and send verified information to our mainnet as transactions. The transactions are sent every 60 seconds and written to the smart contract’s state, which can also be configured to keep a history spanning a certain time interval.

Other smart contracts looking to use token prices can then make a “smart contract to smart contract” (SC2SC) call, which can be synchronous or asynchronous, depending on the shard of the originating smart contract. There will be a copy of the smart contract directly maintained in each shard, to allow for fast intrashard synchronous information flow.

It’s time to build

The current progress is the result of hard work on behalf of the Band Protocol and Elrond Network teams, some of the most productive in the space.

“Working alongside Elrond has confirmed what is immediately apparent from the clarity, logic, and attention to detail present in their code and tools - their mission is to help others build.” said Soravis Srinawakoon, Band Protocol CEO.

The decentralized DeFi price feeds arrive on Elrond Network just in ahead of enabling smart contracts deployment, which is scheduled to go live on our mainnet on the 26th of January Equipped with the Elrond devkit, the reliable execution environment provided by the Arwen WASM VM, and Band Protocol oracles, the prerequisites for kicking off the next DeFi innovation wave are in place.

It’s time to take DeFi at the internet scale.

Author Profile Picture
Beniamin Mincu
Co-founder & CEO

Beniamin Mincu, the co-founder & CEO of MultiversX, is a distinguished tech visionary and one of Europe's early blockchain pioneers. With a notable background as Product & Business at Nem Core in 2014, he subsequently founded and led MetaChain Capital as its CEO. Beniamin continues to shape the future of technology and blockchain with his unwavering vision and leadership.

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Author Profile Picture
Beniamin Mincu
Co-founder & CEO
Published on
January 22, 2021
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