Band Protocol to Start Band Oracle v.3.0 Testnet Phase 2

Band Protocol has started Band Oracle v.3.0 Testnet phase 2 on April 30th. The new version introduces additional data tunnel routes to extend oracle services across multiple blockchain ecosystems. These include integration with Cosmos’s IBC-Hook for seamless interchain contract querying, support for Router Protocol and EVM chains, and collaboration with Axelar Network for cross-chain verified feeds. Minor upgrades also include standalone Cylinder CLI, block-based signal times, auto-selection of TSS groups, and telemetry enhancements.

BAND Info

Band Protocol (BAND) is a robust cross-chain oracle platform that bridges the gap between real-world data and the decentralized digital realm of blockchains. The Protocol serves as an intermediary, allowing smart contracts to interact with real-world data, and thereby facilitating the smooth and trusted operation of DApps.

The backbone of the Band Protocol is its BandChain blockchain, developed using Cosmos SDK. This allows developers to create bespoke oracle scripts, tailored to provide specific real-world data to DApps and smart contracts. The scripts outline the data required, its source, the number of validators needed for data verification, and the aggregation methodology.

BAND, the native token of the Band Protocol, ensures network security through its Delegated Proof-of-Stake (DPoS) consensus mechanism. Token holders can participate as validators, which involves staking BAND tokens for data integrity assurance, or as delegators. Staking or delegating BAND tokens provides holders with staking rewards and a share of the data request fees. Additionally, BAND tokens are integral to the Protocol’s governance mechanism, giving holders influence over the Protocol’s development.