Binance Smart Chain has sealed a partnership with Band Protocol, a data oracle platform that connects data from the real-world and APIs to smart contracts. Through a combination of Binance Smart Chain’s ecosystem and Band Protocol’s customizable and decentralized oracles, unlimited opportunities will be opened for DeFi applications that can be scaled with developers creating tailor-made oracles that connect seamlessly with any API or external data source.
Check out the tweet in this regard.
1/ 🚀 #Binance Smart Chain (BSC), a scalable EVM-compatible blockchain built by the number one digital asset exchange @Binance, has completed integration with Band Protocol to power a truly scalable decentralized application ecosystem using $BAND oracles.https://t.co/VUcJX0K3li
— Band Protocol (@BandProtocol) August 19, 2020
There are several benefits of this integration. Dependable Blockchain applications and DeFi can be built on Binance Smart Chain using the other’s competent oracle request process that has low-cost real-time data and end-to-end customizability and decentralization. It also gives developers the power to build scalable DeFi, VRF applications, betting games, and more.
The integration of Oracle and Binance Smart Chain provides high scalability that will help establish a new and innovative decentralized application ecosystem to drive pioneering and scalable products. Band Protocol is now officially a part of the documentation ecosystem that already offers secure price feeds for 12 currency pairs.
Band Protocol has a lot to offer to developers who can now create routine oracle scripts with the flexibility to specify the data type, aggregation methods, data sources, and security parameters. With specialized tools, it is possible to connect external data sources without bring on board data providers for each feed and facing high costs, scalability issues, and limited creativity, which are common in present Oracle solutions.
Some of the top-of-the-line features include affordable data in real-time, oracle mechanism optimized for scalability and efficiency, fully customized high-quality data, and a distributed oracle mechanism.
The integration of the two has a lot going for DeFi and decentralized applications. Binance Smart Chain provides an Ethereum Virtual Machine (EVM), a popular platform that most developers are familiar with. Users get the advantage of being able to connect to the Binance Chain’s expanding architecture of products like Binance DEX, payment and lending services, and others.
With the Protocol’s oracle infrastructure, developers can get access to the latest price data and feeds and customize a decentralized oracle appropriate for all DeFi applications. This facet provides developers with more opportunities and flexibility in what they can create, thereby offering heightened user-experience and increased operational efficiencies in the long run. Binance is a crypto exchange to buy and sell cryptocurrency. If you are planning to trade in Binance exchange and to know more, you can check more Binance news updates on our Cryptocurrency News section.
