Nervos Network has announced its integration with Brand Protocol, a data oracle platform that aims to keep a record of the real-world APIs and data connection. By Band Protocol Integration, the Nervos Network enables its developers and third-party apps to make use of the price feeds, particularly for DeFi Apps.
Though there is much hype created in the blockchain community surrounding DeFi, it also has various opportunities to expand blockchain growth. The integration will bring significant developments in the current data scalability.
The organization’s primary goal is to be a vital part of the movement that nurtures and mobilizes the NextGen DeFi entrepreneurs and developers expanding the network to help the community have proper access to the resources.
Apart from that, Nervos Network aims to provide its developers with flexible tools that can build DeFi applications and customizes oracles using the Band Protocol.
Here is a list of features that Nervos Integrates to Band Protocol
It is Scalable and Efficient
Band Protocol deposits the oracle computations and data sourcing related updates on Band Chain, a high-performance independent blockchain, eliminating the intemperate cost of data and its reliability on specific blockchain use for DApps. This ensures that user data is secured and there is no delay in data processing via overflowing networks.
Customizable and Flexible
BandChain enables users to create decentralized oracles of their own that bridges data from an external source or API, making use of a custom framework for aggregation, which means that the real-time data request can be met while ensuring high-level resistance.
Decentralized Oracle Mechanism
To ensure the successful integration of the Nervos. Network on Band Protocol, it takes two phases to cover the entire process. During the first phase, Nervos will assist Band Protocol with a CKB-VM bridge contract. During the second phase, Nervos will enable developers to connect with the DApps with open APIs through a customized Data Oracle Script.
Talking about the integration the CEO and Co-founder of Band Protocol, Soravis Srinawakoon said,
Access to the external data is significant to build the DApps on a blockchain platform, particularly DeFi app developers require access to the price feeds for swapping tokens and to initiate the process of collateralization. The Co-Founder of Nervos, Terry Tai, believes it is crucial to have access to the oracle not only for the DApps but also to create an interconnected ecosystem for blockchain. He further quoted,
Apart from DeFi space, Band Protocol’s oracle design allows developers to have access to various real-world information related to events, weather, sports, and more. The company ensures that as they move ahead with new updates, it aims to expand its blockchain community network.