Elrond, a number one blockchain platform targeted on scalability and usefulness, has doubled down on their present partnership with Band Protocol and chosen to combine Band oracles to deliver important enhancements to the present information availability and scalability within the Elrond ecosystem. Each groups have been working intently to finish the BandChain bridge implementation with the end-goal of offering all Elrond decentralized functions extremely dependable and safe customizable oracles that exhaustively cowl all developer wants.
This in depth collaboration is designed to assist the Elrond developer neighborhood for stronger information availability and oracle mechanisms which might be designed to match the scalability of the Elrond blockchain in addition to ones with the best diploma of safety, effectivity and developer friendliness. With a view to speed up adoption and allow a number of utility situations on their not too long ago launched mainnet, Elrond has allotted further sources to pursue the mixing with Band Protocol’s safe and extremely sturdy oracles that may cater to any and all developer wants.
“Cross-chain information availability will speed up DeFi and wider decentralized functions being constructed on Elrond, whereas off-chain information will open the door for a large number of potent enterprise functions. We’re impressed by the capabilities of the Band Protocol workforce in addition to the elevated safety and scalability of their oracles — making it an apparent oracle answer for Elrond builders who’re constructing with give attention to scalability.”
Beniamin Mincu, CEO of Elrond
By integrating with Elrond, builders will now not be restricted by predetermined datasets that present delayed information, excessive prices, or the quite a few scalability points arising from native blockchain-based oracle options. Builders can have the ability to leverage Band Protocol’s versatile oracle design to bridge any off-chain information supply into their good contracts. That is extendable to even bringing rain information collected by licensed IoT sensors which might set off insurance coverage payouts for droughts or floods in a decentralized insurance coverage product.
“Working with the Elrond workforce has been very productive — their data, tech, out there toolset, and general power make their collaboration with Band Protocol much more fruitful past what we envisioned 2019. The outcomes of our technical implementation of BandChain will quickly come reside, offering builders with new and highly effective instruments to bridge off-chain real-world information onto Elrond in a extremely dependable and scalable method.”
Soravis Srinawakoon, CEO of Band Protocol