Band Protocol oracles can also be used to determine a fair market exchange rate between the native token of Binance Chain, BNB, and any other BEP2 tokens such as the BUSD stablecoin. An oracle script on BandChain can be created to retrieve price information from various data aggregators, centralized and decentralized exchanges which would then be aggregated to construct a reliable price feed. This exchange rate oracle can be utilized in transactions that cover international remittance, cross-border payments, a particular service, or any use-case for recurring payments.
With the rise of popular non-custodial and automated portfolio management projects such as Balancer Labs and Set Protocol, the demand from end users have been growing rapidly. Introducing smart contract functionality into Binance Chain alongside the integration Band Protocol’s permissionless oracle design will unlock a host of programmable portfolio management strategies.
Using Band Protocol oracles, users can tap into external data sources that provide price data or technical analysis indicators such as moving averages, MACD, relative strength index and more. This can go as far as using global and industry statistics or real-world events such as traditional market movements.
Given that there is an external data source or API, Band Protocol will be able to bridge that data on-chain for users to create simple or complex trading strategies that can be automated on Binance DEX.
Blockchain-based betting applications are on the verge of revolutionizing their traditional online counterparts simply due to the trust factor and lack of transparency for users to verify that the ‘house’ is acting honestly to disclose data and act with integrity. There have been numerous cases where house operators have been shown to prioritize profits over the end-users with skewed risk profiling and limited transparency.
Using Binance Smart Chain, developers can leverage blockchain technology to bring trust and transparency back into online betting applications that are decentralized, free of middlemen and completely visible for users to verify back-end operations. However, to remain fully decentralized these applications require a secure and reliable data oracle to bridge off-chain data such as sports and esports results on-chain for settlement as well as provide fair odds.
DApps can leverage Band Protocol’s flexible oracle design to abstract away from operator dependencies and using centralized oracles that are susceptible to manipulation and incorrect settlements. Furthermore, this will allow projects to adapt to market needs and improve speed to market for future releases while providing users the confidence and reliability in betting products built on Binance Smart Chain as all operations are verifiable on the blockchain including oracle data.
Band Protocol has been chosen to provide secure oracles for sports and esports data for multiple betting projects including a betting protocol supporting over 50,000+ users and 12+ operators.
To cover all blockchain verticals, Band Protocol has also developed a solution for on-chain verifiable randomness that leverages the existing framework of the BandChain decentralized oracle network. This has been achieved by onboarding a selective group of trusted VRF providers who supply random deterministic values based on a specified input or ‘seed’.
VRF providers are unable to supply biased or manipulated outcomes as cryptographic proofs would fail as the results are published on-chain and verifiable by anyone using the provider’s public key and inputted seed to hold accountability.
Binance Smart Chain developers can integrate BandChain VRF to leverage a verifiably fair random number generator (RNG) and the real-time oracle query enabled on BandChain to optimize user experience. This applies to various blockchain-based games or betting applications that use RNG to determine a set of rewards or outcomes in an almost-instantaneous manner and cannot compromise by having users wait an extended amount of time for results.
Decentralized prediction markets enable a group of people to speculate on any type of verifiable real-world event. During the creation process of prediction markets, creators must specify a resolution date as well as an arbitrator that brings real-world information onto the blockchain to verify the market outcome.
With Band Protocol’s oracles in a Binance Smart Chain developer’s toolbox, creators have the freedom to create an oracle script to bridge any real-world information on Web 2.0 to the blockchain including market prices of an asset, election results, weather, flight status and more!
Developers are not limited to existing reference datasets or required to build a decentralized data feed from scratch which has various bottlenecks such as onboarding a set of trusted data providers. The Band Protocol integration with Binance Smart chain grants developers access to a global pool of economically incentivized validators on BandChain as well a bridge to the world of data off-chain.
Band Protocol has also created an ecosystem fund to drive innovation of decentralized applications built on any blockchain including Binance Smart Chain that uses BandChain oracle technology. We have identified the enormous potential for the smart contract ecosystem to grow, this fund is designed to support the next generation of applications and developers with funding and guidance from both teams.
Developers are able to apply directly to join the ecosystem fund today:
Band Protocol is thrilled to be collaborating deeply with Binance to pioneer a smart contract ecosystem focused on scalability, security, and efficiency. This focus will be two-prong, the first being technically driven through secure oracle integration on Binance Smart Chain and support for all decentralized applications integrating Band Protocol’s scalable oracle technology.
Binance’s global presence combined with Band Protocol’s reliable decentralized oracles provides Binance Smart Chain developers with extensive tools to bridge high-quality data on-chain to kickstart a new multi-billion decentralized application ecosystem focused on innovation and truly scalable products.