Elrond, the rapidly growing blockchain platform focused on scalability and usability, has completed the integration of the Band Standard Dataset on the public devnet for all DeFi developers to readily-integrate. Both teams outlined an integration roadmap in 2020 which is on track to fulfilling the end goal of integrating a permissionless and end-to-end customizable oracle design for developers on Elrond Network — providing the access to virtually any external data on the open internet.
The deterministic and permissionless nature of blockchains retains it’s position as one of the most valuable attributes in smart contracts. The Internet of Money, which will interconnect multiple blockchains and centralized systems will only be as trustless as the technology which underpins applications — in this case, decentralized oracle technology.
We are proud to support Elrond on its mission to become the backbone of an internet-scale decentralized economy that relies on interoperability with all critical systems. In the remainder of this article, we will outline the integration process completed by both teams as well as when developers can begin to implement Band oracles.
The integration required
erdpy components to be used in Band’s validator software. This allows them to connect to our API infrastructure and send verified information to our mainnet as transactions. The transactions are sent every 60 seconds and written to the smart contract’s state, which can also be configured to keep a history spanning a certain time interval.
Other smart contracts looking to use token prices can then make a “smart contract to smart contract” (SC2SC) call, which can be synchronous or asynchronous, depending on the shard of the originating smart contract. There will be a copy of the smart contract directly maintained in each shard, to allow for fast intrashard synchronous information flow.
The current progress is the result of hard work on behalf of the Band Protocol and Elrond Network teams, some of the most productive and technical in the space. Both teams are in the final stages of completing developer documentation to integrate the Band Standard Dataset on Elrond which will be showcased very shortly.
The decentralized price feeds arrive on Elrond Network just ahead of their team enabling smart contracts deployment, which is scheduled to go live on the Elrond mainnet on the 26th of January. Equipped with the Elrond devkit, the reliable execution environment provided by the Arwen WASM VM, and Band Protocol oracles, the prerequisites for kicking off the next DeFi innovation wave are in place.
It’s time to take DeFi at the internet scale.