HomeCoinsBand Protocol (BAND)Secret Network Integrates Band Protocol to Secure Privacy-Preserving DeFi Ecosystem | by...

Secret Network Integrates Band Protocol to Secure Privacy-Preserving DeFi Ecosystem | by Kevin Lu | Band Protocol | Feb, 2021

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Kevin Lu

Secret Network, the leading privacy-preserving secret contract & decentralized application platform, has completed the integration of Band Protocol to bring decentralized and scalable cross-chain oracles to Secret Network and rapidly growing ecosystem of Secret Apps. The Band Protocol integration brings unrestricted access to over 150+ price feeds live in production for crypto assets, commodities, foreign exchange as well as empowering developers to create custom decentralized oracles for any external data source. This means the entire Secret Network ecosystem will have significant improvements to data availability, security and reliability to create even more powerful applications with privacy-preserving smart contracts.

“Price oracles are extremely important to enable robust products in a growing DeFi ecosystem. Integrating Band Protocol, the scalable oracle solution trusted with over $4.5B in value, will improve usability of existing Secret DeFi products like Secret Auctions and help us build much more robust DeFi products like collateralized lending and synthetic assets with ease, scalability and affordability.”
-Can Kisagun, Chief Product Officer & Co-Founder of Enigma/Secret Network

A key value proposition of blockchain technology is protecting users, yet all blockchain transactions are public by default through wallet tracking and identification. This lack of privacy means that all the data used in smart contracts are exposed to everyone. For blockchain technology to achieve global adoption, users and organizations need control over how their data is used. Secret Network solves the problem of privacy, helping to secure and scale the decentralized web.

Secret Network is the first blockchain with privacy-preserving smart contracts. That means applications built on Secret can utilize encrypted data without revealing it to anyone, even the nodes in the network. For the first time, Secret Network allows developers to build powerful, permissionless, privacy-preserving applications — Secret Apps.

“Secret Network, the first blockchain with privacy-preserving smart contracts, is leading the charge to enable developers to build permissionless, powerful and anonymous blockchain applications. Band Protocol is thrilled to integrate and support another leading blockchain platform with extensive data support with decentralized oracles that are scalable, customizable end-to-end and integration-ready.”
– Soravis Srinawakoon, Band Protocol CEO & Co-Founder

Band Protocol’s implementation brings significant benefits to developers building or looking to build on Secret Network — enabling developers interacting with the Band Protocol API will be able to retrieve institutional-grade data from premium data providers. Secret Network and Band Protocol will provide documentation and examples for Secret Network developers to integrate oracles into Secret Contracts. Here’s what Secret Network developers can look forward to with the Band Protocol integration:

  • Create custom oracle scripts connecting to any external data source with fine-tuned update and security parameters.
  • Use Secret JS to fetch data directly from the Band Protocol API
  • Get asset prices for a long list of supported tokens from The Band Standard Dataset currently supporting price feeds for over 170+ crypto assets, two commodities (gold and silver) and 15 exchange rates.

Band Protocol, as strategic partners with Secret Network, will continue to work together to drive adoption and an ecosystem of secure, scalable Secret Apps through decentralized oracles. This includes scaling the number of integration-ready price feeds and real-world event feeds, in addition to onboarding Secret Network ecosystem projects as partners of Band Protocol.

We look forward to driving rapid adoption and setting a standard for the usage of scalable and secure decentralized oracles with Secret Network — bringing the power of privacy back to users and blockchain technology.

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