Infstones have partnered with Band Protocol, a cross-chain decentralized data oracle that aggregates and connects smart contracts to high-quality off-chain data to enable applications such as DeFi, prediction markets and games to be built on-chain without relying on a single point of failure.
Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
As a trusted enterprise-level infrastructure provider for 30+ blockchains, InfStones is always searching for projects making a tangible impact in the blockchain ecosystem. Today, we are excited to announce that we are partnered with Band Protocol to launch validator nodes to provide decentralized oracle services that connect blockchains to the outside world!
“We are excited to support Band Protocol, a decentralized oracle framework that solves major on-chain data issues such as delayed reference data, single points of failure or congested networks. The provision of reliable and high latency diversified data is essential for any decentralized application and we are confident that Band Protocol will drive the interoperability between smart contracts and traditional enterprise services.”
— Jonathan Shi, CEO of Infstones
The adoption and use-cases of smart contract platforms have been limited because blockchains cannot interface with the real world. Becoming a part of the Band Protocol ecosystem as a validator enables us to share their vision of a secure decentralized world by reliably connecting blockchain applications to external data points and filling in a missing piece of the blockchain ecosystem to allow many more expansive use-cases.
Why Band Protocol?
Decentralized applications (dApp), decentralized finance (DeFi) in particular, have matured over time, and the use cases for decentralized oracles solutions and more secure oracle designs has grown considerably.
While the smart contracts have been advanced by the developers considerably, the lack of access to reliable data to trigger the underlying behavior of the contracts will still substantially hinder a broader utilization. Now more than ever, access to trustworthy off-chain information is imperative to the adoption of smart contracts and dApps’ resilience to attacks. For example, bZx’s margin lending and borrowing platform lost $645K in losses due to a flash loan arbitrage exploiting oracle dependencies. The top DeFi application to date, MakerDAO, was left with millions of undercollateralized Dai due to a congested Ethereum network stalling price updates for ETH.
Decentralized oracles are an essential part of the ecosystem. They enable the developmentof novel smart contract designs using off-chain resources, yet remain trustless end-to-end. Band Protocol bridges the gap between dApps and off-chain data by providing a working solution to the existing oracle problems:
Band Protocol connects smart contracts with any open APIs, public or private, to facilitate data streams from dApps and traditional enterprises in a trustless manner and drive the utility of blockchain applications for the masses.
Delayed Reference Data
Band Protocol’s independent blockchain built on top of the Cosmos-SDK, enables real-time spot data to be provided on demand as all expensive oracle computations such as data sourcing and aggregation are offloaded, requiring on the final requested value to be submitted to target blockchains i.e. Ethereum.
Non-Customizable or Inflexible Data
Band Protocol gives dApps and developers full flexibility to define how the data is sourced and aggregated while ensuring the data is accurate through proper economic incentives. That is, protocols such as bZx who have collaborated with Band, can query and fine-tune data aggregation to their respective needs.
“To have the support from an enterprise-leading validator such as Infstones is humbling for the Band Protocol team and provides validation that we are going down the right track — that is, bridging smart contracts and traditional enterprises with secure and reliable data sources.
— Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
We are excited to become a part of the ecosystem and back Band Protocol alongside their strong network of supporting partners. We look forward to collaborating with the team and growing with Band Protocol as a trusted validator.
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.
InfStones is an advanced, enterprise-grade Platform as a Service (PaaS) blockchain infrastructure provider trusted by the top blockchain companies in the world. InfStones’ AI-based infrastructure provides developers worldwide with a rugged, powerful node management platform alongside an easy-to-use API. With over 20,000 nodes supported on over 80 blockchains, InfStones gives developers all the control they need - reliability, speed, efficiency, security, and scalability - for cross-chain DeFi, NFT, GameFi, and decentralized application development.
InfStones is trusted by the biggest blockchain companies in the world including Binance, CoinList, BitGo, OKX, Chainlink, Polygon, Harmony, and KuCoin, among a hundred other customers. InfStones is dedicated to developing the next evolution of a better world through limitless Web3 innovation.