Band Protocol upgrades BandChain network to phase 2
The upgrade will be the first data oracle network to allow providers to supply data to the decentralized economy in this manner.
Band Protocol, The cross-chain data oracle provider, has announced that its BandChain oracle blockchain is in the process of upgrading to phase 2.
BandChain is currently under maintenance as of block #7486289 to upgrade from Phase 1 (GuanYu) to Phase 2 (Laozi). This means that transactions on the network will be paused for six hours until the Laozi chain starts at 5PM UTC.— Band Protocol (@BandProtocol) July 13, 2021
Stay tuned for updates on the Phase 2 Mainnet!
The project is expecting to allow more data sources and richer data types for traditional enterprises by simplifying access to decentralized apps.
The upgrade also seeks to allow institutional data providers partnered with Band Protocol to expand their data coverage and offerings to on-chain developers.
“After prioritizing the onboarding of decentralized applications, we are directing our focus to bridge the gap between mainstream enterprises and the blockchain industry. There is enormous potential for traditional enterprises to create new business models and revenue streams by integrating their valuable data with decentralized ecosystems enabled through Band Protocol,” Band Protocol CEO and Co-Founder, Soravis Srinawakoon stated.
According to the announcement, BandChain 2 will enable smaller data providers the opportunity to generate new revenue streams, while enhancing the quality of the data by simplifying the onboarding process.
The project stated that BandChain has served more than 7.7 million data requests, and Phase 2 will allow support for eight times more requests per block and the execution of oracle scripts which are 10-15 times faster.
Phase 2 is also bringing greater interoperability. This is achieved through the implementation of the IBC protocol allowing any dApps implementing the IBC standard to request data from BandChain without the need for additional validation.
Since the in 2018, Band Protocol has stated that it has secured more than $10 billion of value locked in smart contracts without incident.
Back in April, Google Cloud incorporated technology from Band Protocol to enable immediate and accurate analysis of financial time series data, according to Kevin Lu, head of business development at Band.