Another oracle enters the arena
|RHIZOME WIRE||Jul 24|
Welcome to this week’s edition of RHIZOME Wire!
Enter Band Protocol
This week, ICONists were treated to some pleasant — and unexpected — news, when it was announced that ICON has partnered and integrated with Band Protocol, “a top provider of smart contract oracle services, into the ICON public blockchain,” according to the announcement.
ICON’s extensive ecosystem combined with Band Protocol’s scalable oracles bridging the highest quality off-chain data sources will allow truly reliable and decentralized applications in DeFi, gaming, prediction, betting and lottery to be built.
Band Protocol is a decentralized cross-chain data oracle that connects smart contracts with scalable real-time external data, providing the tools for developers to specify and connect to any external data source or API with custom aggregation methods. They are backed by world-class investors such as Sequoia Capital and the top cryptocurrency exchange, Binance.
Any ICON developer interested in leveraging real-world data already has the ability to integrate Band Protocol into their application. Using Band Protocol, ICON developers are able to tap into various built-in price feeds or create a customized oracle script fine-tuned to their needs.
Now, some ICONists may have been thinking — “Wait, I thought we already had an Oracle integration with Chainlink?”
Well, we do. But, when it comes to access to decentralized oracles, two is better than one (and three is better than two, and…you get the point).
Just like blockchain networks themselves, the more decentralization you can achieve when it comes to oracles, the better.
While oracles such as Chainlink and Band are decentralized themselves (they allow multiple links to evaluate the same data before being triggered), these networks themselves face the same (low) risks as blockchains.
Despite the best efforts of certain blockchain projects, they’ve still been susceptible to 51% or other types of attacks that destabilize the integrity of the network. The same is a possibility for decentralized oracles as well (although, again, it’s a very unlikely scenario).
So, ICON DApp developers who want an extra layer of security and ease-of-mind now have the opportunity to integrate multiple oracles to provide the information that their application requires.
Is this earth-shattering news that will cause the price of ICX to spike? Of course not — but it is just another piece of the long-term process of building a sustainable project and ecosystem that provides developers with as many tools as possible to build DApps with use cases that will allow for eventual mass adoption.
While small victories may not make headlines, ICON certainly has been racking up a lot of them over the months and years — and those victories are critical for the success of the project.
News from ICON World
ICON introduces new SCORE Audit System
MyICONWallet gets a new upgrade!
ICON Foundation releases a new network proposal to increase the step price
RHIZOME deployed a citizen node cluster to compliment ICON’s endpoint
ICON Hyperhack has reached 239 participants in total!
More VisitMe usage!
FutureICX has gone LIVE!
Blockchain Industry News
Wyoming-Based Avanti to Open in October With a New Bank-Issued Digital Asset - CoinDesk
Led by Wyoming blockchain advocate Caitlin Long, the crypto-friendly bank announced Thursday its application was accepted by the Wyoming Division of Banking on July 15. Avanti will open in the fall because the regulator accelerated the timeline of its application process.
Banks in US Can Now Offer Crypto Custody Services, Regulator Says - CoinDesk
In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.
Coinbase CEO reflects on Neutrino acquisition: 'We messed up' - Decrypt
“We definitely made a mistake,” said Armstrong, adding that “Most of our diligence was around the technology itself. What we failed to do was due diligence more around our values and our culture.”
Korea’s Largest Blockchain Project ICON to Integrate Band Protocol Oracles - Cointelegraph
The partnership will provide ICON developers with complete access to the BandChain decentralized oracle network to utilize various data and price feeds, according to theannouncement.