Band Protocol is a decentralized blockchain platform which inaugurates its next version of network, “BandChain 2”. The network supports the data providers to access and run nodes without any intermediaries.
Band Protocol’s New Version
The blockchain platform provides high performance and it is built for the data oracles. The network is secure and scalable and connects real-world data and APIs to smart contracts. Moreover, some of the blockchain oracles like Band Protocol, ChainLink Challenger and other related oracles work to convert their internal data into digital smart contracts. Additionally, this enhances the decentralized finance (DeFi) platforms which are mostly linked to Ethereum networks.
Further, the firm moves into this new phase as the current version is very expensive and consumes more energy. The present version runs on the Ethereum network which extracts more cost for all the transactions occurring in the platform.
The CEO of band Protocol Soravis Srinawakoon shares his support to the launch saying,
“You can see this play out with big players like Solana, Cosmos, Polkadot, BSC [Binance Smart Chain] and Terra. So we positioned ourselves to address the needs of these faster, cheaper and more scalable blockchains.”
Functions of ‘BandChain 2‘
The ideology behind the move into the new version is mainly for the data providers to access the nodes without any restrictions. Thus, the platform serves as a transparent and decentralized network. This enables the data providers to use the other data services like API3 and unique data oracle services.
Significantly, the BandChain 2 is capable of bringing in more traditional players onto the network. It provides them the “Premium APIs” access where the firm is accessible to the economical information directly.
More so, Band Protocol becomes the first blockchain project to join the OpenAPI initiative. The APIs potential is to allow participants to access data and communicate to each other. Besides, Band Protocol maintains partnerships with Google, Microsoft and Bloomberg who are still working in progress.
Thus, the new version might be a hurdle for the users to use. So Srinawakoon says, the team works for the possible ways to help the users to run data in the network. And the players can use existing infrastructure and make it easier to onboard them further.
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