Band Protocol upgrades the BandChain network to phase 2

Inter-chain data oracle provider Band Protocol announced on Tuesday that its BandChain oracle blockchain is in progress upgrade Enter the second stage.According to the press release provided to Cointelegraph, the upgrade-this is the first time suggested As early as June 2021-will be the first data oracle network that allows providers to provide data to the decentralized economy in this way.

The project hopes to allow traditional enterprises to access more data sources and richer data types by simplifying access to decentralized applications or dApps. The upgrade also aims to allow institutional data providers that work with Band Protocol to expand their data coverage and products to developers on the chain.

Soravis Srinawakoon, CEO and co-founder of Band Protocol, explained:

“After prioritizing decentralized applications, we will focus on bridging the gap between mainstream enterprises and the blockchain industry. By integrating valuable data with the decentralized ecosystem enabled by Band Protocol, Traditional companies have great potential to create new business models and revenue streams,”

According to the news released, BandChain 2 will also allow smaller data providers the opportunity to create new revenue streams, while improving data quality by simplifying the onboarding process.

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The project stated that BandChain has served more than 7.7 million data requests. Phase 2 will allow support for 8 times more requests per block and 10-15 times faster oracle script execution speed. Phase 2 will also bring greater interoperability. This is achieved by implementing the IBC protocol, allowing any dApp that implements the IBC standard to request data from BandChain without additional verification.

Since its launch in 2018, Band Protocol stated that it has safely locked in more than $10 billion in smart contract value.

April Google Cloud Comprehensive technology Kevin Lu, head of Band business development, said that it came from Band Protocol to achieve “immediate and accurate analysis of financial time series data.” Google Cloud uses machine learning to transform financial time series data into real-time analysis.