After months of testing, we are incredibly excited to announce that we have finally launched on the Meter mainnet. Band Protocol is committed to help enhance the capabilities and use cases on smart contract platforms as we continuously strive to provide our clients with reliable data under a decentralised oracle framework. This integration will bring further integrations with various dApp developers who are working under the Meter ecosystem.
Meter is a high-performance layer 1 and layer 2 blockchain infrastructure that scales and connects the financial internet in a multi-chain future. The protocol separates its built-in, crypto-native, metastable DeFi infrastructure to its governance infrastructure that uses the HotStuff based proof of stake consensus with MTRG (Meter Governance Token) to manage the blockchain ledger.
Meter’s unique decentralised financial infrastructure is achieved through the combination of both a Proof-of-Work (PoW), via its stablecoin (MTR), and a proof of stake (PoS) governance, via its MTRG token. This hybrid PoW/PoS consensus that Meter describes as the Proof-of-Value (PoV) consensus, helps to alleviate the disadvantages of having a single consensus mechanism. This infrastructure clearly separates the consensus layer for bookkeeping and currency issuance. The consensus of PoW is responsible for the issuance of currency through mining whilst the PoS consensus uses the HotStuff consensus protocol, a variant of the Byazantine Fault Tolerant consensus protocol, which allows the network to perform bookkeeping quickly.
Meter offers another unique feature in the stablecoin MTR, generated by PoW mining, because it is directly linked to the cost incurred for the miners on the network. The Meter system achieves this by primarily including the cost of electricity, the major cost for miners to validate the network, to anchor the mining cost of the MTR stablecoin to the power consumption of mining one MTR. This mechanism efficiently monetizes the economic behaviour of miners seeking profit and stabilises the market price of MTR as it reflects the continuously adjusting supply and demand relationship for the network.
Band Protocol is looking forward to collaborating with the many developers working under the Meter network. In order to enhance the developer’s experience, we also provide customization that is tailored to each project’s specific need. On top of the 80+ qualified data feeds from a growing number of data sources, we are also ready to provide additional ticker requests that meet our security test in order to maintain our record of delivering reliable data to our clients.
Meter.io is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-two protocol and allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks.
About Band Protocol
Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. 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.