BandChain Phase 2: Successful Mainnet Launch

Band Protocol has successfully launched BandChain Phase 2 on the Mainnet, upgrading from GuanYu to Laozi which supports streamed revenue for data providers and IBC integrations.

The BandChain Phase 2 upgrade enhances all facets of the decentralized oracle network to consistently provide reliable external information to the rapidly growing demands of blockchain applications, decentralized finance, and cross-chain functionalities.

https://medium.com/bandprotocol/bandchain-phase-2-laozi-whats-new-in-tech-and-use-cases-bd0bf6911dea

With institutional-grade data providers including existing partners such as Brave New Coin, CoinGecko, CryptoCompare, Finage, able to commercialize datasets through integration-ready oracle scripts on BandChain, Band Protocol is set to rapidly expand existing data coverage and data types available for decentralized applications to use.

Our focus begins with expanding our data providers cohort for price oracles in crypto assets, foreign exchange, traditional equities, and commodities which branches into further data offerings not widely available on-chain such as time-weighted data, volume-weighted data, and regulated benchmarked data from our new enterprise-grade data partners.

Moving Forward

Thank you to our enterprise partners, integration partners, data providers, and our entire validator set on BandChain who have provided crucial feedback and assistance during our Laozi Testnet #4 to steer the direction of Band Protocol to ultimately provide a transparent, trustless, scalable, fair, and secure oracle network to developers.

Our immediate next steps will be to submit a formal governance proposal that will usher in full IBC compatibility with Cosmos-based blockchains and expand multiple facets of Band Protocol’s product offerings including:

• Decentralized result and proof submission to Standard Dataset
• VRF & On-chain Randomness
• Expanding oracle usage in the cross-chain and multi-chain spec

We are thrilled to showcase our on-chain streaming revenue feature made available on BandChain alongside our enterprise-grade data providers bringing highly reliable, accurate as well as regulated data onto the blockchain for developers to integrate.

How to Join as A Validator

Interested in becoming a validator? Please follow our Github repository for an updated guide here.

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*.*

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