Introducing the Pricefeed Module: Seamless Price Data Integration for Cosmos Developers

Introduction

We are thrilled to announce the launch of the Pricefeed Module, a game-changing solution for Cosmos developers seeking to access and utilize price data from the BandChain. As well as being the most widely adopted framework for blockchain applications, BandChain itself is also a cosmos SDK-based blockchains. With the introduction of this integration tool, Cosmos  SDK-based blockchains can effortlessly retrieve accurate and reliable real-time data from the BandChain via the Pricefeed Module.

Simple Integration, Powerful Results

The Pricefeed Module is an implementation of the IBC module in the Cosmos SDK that empowers developers to seamlessly integrate BandChain's oracle and access the latest price data for a wide range of assets. By leveraging the Inter-Blockchain Communication (IBC) protocol, users can effortlessly retrieve and store real-time price information from BandChain directly into their Cosmos SDK applications.

This innovative module simplifies the process of accessing real-time prices for cryptocurrencies, stocks, commodities, and more; making it an invaluable tool for building decentralized exchanges, lending platforms, and other applications requiring real-time price. In short, this compatibility with Cosmos-SDK-based blockchains opens up a world of possibilities, empowering you to create innovative, reliable, and data-driven dApps with confidence.

Seamless Workflow for Reliable Data Integration

Now, let's take a closer look at the seamless workflow enabled by the Pricefeed Module:

1-2. Symbol Update Proposal: Begin by submitting an UpdateSymbolRequest proposal, specifying the symbols you require from the BandChain, as well as the block interval/frequency of updates. This proposal is for retrieving accurate price information.

3. Relaying and Processing: Dedicated relayers play a vital role in the workflow, ensuring smooth communication between the Cosmos SDK applications and BandChain. They relay IBC packets containing price data requests, allowing BandChain to process and validate the information.

4-5. Secure Data Transmission: Upon processing the request, BandChain sends an acknowledgment message along with a request ID back to the Cosmos SDK applications. This establishes a secure and verified channel for data transmission.

6-7. Finalized Data Response: Once the requested data is finalized, BandChain generates a new IBC packet containing the verified price data. Relayers promptly pick up these packets and relay them back to the Cosmos SDK applications, enabling secure utilization of the received data.

Join the Cosmos Revolution

The introduction of the Pricefeed Module represents a significant milestone in seamless price data integration for Cosmos developers. We invite you to explore the limitless potential of this module and revolutionize the way you build and deploy your dApps in the Cosmos ecosystem!

To learn more about the Pricefeed Module and get started on your integration journey, visit our documentation page here: Link.

Join us in shaping the future of decentralized applications as we elevate the Cosmos ecosystem to new heights with easily accessible, reliable and real-time price data integration provided by Band Protocol’s Pricefeed Module. Experience the power of the Pricefeed Module today!

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.

More about Band Protocol: Linktree