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BCIP-4: Enable IBC Oracle Official Proposal

BCIP-4: Enable IBC Oracle Official Proposal

BCIP-4: Enable IBC Oracle Official Proposal

With the recent successful launch of BandChain Phase 2, Laozi, we are ready to enable one of our key features of the upgrade: IBC. We are excited to share that the core Band Protocol development team has submitted a new BandChain Improvement Proposal (BCIP-4) to propose enabling the oracle requests through IBC.

If this proposal passes, IBC-compatible chains can request oracle data and receive the oracle results which are proved to exist on BandChain by the IBC procedure. This will not only increase the usage of BandChain’s oracle data but also provide a secure and decentralized method for other chains to access oracle data.

We have also made the feature easily available for developers who want to develop a new dApp chain required to use oracle data from BandChain through integration with starport.

The Outcome of the Proposal

Upon the proposal conclusion on Oct 15, 2021, there are two possible outcomes:

  1. If the proposal passes, IBC Oracle feature on BandChain will be enabled automatically.
  2. If the proposal fails, BandChain will still not be able to get and send oracle requests across other chains and we will collect feedback to improve upon what is needed.

Delegators Can Vote

Every delegator and token holder on BandChain has voting power based on the tokens that have been staked on the mainnet network. Delegators have 5 possible options to interact with BandChain proposal, including this one, as follows:

  1. Vote “Yes”, if you agree with the network upgrade
  2. Vote “No”, if you disagree with the network upgrade
  3. “No with Veto”, if you strongly disagree with this proposal
  4. “Abstain”, if you do not intend to vote in favor or against the proposal but accept the result of the vote
  5. Do not vote (do not submit transaction), if you wish to delegate your voting power to the validator who will vote on your behalf
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For any questions, please feel free to raise any questions or concerns regarding the proposal in our Discord group.

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How is the Proposal’s Outcome Determined?

After the voting period ends, this proposal will be determined as YES if all of the following conditions are met.

  1. More than 40% of total bonded tokens vote on this proposal.
  2. “No” with veto votes must be less than one-third of the total votes.
  3. “Yes” votes are more than the sum of “No” and “No with Veto” votes.

Effects on End-Users

The upgrade has no effect on the end-users operations of the chain.

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.

More about Band Protocol: https://linktr.ee/bandprotocol

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