BCIP-5: Enable IBC Transfer Official Proposal

BCIP-5: Enable IBC Transfer Official Proposal

BCIP-5: Enable IBC Transfer Official Proposal
BCIP-5: Enable IBC Transfer Official Proposal

Now that BCIP-4 has passed to enable the IBC Oracle feature, expanding the use case of Band in other IBC-compatible chains, we are excited to share that the core Band Protocol development team has submitted a new BandChain Improvement Proposal (BCIP-5) to propose enabling token transfer through IBC and updating the historical_entries parameter to allow for header verification in IBC connections.

Once the proposal passes, BAND holders can transfer their tokens to our partner chains with IBC-capability and perform activity on those chains with BAND tokens. The ease of transferring enabled by this feature creates more seamless use cases of BAND tokens which raises the liquidity of the token.

The Outcome of the Proposal

Upon the proposal conclusion on Nov 11, 2021, there are two possible outcomes:

  1. If the proposal passes, IBC Transfer feature on BandChain will be enabled automatically and historical_entries parameter in the staking module will be changed to 10,000 for header verification in IBC connections.
  2. If the proposal fails, BandChain will not support sending and receiving BAND and other tokens through IBC, 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. 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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