Band Protocol partners with BNC for crypto price Oracles

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. While blockchains are great at immutable storage and deterministic, verifiable computations, they cannot securely access data available outside the blockchain networks. Band Protocol addresses this issue by 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.

Today’s announcement means that the globally weighted average spot prices for approximately 1500 digital assets – calculated by Brave New Coin’s crypto data engine – will be available through the BandChain decentralized oracle network. This will allow smart contract developers to readily integrate and utilize these spot price oracles on any blockchain platform. To date, Band Protocol has already been integrated by leading smart contract platforms including Ethereum, Binance Smart Chain, Cosmos, Polkadot, ICON, Waves, and Matic Network.

The spot price (GWA) provided by Brave New Coin works by providing a fair price for any tracked digital asset from near real-time trading across a global network of top crypto exchanges. With intraday, end of day price and volume inputs updated at a 30-second tick interval, developers in decentralized finance will be well equipped to build trustless applications using an independent, reliable, third-party price discovery oracle.

Band Protocol founder Soravis Srinawakoon says working with “established and reputable enterprises such as Brave New Coin will be pivotal to Band Protocol’s success as we collaborate to provide a commercial solution that protects intellectual property and data privacy while enabling the smart contract world to interact with external data sources.”

This long-term partnership will also enable premium data source owners with paywalls such as Brave New Coin to automatically collect revenue on-chain starting next year. Band Protocol’s flexible oracle design benefits all stakeholders by allowing developers to create custom-made oracles with web APIs within minutes – as well as enabling enterprises to commercialize their data by creating premium oracles for developers to integrate.

At Brave New Coin, CEO Fran Strajnar says the partnership between the organizations is a perfect market fit as Band Protocol has long been focused on delivering developers piece of mind that its price feeds are robust and tamper-proof. It’s a vision BNC shares, he says. “Band Protocol and BNC are leading the way in bringing scalable, decentralized and non-custodial products and solutions for trading, investment and analysis for smart contract developers to seamlessly utilize.”

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 Binance exchange.