TRON Successfully Integrates Band Protocol, Strengthening Scalability & Security For DeFi
TRON has completed an integration with Band Protocol’s decentralized oracle network. This makes Band the first external oracle solution chosen to be implemented into TRON’s ecosystem for developers. As part of a strategic long-term partnership, both teams have been working collaboratively to solve blockchain scalability issues. The goal of this strategic partnership is to bring highly secure and decentralized oracles to all TRON services. These oracles will provide solutions and real-world data to use cases spanning from decentralized finance (DeFi), enterprise applications, government solutions, games, and more while providing value for hundreds of thousands of users.
With the initial bridge implementation and official TRON developer documentation for Band Protocol complete, the DApp integration efforts kick off with JUST — the leading stablecoin protocol on TRON to secure over $30M in collateral.
Band Protocol is a decentralized cross-chain data oracle platform that enables smart contracts to customize, aggregate and connect to any external data source or API. They offer a scalable oracle request process, low-costs, real-time data, ability to connect to any high-quality data sources, end-to-end flexibility with the highest degree of decentralization. They are backed by Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
We have chosen Band Protocol to be the first external oracle integrated with TRON for their unique key offerings solving major issues in existing solutions:
Scalability & Efficiency
Band Protocol utilizes an independent high-performant blockchain, BandChain, built specifically for oracle computations such as data sourcing, aggregation, updates and settlement. This offloads all bandwidth from a specific blockchain, mitigating TRON DApps from congestion or scalability issues as seen with Ethereum-based oracles. TRON is already regarded as one of the most high throughput blockchain protocols and Band helps to build on that reputation.
End-to-End Flexibility & Customizability
TRON developers may create fine-tuned decentralized oracles on BandChain for any data source, aggregation method, update time and security parameters. Developers are not limited to using predetermined data sets or required to build their own data feed which includes heavy lifting such as sourcing APIs and onboarding a set of validators/data providers. As new products emerge on a daily basis, Band’s modularity provides autonomy for TRON developers to express themselves.
Enables Real-Time Data
TRON DApps may use BandChain to submit an oracle query and receive the result within 4–6 seconds for only a marginal cost of transaction fees (gas). This means DeFi on TRON will not be required to rely on centralized oracles or reference data that are commonly updated only every 3, 6, or 24 hours. Band Protocol may meet the demands of a real-time data request and prevent delayed or invalid data from being consumed.
Decentralized Oracle Mechanism
There are currently 66+ validator nodes on the BandChain decentralized oracle network that are required to stake BAND tokens to fulfill data requests from DApps based on a stake-weighted basis. This global pool of validators who are economically aligned to secure the oracle network will be at the disposal of all TRON DApps.
Currently, there are 11 price pairs available to be observed from the BandChain bridge contract covering crypto assets that update every 5 minutes and foreign exchange/commodities price feeds that update every 60 minutes. The following feeds are: BTC/USD, ETH/USD, TRX/USD, BAND/USD, XAU/USD, XAG/USD, EUR/USD, CNY/USD, JPY/USD, GBP/USD, KRW/USD.
It is important to note that TRON developers are not limited to the data feeds on the BandChain bridge contract. The full integration with Band Protocol will enable custom oracle scripts to be built that are fine-tuned and adapted exhaustively for any data needs or demands from decentralized applications on TRON.
“We are ecstatic to enhance TRON with the most valuable oracle product on the market. This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain. The future of blockchain technology is bright as we kick off a series of TRON DeFi partnerships to come. TRON’s ecosystem is growing faster than ever and having Band Protocol secure our top applications helps us speed up the adoption of DeFi and DApps worldwide,” said Justin Sun, CEO of BitTorrent and Founder of TRON.
“Band Protocol is thrilled to be the first oracle solution integrated into the TRON public blockchain, a platform for scalable blockchain technology and operating system for almost 1000 decentralized applications,” said Soravis Srinawakoon, CEO & Co-Founder of Band Protocol, “Working closely with the TRON team to support and bring secure, customizable and decentralized oracle technology will power the next generation of scalable applications that fuel the next wave of blockchain adoption.”
TRON is thrilled to work together with Band Protocol to unlock both project’s full potential through truly scalable and highly secure decentralized oracles. The partnership will be on-going, extending support to all existing TRON applications and new ones to come. Through the critical data infrastructure provided by Band Protocol and TRON’s operationally efficient public chain, both teams are bringing the blockchain industry closer to adoption with truly secure and usable products.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables 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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TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch in May 2018, network independence in June 2018, and TRON Virtual Machine release in August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.