South Korea’s Largest Blockchain Project ICON Connects Cross-Chain Data Oracle Band Protocol
Band Protocol, a Sequoia-backed, cross-chain data oracle platform, has combined with a blockchain network ICON to build South Korea’s largest Blockchain Project to date. The merger emphasizes the development of real-world applications for secure and scalable data oracles. “We are excited to be integrating with ICON and expanding the use of data oracles in South Korea, where the blockchain industry is very developed and welcomed by authorities,” said Soravis Srinawakoon, CEO & Co-founder of Band Protocol in a statement.
The two will support the ICON’s network of dApps (Decentralized Applications) by offering secure and verified data to the ICON platform utilizing data oracles. “The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project. Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real-world uses,” said Min Kim, Founder of ICON Network in a statement.
This relationship will also join Band Protocol to ICON’s network of established banks, telecommunications companies, and South Korean government agencies — greatly extending the use cases for data oracles. ICON works by combining data to smart contracts administered over its network of blockchains without intermediaries, reducing the requirement for vast paperwork or interaction between multiple stakeholders. Band Protocol’s oracle will allow widespread use of smart contracts on ICON, which are employed by many top enterprises in South Korea.
Band Protocol will assist various dApps created on the ICON platform, including DeFi, sports, and random number generation. The inadequacy of central authorities supervising these smart contracts involves the data confirmed by Band Protocol’s oracles is important to ensure contracts are executed correctly.
Band Protocol is a cross-chain data oracle platform that aggregates and combines real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — nevertheless, they cannot securely access data accessible outside the blockchain networks. Band Protocol allows smart contract applications like DeFi, prediction markets, and games to be built on-chain without depending on the single point of failure of a centralized oracle. Band Protocol is supported by a strong network of stakeholders, including Sequoia Capital, one of the world’s top venture capital firms, and the leading cryptocurrency exchange, Binance.
ICON is the largest cryptocurrency project from South Korea. ICON intends to create a hybrid blockchain network that connects autonomous online communities and real-world private enterprises. ICON is recently the 8th most utilized blockchain and fully decentralized with 120 validators from across the globe.