Band Protocol (BAND) Has Started Band Oracle v.3.0 Testnet Phase 2

Band Protocol has started Band Oracle v.3.0 Testnet phase 2 on April 30th. The new version introduces additional data tunnel routes to extend oracle services

Band Protocol has commenced phase 2 of Band Oracle v.3.0 Testnet on April 30th. This new version expands on its existing capabilities with additional data tunnel routes to serve more blockchain ecosystems. Among the new integrations are Cosmos’s IBC-Hook for interchain contract querying, support for Router Protocol and EVM chains, and collaboration with Axelar Network for cross-chain verified feeds.

Further minor upgrades include a standalone Cylinder CLI, block-based signal times, auto-selection of TSS groups, and telemetry enhancements.

The Band Protocol is a cross-chain oracle platform that connects real-world data with smart contracts on various blockchains. It aims to provide a trusted and efficient channel for DApps to operate smoothly by integrating with off-chain data.

The Protocol is powered by BandChain, a blockchain developed using Cosmos SDK, where developers can create and deploy modular and powerful Bands capable of performing complex tasks. These Bands are scripts that can be programmed to fetch specific types of real-world data to DApps and smart contracts. The scripts detail the required data, its source, the number of validators needed for data verification, and the aggregation methodology.

BAND, the native token of the Band Protocol, secures the network using a Delegated Proof-of-Stake (DPoS) consensus mechanism. Token holders can participate as validators or delegators. Validators stake BAND tokens to ensure data integrity in a decentralized manner, while delegators can choose validators to delegate their tokens to. Both staking and delegating BAND tokens provide holders with staking rewards and a share of the data request fees. Additionally, BAND tokens are used for on-chain governance, allowing holders to vote on proposals and decide on the Protocol’s future development.