Band Protocol 2.0 just saw launch on Cosmos network

Written by: Ali Raza
June 11, 2020
  • Band Protocol just launched its new and improved version on the Cosmos network.
  • The project focuses on delivering accurate data as quickly as possible to various vendors.
  • Some of the information that the protocol will deliver include crypto prices, insurance data, and more.

The DeFi sector is booming, and there are plenty of projects that are currently fighting for dominance. Of course, their fight consists of becoming the best in what they do, which usually involves launching new improvements, features, and capabilities.

The newest example of this is Band Protocol — a cross-chain DeFi data oracle that just launched its new version. The so-called Band Protocol 2.0 launched earlier today on the Cosmos network, with the capability to bring real-world data to the blockchain, and its smart contracts.

What is the new upgrade all about?

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According to what is known, the new upgrade will allow the protocol to process approximately 50 transactions every second. Not only that, but it will be able to avoid network congestion. This is particularly important, as many reported huge losses after the mid-March price drop caught people off-guard.

The new update has brought a lot of advantages and improvements, some of which were already mentioned. The project believes that there is a need for such services, as the world is speeding up its approach to the crypto industry.

In order to serve this demand best, there is a strong need for accurate, as well as fast, data feeds. This will help many DeFi applications reach their full potential faster, and provide top service to their users.

This is what Band Protocol is all about, and this has been its goal ever since it saw its original launch back in September of the previous year. Now, it will provide various accurate information, such as the prices of different tokens, random number generation, insurance data, and more.

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What is next for Band Protocol?

The project’s blockchain, Bandchain, will initially support around 17 genesis validators. Meanwhile, it will dedicate its efforts to bringing new partners, including crypto exchanges.

It is expected that its ecosystem will eventually grow to contain over 50 validators. This will lead to further services, such as delegated staking, which would also improve network security.

Another interesting feature that the new version of Band Protocol is bringing is instant finality. This is actually a feature of Cosmos infrastructure. Its purpose is to remove the necessity to wait for several new blocks to be processed after an already processed transaction can be considered safe from manipulation. This is an issue that Ethereum and Bitcoin users know all too well.