Binance Chain Will Use Decentralized Price Oracle Band Protocol For Market Data

    Binance’s blockchain platform, Binance Chain, will utilize Band Protocol's decentralized price oracle to supply market pricing data and atomic swaps for users.

    Binance Chain, the blockchain created by the prominent Binance crypto exchange, will use the Band Protocol. With the decentralized data oracle, Binance will determine prices for over 600 trading pairs. The partnership between Binance and Band Protocol was officially announced this week.

    Band Protocol uses a technology that connects crypto exchanges in order to determine prices. As the industry needs more decentralized options, the service was created to connect different decentralized platforms in a fully decentralized way. This way, multiple sources can confirm prices.

    This service is very useful for a decentralized blockchain such as the Binance DEX. With the Band Protocol, the users can swap tokens via atomic swaps from one platform to the other one without even needing to use any third-party program to do it. With the new announcement, it is possible to make atomic swaps between Binance’s BNB token and the Ethereum exchange, for instance.

    The CEO of Binance, Changpeng Zhao, affirmed that this kind of partnership is set to accelerate the growth of the decentralized finance industry in the world and, because of this, cryptos would definitely become more popular in the near future.

    Unlike services such as Chainlink, the transactions made using Band Protocol are always available on-chain. Right now, the protocol is live on the Ethereum blockchain and it is starting integrations with several other services to expand its reach.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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