South Korea’s ICON Blockchain Integrates Binance-Backed Decentralized Oracle, Band Protocol

  • South Korea’s, ICON blockchain announces integration with Band Protocol, a decentralized data oracle, to bring reliable off-chain data in a bid to curb manipulation and offer the “highest security guarantee for end-users.” This follows the addition of Chainlink to ICON earlier in the year.

The announcement of the official ICON Team Medium blog, states decentralized applications on the ICON blockchain will be able to leverage Band Protocol’s scalable smart contract oracles to build reliable and fully decentralized dApps, preventing a single-point-of-failure (SPoF) attack.

Band Protocol, a decentralized cross-chain oracle, is backed by some of the top venture capital firms in the crypto industry, including Binance Ventures and Sequoia Capital. The platform provides tools that developers and end-users alike can customize to connect to any off-chain data source or API.

The integration of Band Protocol aims to accelerate the development of South Korea’s top blockchain by providing stable and reliable data to all dApps built on it. Min Kim, Founder of ICON blockchain, said,

“Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real-world uses.”

ICON blockchain develops blockchain solutions for various industries across the country, doubling up as the sole government blockchain developer. At the end of 2019, ICON released a statement on its plans to follow China’s blockchain development strategies that could see the country widely use blockchain and possibly a sovereign digital currency.

As a pioneer and leader in the blockchain space, the integration of Band Protocol opens up a new dApp development phase to build more complex applications in South Korea. Soravis Srinawakoon, CEO & Co-Founder of Band Protocol, believes the traditional industries are set to benefit from the strategic partnership with ICON.

“[Traditional industries] have the potential to leverage blockchain technology in Korea with the help of ICON.”

Read more>> ICON (ICX) Releases LFT2 Consensus Algorithm to Improve Scalability and Performance

Band Protocol faces fierce competition

Band Protocol faces stiff competition from leading decentralized protocol, Chainlink, which integrated with ICON earlier in the year. The strategic partnership with Chainlink provides developers with the ability to bring real-world data into their blockchain-based business using a secure and decentralized oracle network.

Band Protocol is holding its own at the moment despite the dominance of Chainlink gaining partnerships in the DeFi field, decentralized gaming, and staking platforms as well. Comparing the token prices, BAND has had a healthy past 30 days recording a 2x return to trade at $4.42 as of writing. LINK, reached its all-time highs earlier in the month of $8.15 after an impressive queue of partnerships and integrations – currently trades at $7.83.

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