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Moonbeam and Band Protocol Team Up to Bring Secure, Scalable Oracle to Polkadot

Moonbeam Team

Dec 22, 2020

3 min read

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Developers Building on Moonbeam Can Now Request Data From the Decentralized Oracle Infrastructure of Band Protocol

Singapore – December 22, 2020 – MoonbeamGo to page https://moonbeam.network/, the Ethereum-compatible smart contract platform on Polkadot, has implemented Band Protocol as a decentralized oracle in its TestNet. The Sequoia Capital-backed Band Protocol specializes as a scalable cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.

This implementation brings significant benefits to developers building on the Moonbase Alpha TestNetGo to page https://docs.moonbeam.network/learn/platform/networks/moonbase/, who will now have access to Band Protocol-based oracle data and be able to request data to integrate into their applications.

The Moonbeam smart contract platform team is continuously working to simplify the implementation process for Ethereum developers who want to expand to Polkadot. By integrating Band Protocol into Moonbeam, developers will be able to retrieve institutional-grade dataGo to page https://data.bandprotocol.com/ from premium, secure providers including Brave New Coin and CryptoCompare, among others. With the Band Protocol implementation, Moonbeam developers will be able to:

  • Get asset prices for a long list of supported tokens from a standard dataset currently supporting price feeds for over 125+ crypto assets, two commodities (gold and silver) and 13 exchange rates.
  • Query data through the Band Protocol smart contracts on Moonbeam by implementing the StdReference contract interface, which exposes the getReferenceData and getReferenceDataBulk functions.
  • Use the JavaScript auxiliary library, which bypasses the blockchain and fetches data directly from the Band Protocol API.

Moonbeam chose to integrate Band Protocol for a number of reasons:

  • Customer Demand for a Decentralized Oracle Network With Reputable Validator Nodes
    The BandChain decentralized oracle network is secured by 71 validator nodes composed of the top blockchain enterprises, DevOps, and security firms.
  • Developer Friendliness & Blockchain Agnostic Nature
    Band Protocol offers a plug-n-play solution for developers to connect to their own customized oracle scripts or obtain premium quality price data secured by a publicly verifiable oracle network.
  • Scalable & Easily Customizable Oracles
    Band Protocol has a highly modular and flexible design, allowing developers and teams building on Moonbeam to create custom decentralized oracles on BandChain, specify any external data source to connect to (including premium and paywall APIs), and update intervals or security parameters.

The Moonbeam team has also created new tutorials for the Band Protocol integration, demonstrating how to leverage the new oracle system using Moonbase Alpha, Moonbeam’s TestNet. The tutorials are available on the official documentation siteGo to page https://docs.moonbeam.network/integrations/oracles/band-protocol/.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachainGo to page https://moonbeam.network/education/what-is-a-parachain/ on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/Go to page https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/Go to page https://www.purestake.com/

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