The band Protocol startup launched the Band Protocol 2.0 update based on the Cosmos Network. The Protocol will allow you to process 50 transactions per second and avoid congestion in the network.
Band Protocol 2.0 aims to ensure compatibility of multiple blockchains, and transmits data from its oracles to smart contracts throughout the ecosystem. The first version of Band Protocol was launched in September 2019 on Ethereum. The updated Protocol will provide decentralized applications with real-time information about token prices, sports event results, and random number generation data.
Initially, 17 validators participated in the launch of BandChain, including cryptocurrency exchanges and other partners of the project. In the future, the number of validators is planned to increase to 50, as well as provide them with the possibility of delegated staking.
Band Protocol co-founder and CEO Soravis Srinawakoon) he said that after studying many options, the project managers came to the conclusion that the Cosmos-SDK is the most reliable and tested platform for creating compatible blockchains.
Srinavakun explained that when using the Cosmos-SDK, you do not need to run its solution at all. BandChain will transmit Oracle data in real time via the Inter-Blockchain Communication (IBC) Protocol and decentralized lightweight clients, acting as a link between decentralized applications on other platforms.
In addition, thanks to the Cosmos infrastructure, Band Protocol 2.0 will support instant completion of transactions, so users will not have to wait for the generation of multiple blocks to confirm the transaction, as it happens in the Bitcoin and Ethereum networks. Cosmos allows Band Protocol to send Oracle data across different blockchains in a single transaction.
Recall that, as it became known last month, the Zcash Foundation will increase the anonymity of the Cosmos ecosystem using the IBC Protocol, which provides communication between blockchains.