Komodo Partners and Integrates With Band Protocol For Scalable Oracle Technology

Delton RhodesOctober 27, 2020

AtomicDEX is adopting a decentralized price feed through deep collaboration and partnership with Band Protocol. With the release of AtomicDEX v0.3 on October 29, you can trade and store crypto backed by secure, decentralized price feeds.

Komodo and Band Protocol developers have worked together to establish a close, collaborative relationship. The initial result is the integration of 12 Band Protocol data pairs for AtomicDEX: BTC/USD, ETH/USD, DAI/USD, BAT/USD, KMD/USD, BCH/USD, LTC/USD, ZEC/USD, XZC/USD, RVN/USD, DOGE/USD and DGB/USD.

Prior releases of AtomicDEX relied solely upon a centralized price feed, which is vulnerable to issues such as having a single point of failure or price manipulation attacks. We chose Band Protocol as our first oracle integration as it effectively tackles the oracle problem in a way that is secure, scalable, and chain-agnostic. 

Integrating Band Protocol ensures that any price data displayed on AtomicDEX closely reflects the real-time market averages and is always readily available for end-users to detect potential price manipulation and unfavorable slippage rates when executing trades.

Bonding With Band

This integration comes at a crucial time as AtomicDEX nears the stable beta release at the end of Q4. Although there are several oracle solutions out there, choosing Band as the first oracle integration on AtomicDEX was an easy decision. Komodo CTO Kadan ‘ca333’ Stadelmann remarked,

Band Protocol aligns perfectly with Komodo’s vision of an interoperable blockchain universe. Band Protocol provides a secure and scalable chain-agnostic solution for DeFi projects to verify data in an efficient manner. On top of that, we were able to work directly with Band developers on the integration process. The Band Protocol team is very professional, super responsive, and fun to work with.

Built on the Cosmos SDK, Band Protocol is an accessible, cost-effective network for data requests. The project has gained industry-wide recognition as a leader in decentralized oracle technology. Soravis Srinawakoon, CEO & Co-Founder of Band Protocol said, 

Band Protocol is delighted to be a part of Komodo’s efforts to bring next-generation DeFi to the crypto industry. Atomic swap technology is cutting-edge, and the progress Komodo developers have made in this area is truly remarkable. We are thrilled to see how our decentralized oracle solution can support the adoption of AtomicDEX as well as the broader Komodo ecosystem.

What’s Next For Komodo and Band Protocol?

Our two projects are looking to build upon this partnership. Komodo developers envision that Band Protocol’s decentralized price feeds will be extended to more cryptocurrencies on AtomicDEX in the future and decentralized applications across multiple verticals. 

BandChain, Band Protocol’s decentralized oracle network backed by Delegated Proof of Stake (DPoS), enables Komodo developers to write custom oracle scripts connecting to any external data source or API including but not limited to historical data, trading indicators, market data, real-world events, and insurance data. 

These are just a few additional ways that Band Protocol can be implemented to further enhance the user experience on AtomicDEX for traders and hodlers alike. Working with Band Protocol is also expected to open the floodgates for Komodo developers to securely build any application that requires a connection to external data sources. 

Check out Komodo’s developer documentation to learn more about how you can launch your own independent blockchain and dApps.

 

Download The Latest Version of AtomicDEX

Band’s decentralized oracle solution will be available in the upcoming release of AtomicDEX v0.3, which goes live on October 29. Additionally, desktop users will be able to add BAND as a custom ERC-20 token, which enables you to store and swap BAND on AtomicDEX.

Don’t forget to download the latest release of AtomicDEX and check out the Band Protocol integration as well as all the other exciting new enhancements.

About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

Website | Whitepaper | Telegram | Medium | Twitter | Reddit | GitHub

 

About Komodo

Komodo is a community-led blockchain project for passionate, dedicated, and inquisitive tech enthusiasts. The Komodo community helps shape the future of the project’s technology initiatives, marketing efforts, and overall strategy. Komodo’s AtomicDEX is an end-user application that includes a non-custodial multi-chain wallet with an integrated atomic swap DEX. Supported on all devices, AtomicDEX provides the widest cross-chain capabilities for trustless trading in the entire blockchain industry. Traders can swap BTC, ETH, ERC-20 tokens, KMD, and thousands of other digital assets natively from dozens of blockchains. Komodo’s open-source technologies enable developers to launch independent chains and create robust cross-protocol DeFi applications such as multi-chain wallets, DEXs, and marketplaces. 

Website | Telegram | Twitter | Reddit | Discord | GitHub