Brave New Coin, a leader in the data analysis and research sector, is teaming up with Band Protocol, a cross-chain data oracle platform. Through the partnership, they will bring decentralized price reference data to the growing smart contract application sector.
The Goal Of The Partnership
The two companies will work together to bring globally weighted average spot prices for over 1500 digital assets. They intend to avail this information via BandChain, a decentralized oracle network. Smart contract developers can readily integrate and use the spot price oracles on any blockchain platform. The Band Protocol is already in use with leading smart contract platforms such as the Binance Smart Chain, Ethereum, Cosmos, Waves, ICON, Polkadot, and Matic Network.
What Leadership Said
Commenting on the issue Fran Strajnar, the Brave New Coin CEO, said that the company was an early adopter and supporter of DeFi protocols. He noted that the company had launched the first crypto pricing data oracles for smart contracts in 2016. Also, the company had recently launched a tradable DeFi Index, which included the BAND token.
The CEO Concluded By Saying:
“Brave New Coin and Band Protocol are leading the way in bringing scalable, decentralized and non-custodial products and solutions for trading, investment, and analysis for smart contract developers to seamlessly utilize.”
The Band Protocol CEO, Soravis Srinawakoon, had equally positive sentiments on the development. He said working with a reputable and established firm such as the Brave New Coin was pivotal to his company’s success. Srinawakoon added that they would collaborate to offer the masses a commercial solution that protects intellectual property and data privacy while enabling smart contracts to interact with external data sources.
Why The Partnership Matters
The partnership between Brave New Coin and Band Protocol will enable owners of premium data sources that have paywalls, including Brave New Coin, to collect revenue automatically beginning in 2021.
The flexible oracle design of the Band Protocol will benefit all stakeholders by allowing developers to come up with custom oracles with web APIs in a matter of minutes. Additionally, it will allow enterprises to commercialize their data using premium oracles that developers can integrate.
Accurate Price Tracking For The DeFi Sector
The Global Weighted Average Spot Price from Brave New Coin allows anyone to find a fair price for digital assets in near real-time. The data is sourced from leading crypto exchanges globally. Intraday, end-of-day price, and volume inputs are updated every 30 seconds. With the data, developers in the DeFi sector will be able to create trustless apps via an independent and reliable third-party price discovery oracle.
Like other young industries, the DeFi sector is prone to manipulation by nefarious actors. However, tools such as the ones being developed by the Brave New Coin and Band Protocol can help to ensure transparency in the sector. Consequently, trust in the sector will grow, which will attract more investment.
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