The activity is heating up at the Band Protocol camp, after the rapid progress and development detailed in the April update, the team has announced that the BandChain Wenchang mainnet (Phase 0) will be launched on June 10. Upon launch, the mainnet will support account, creation, token transactions and staking mode. It will focus on wallet integration, BAND token migration from Ethereum to its own mainnet, staking mechanism and reward, on-boarding of initial validators and establishing community standard for on-chain governance.
1/ 🚀 Band Protocol’s public Wenchang Mainnet launch is going live on June 10, 2020.
This marks a major milestone for $BAND, a scalable and decentralized real-time cross-chain oracle connecting smart contracts to external data sources.https://t.co/5G39nup9Mm— Band Protocol (@BandProtocol) May 27, 2020
The team expects the launch of the Wenchang mainnet to be smooth, providing consistent high throughput and block production, stable stake delegation and staking operation, flawless migration and functioning of BAND token economy and crypto-economic policy as intended (rewards for good actors, penalties for bad ones).
Band Protocol Phases Of Deployment
The Band Protocol team released a detailed report on what functionality would get added with time earlier, in four different phases. Besides Phase 0 launch on June 10, which will establish basic functionality and transition path. The Phase 1 Guan Yu will bring support for querying public and permission-less data sources, gas metering on WebAssembly scripts on-chain, multiple blockchains support, provide ready made oracle scripts ready for DApp integration and provision of data (price information of trading pairs, random number generator, cross-chain event reports etc.) to prominent layer 1 or layer 2 blockchains.
The Phase 2 will support querying of data sources while requiring fees to be paid to data source owners, support function invokes between different oracle scripts, improve composability between multiple data request scripts, consumption of permissioned API requiring payment and provision of specific data (sports and player stats, shipment tracking, flight data, airfare etc.)
The Phase 3 will integrate more payment options, support peer to peer authentication gateway, focus on interoperability between smart contracts and traditional enterprise services. The Band Protocol team is actively researching an essential layer concept for data sharing and payment receiving between users/service providers.
About Band Protocol
Band Protocol is a cross-chain (multiple blockchain compatible) decentralized data oracle project that provides and manages real world / event data to smart contracts. It enables the provision of secure and reliable feeds, which are tamper resistant and don’t have a single point of failure. The project is backed by leading organizations such as venture capital Sequoia Capital and the cryptocurrency exchange Binance.