Australian News

Australian news and media publication

Chainlink and Band protocol are two blockchain oracles that have been gaining momentum. Oracles are a new type of technology that enables the transfer of data from the real world to the blockchain network. They make data readily available to blockchains and their smart contracts. It can be hardware, software, or consensus-based.

Chainlink is Oracle’s first platform and was launched in September 2017 on the Ethereum blockchain. Its goal is to integrate off-chain data with existing smart contracts. Provides projects on the Ethereum blockchain with relevant data. In essence, it comprises nodes built on an Oracle framework to transmit data and information from sources outside the blockchain to smart contracts on supported blockchains.

Its execution process includes Oracle selection, data reporting, and result aggregation. Like Chainlink, the Band protocol connects the blockchain network with verifiable data from the outside world. It was initially built on top of the Ethereum blockchain in 2017 when it launched. However, it was recently brought to the Cosmos network.

It uses the Tendermint Delegated-Proof-of-Stake consensus algorithm. Furthermore, it has an Inter-Blockchain Communication (IBC) protocol that allows it to interact with other blockchains. Its goal is to improve the speed, scalability, cross-chain interoperability, and flexibility of data on the blockchain.

While both offer nearly the same functionality, the Band protocol is interoperable, cheaper, faster, and easier to use. Additionally, data providers can obtain their native data tokens for data provisioning. While LINK’s total and maximum supply is 1 billion, BAND is capped at 100 million.

One LINK is worth $16.26 as of today, having dropped 68.8% from its $52.70 ATH in May 2021. BAND, on the other hand, is $3.50 right now, which it is 84.8% from its peak of $22.83 in April 2021. As oracles of the blockchain, BAND has the potential to outperform LINK in the long run and is currently low so you can massively accumulate it. In the long run, its limited supply will help drive its price up.

This is aside from its compatibility with other blockchains and its eco-friendly nature. If you are looking for something stable and secure, LINK is the call. But if you want a long-term investment option, choose BAND.

Investing in cryptocurrencies is very risky. Don’t put up money you can’t afford to lose wholeheartedly. Treat wisely and do your research.

Leave a Reply

Your email address will not be published.