Elrond, the recently launched sharding-based public blockchain network, today announced a new collaboration with Band Protocol, a decentralized data oracle for Web 3.0 applications.
Through this partnership, smart contracts running on Elrond’s sharded architecture will gain access to trustworthy data delivered efficiently via Band Protocol’s data layer, while Band Protocol’s fast and scalable query model will be able to showcase their advanced tech on top of Elrond’s Layer 1 solution.
“We are impressed with Elrond’s fast and scalable blockchain architecture built with core focus toward adoption. With the accelerated growth of dApp usages, especially in decentralized finance (DeFi), the industry needs better building blocks to support the next generations of dApps. Together, Band Protocol and Elrond collaboration creates an inspiring future where DeFi, games, and digital identity on the blockchain can flourish.”
– Soravis Srinawakoon, CEO of Band Protocol
Due to the decentralized, encrypted and incentivized nature of blockchain architecture, on-chain data is provably reliable. However, building the next generation of decentralized applications will require reliably integrating information from off-chain sources as well.
“At Elrond, we are passionate about bringing a 1000x improvement in blockchain speed, scale, cost, and user experience to create a compelling future for the digital economy. But we also know that the blockchain layer is just a piece of the puzzle that needs to be solved. We observed Band Protocol and their capabilities and believe they are building a valuable different piece of the same puzzle, so we are happy to work together with them moving forward.”
– Beniamin Mincu, CEO of Elrond