In an important development, Secret Network has announced the completion of the implementation of Band Protocol to empower its network with decentralized oracle solutions related to data. Given the comprehensive coverage of Band Protocol that supports access to more than 175 feeds, developers of Secret Network will get the distinct advantage of completely trusted data from the house of Band Protocol.
This integration will prove beneficial for developing applications in the decentralized finance (DeFi) space. The support of oracle data will be extended across categories, with some of the prominent ones being commodities, foreign exchange rates, and cryptocurrencies. The data set offered by Band will empower developers by offering them access to a lot of price feeds including prices of foreign exchange rates, commodities, and cryptocurrencies. What makes this oracle-based data even more enviable is the high safety and security aspects associated with these solutions.
The significance of the partnership lies in the fact that through this integration, developers will now have access to data from other sources that are not part of the ecosystem developed by Secret Network. This has become possible due to the onboarding of BandChain, an off-chain data network of Band Protocol which aggregates data from a variety of sources and makes it available in a completely safe manner. The integration will provide a fresh impetus to the development of applications that are specifically focused on insurance, derivatives, credit scoring, and data marketplaces, among others.
To keep the data authentic and reliable, the price field generated by Band Protocol is equal to the median of the values that the network received from its sources, including Binance, CoinOne, CoinGecko, Bittrex, and OKEX. In addition to having access to these prices, developers will also know when the data is last updated. This further enhances both the reliability and validity of data besides assuring developers of the authenticity of the data.