One of the leading blockchain networks of South Korea, ICON, has recently announced a new partnership with Band, which itself has seen a massive gain in momentum in recent times.
Leveraging Band’s Oracles
This new partnership will see to it that ICON developers will be provided with complete access to the decentralized oracle network that is BandChain. Through this, developers will be capable of leveraging various price and data feeds, as the announcement itself explained.
DeFi ecosystem and decentralized applications (DApps) rely primarily on accurate data and price feeds to function, commonly referred to as oracles. The Band Protocol itself stands as an emerging decentralized platform that actively connects and aggregates real-world data to smart contracts.
Serving The Country Of Korea
ICON stands as a network with very deep roots in South Korea, having shaped itself as a blockchain developer for the country’s government. The platform itself serves as a network for government agencies and enterprises, such as telecom companies, banks, and healthcare providers. This platform provides these groups with blockchain development and solutions in order to suit their various needs.
ICONLOOP stands as ICON’s technology arm, and has been working on the digitization of national identity authentication, as well as decentralized passport technology. With ICON expanding to the growing DeFi and DApp markets, the network saw a new need for oracles to use in their latest projects.
Band And Chainlink Integrated
Min Kim stands as the founder of the ICON Network, and gave a public statement about the matter at large. He explained that this new partnership and integration with the Band Protocol will see to an increased level of scalability and security be placed on all DApps built within the biggest blockchain project South Korea has to offer.
Alongside the Band Protocol, Chainlink had already been integrated to ICON’s system earlier this year. That oracle provider was leveraged in order to bring pricing data from more traditional markets into other decentralized financial products.
Chainlink stands as the most dominant player when it comes to oracle providers. Chainlink had already made an array of key partnerships with the likes of Binance, Google Cloud, the 0x Project, as well as Ethereum Classic. Its namesake token, LINK, has been one of the best performers for 2020, having seen a 325% surge in value since the 1st of January, moving up from $1.80 to $7.65.