Band Protocol

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Frequently asked questions

Why do blockchains need oracles?

Blockchains need oracles because they are unable to access trusted real-world information outside of their networks. Oracles, such as Band Protocol, enhance smart contract functionalities by providing access to reliable data without the need for a central authority or points of failure. This allows developers to use various types of data, including real-world events, sports, weather, and random numbers, by creating custom-made oracles using WebAssembly.

What is Band VRF?

Band VRF is a Verifiable Random Function system provided by Band Protocol. It is designed to address the fundamental issues that threaten the integrity of various Web3 use-cases by providing a pseudorandom output along with proof of authenticity. The key features of Band VRF include unpredictability, unbiasedness, verifiability, and tamper-proofing. It is based on the BandChain blockchain and uses cryptographic techniques to secure and verify the randomness of its output. Band VRF is available on multiple blockchain platforms, including Ethereum, BNB Chain, Polygon, Avalanche, Optimism, Cronos Chain, Oasis Chain, and OKC.

How does Band VRF work?

Band VRF works by utilizing the BandChain blockchain and a Verifiable Random Function (VRF) to ensure the integrity and authenticity of random number generation. When a dApp requests a random number, validators on the BandChain and the VRF Oracle Script generate the random number in a verifiably random manner. The key features of Band VRF include unpredictability, unbiased uniform distribution, verifiability, and tamper-proofing.

What is Band Standard Dataset?

Band Standard Dataset is a feature offered by Band Protocol that provides real-time price information for over 196+ symbols, including cryptocurrencies, foreign exchange rates, and commodities. It aggregates prices from 14 institutional-grade data providers and exchanges to ensure the most robust representation of asset prices. Band Standard Dataset can be used to build decentralized applications (dApps) with ease and confidence. It is available on multiple blockchains, including Ethereum, Binance Smart Chain, Fantom, Near Protocol, and more. Band Standard Dataset is trusted by top decentralized projects and is powered by the best data sources available.

How can developers use Band Integration Tools?

Developers can use Band Integration Tools to seamlessly integrate their applications with BandChain. These tools offer a comprehensive array of integration options for developers, including:

1. cw-band: This tool is designed for CosmWasm developers who want to integrate data from Band's oracle into their CosmWasm smart contracts. It provides a standard data type library for CosmWasm contracts to connect with BandChain through IBC (Inter-Blockchain Communication).

2. Pricefeed Module: This tool is specifically for Cosmos developers who need to retrieve price data from BandChain. It allows developers to access real-time price information for various symbols, including cryptocurrencies, foreign exchange rates, and commodities.

3. Falcon (Coming Soon): This tool is currently in development and will provide additional integration options for developers.