Band Protocol, the cross-chain information oracle provider, appear Tuesday that its BandChain oracle blockchain is in the process of upgrading to Phase 2. According to a press release provided to Cointelegraph, the upgrade — which was outset proposed back in June 2022 — volition exist the first data oracle network to permit providers to supply data to the decentralized economy in this manner.

The project hopes to allow access to more data sources and richer data types for traditional enterprises past simplifying access to decentralized apps, or DApps. The upgrade besides seeks to allow institutional data providers partnered with Ring Protocol to aggrandize their data coverage and offerings to on-chain developers.

Soravis Srinawakoon, CEO and co-founder of Band Protocol, explained:

"Afterwards prioritizing the onboarding of decentralized applications, we are directing our focus to bridge the gap between mainstream enterprises and the blockchain industry. There is enormous potential for traditional enterprises to create new business concern models and revenue streams past integrating their valuable data with decentralized ecosystems enabled through Ring Protocol."

Co-ordinate to the release, BandChain 2 will also allow smaller data providers the opportunity to create new acquirement streams, while enhancing the quality of the data by simplifying the onboarding process.

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The project stated that BandChain has served more than than vii.vii million information requests, and Phase Two volition support 8 times more than requests per block and the execution of oracle scripts, which are ten-15 times faster. Greater interoperability will as well exist coming with Phase Two. This is achieved through the implementation of the inter-blockchain communications protocol (IBC), allowing whatsoever DApps implementing the IBC standard to request data from BandChain without the demand for additional validation.

Since its launch in 2022, Band Protocol has stated that it has secured more than $ten billion of value locked in smart contracts without incident.

In Apr, Google Cloud incorporated engineering science from Band Protocol to enable "immediate and authentic analysis of fiscal time series data," according to Kevin Lu, caput of business concern evolution at Band. Google Cloud translates financial time series data into existent-time analytics through machine learning.