The Cronos platform has entered into a collaboration with the Oracle solution of Band Protocol to furnish the DeFi applications of Cronos with external and reliable data sources. Cronos operates on Ethermint, a Cosmos SDK-based development framework. Through Ethermint, Cronos powers the launch of highly scalable Blockchain networks of high output. The Ethermint Blockchain networks are interoperable and highly compatible with Ethereum. The EVM chain of Cronos runs parallel to the Blockchain of Crypto.org platform. The platform works to make the DeFi ecosystem massively scalable to enable the developers to port apps rapidly from EVM-compatible Blockchains and Ethereum.
The strategic integration shall provide the team of developers at Cronos access to the Oracle network that offers security, usability, and a high level of accessibility for the creation of customized decentralized Oracle networks with external data. Band Protocol is renowned as the platform for cross-chain Oracle solutions that drives the connection and aggregation of APIs and real-world data to decentralized smart contracts. Ordinary Blockchain networks offer verifiable, deterministic computations, and immutable storage but fail to access data external to the networks. The Blockchain network of Band Protocol gets rid of the issue and enables smart contract apps like prediction markets, DeFi, and games to operate on-chain and access external data by eliminating reliance on centralized Oracle solutions.
Cosmos SDK, the Blockchain network of Band Protocol, is enabled to relay data among multiple Blockchain networks to enable the smooth transition of dApps of Cronos by the use of the price feeds obtained from Band Protocol. The two-way integration between the Cronos platform and Band Protocol will make the price feed of Cronos one of the sources of data for Band Protocol. The price feed of Cronos shall integrate with the Band Protocol price feed to become the most trusted partner for developers in the utilization of the highly scalable network of Oracle solutions. According to the latest tweets, the partnership between Band Protocol and Cronos will also enable the creation of customized Oracle scripts for the price feed of Cronos.
The Oracle network of Band Protocol is time-tested and renowned for securing more than $8B for the execution of smart contracts. The Band Standard Dataset of Band Protocol is now accessible to the developers at Cronos. It encompasses more than 230 price feeds for cryptocurrency assets, forex, and commodities. The strategic incorporation of Band Protocol into the ecosystem of Cronos is highly beneficial for the customization of decentralized Oracle solutions and the interconnection of external data sources. According to the CEO and Co-founder of Band Protocol, Soravis Srinawakoon, the collaboration with Cronos is significant for the improvement in tooling and infrastructure facilities for the development of reliable and secure decentralized Oracle solutions. Band Protocol always looks forward to providing support and resources to developers for the creation of decentralized and secure Oracle solutions.