ICON taps Band Protocol oracles to bolster dApps in South Korea
One of the biggest South Korean cryptocurrency projects will now feature oracles services from a cross-chain data platform. The project stands to benefit Korea’s flourishing crypto sector.
ICON to use Band Protocol in dApp landscape
A release obtained by CryptoSlate noted the alliance will see ICON’s broader partner network — established banks, government agencies, telecommunications companies — getting introduced to the potential for data oracle usage across varying industries.
For the uninitiated, oracles enable smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Blockchains, by themselves, do not incorporate data feeds by themselves, and need third-party oracles, such as Band Protocol, to power dApps.
With the addition of Band Protocol’s oracles, ICON dApps ranging from DeFi, sports, random number generation, and media applications would get access to a reliable data feed. This would prevent exploits due to “bad” data and an eventual mishap on a dApp.
ICON founder Min Ho Kim said of the partnership:
“The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project.”
He added Band Protocol’s oracle will “simultaneously strengthen the existing network and allow expansion to new real-world uses.”
Join Geezgo for free. Use Geezgo’s end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>
Did you enjoy this post? Please comment below:
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send some Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send some Ethereum
Donate Litecoin to this address
Scan the QR code or copy the address below into your wallet to send some Litecoin
Donate Zcash to this address
Scan the QR code or copy the address below into your wallet to send some Zcash