The partnership will provide ICON developers with complete access to the BandChain decentralized oracle network to utilize various data and price feeds.
Dapps and DeFi ecosystems have to rely on accurate price and data feeds, or oracles, to function.
Band Protocol is an emerging decentralized platform that aggregates and connects real-world data to smart contracts.
ICON is rooted in South Korea while shaping itself as the blockchain developer for the government.
The platform operates a network of established enterprises and government agencies and provides blockchain solutions and development to suit their needs, including:
- telecoms companies
- healthcare providers
Through its technology arm, ICONLOOP, it has worked on digitizing national identity authentication and decentralized passports.
As it expands into growing dApp and DeFi markets, ICON requires oracles for its latest projects.
Min Kim, founder of the ICON Network, said:
“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.”
Chainlink is the most dominant Oracle provider at the moment, with major partnerships such as:
- Google Cloud
- Matic Network
- Ethereum Classic
- 0x Project
Meanwhile, Chainlink’s competitor, Band Protocol has formed partnerships with:
- DeFi and staking app Frontier
- Decentralized gaming platform BetProtocol
- Cross-chain interoperability protocol Gravity Hub