Band Protocol, a data governance startup launched its fully decentralized binary options app on Ethereum’s ETH mainnet.
In February, Band Protocol closed a $3 million seed round led by Sequoia Capital India. The startup announced the launch of BitSwing ahead of its ETH mainnet roll out on Sept. 30.
With the binary options app BitSwing, traders within a one-minute time frame will be able to take long or short positions on the Bitcoin (BTC)/USD market.
‘As with traditional binary options, traders can purchase a call option contract, betting on an increase in the BTC/USD spot market price one minute later, or a put option that bets on a decrease.’
With correct predictions traders will be able to double their staked ETH, if turned out to be false they will lose all their staked tokens.
The app BitSwing is Bang Protocol’s first dApp mainnet integration. Its layer-2 integration decentralized oracle solution will provide real-time data feeds for the BTC/USD markets.
‘A blockchain oracle is a system that provides the
necessary external data — i.e. the variables to be evaluated — to trigger the
execution of a smart
contract when the original terms of the contract are met.’
The data governance startup estimates that ‘data providers and stakers will start benefiting from accrued query fees at a rate of over $300,000 per annum’ with the launch of the dApp.
The estimate is based on a two week spotlighting of the app that was done prior to its launch. It generated $12,000 in ETH from data query fees.
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