Before addressing the heart of the matter, we have already talked about the Band Protocol project to return to it and get acquainted with its details:

Learn about the “Band Protocol” project and the digital currency (BAND)

Recently announce The Band Protocol project announced a new product that is expanding its protocols to include new sources, in cooperation with Oracle Data Corporation, which provides access to data from external sources in order to launch smart contracts.

New financial data sources for Band Protocol include CoinGecko’s crypto price tracking, investment firms DeSquare, Woodstock Fund and a little-known Chinese pool.

Band Protocol project management stated:

All four sources are from different regions and industries in order to minimize the impact of geo-political events at the industry level.

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Competing with rival Project Link, which collaborates with the same Ethereum-based Oracle, the Band Protocol recently agreed special deals to pull data from sources including Binance, CoinMarketCap and CoinMarketCap. CryptoCompare”.

The two projects are constantly competing, and this is evident in the nature of the partnership that each of them holds.

The “Chainlink” project is superior to the “Band Protocol” project in terms of the size of their data sources.

Chainlink has a partnership with CoinMarketCap, which has 37 million views per month, compared to 7 million views of CoinGecko, which contracted with Band Protocol.

The Binance platform processes over $1 billion in trade value on a daily basis.

However, Chainlink data is limited to the ETH/USD trading pair.

While “Band Protocol” already contains data feeds for both “ETH/USD” and “BTC/USD” trading pair.

This and both projects target dapps.

The two projects greatly assist these applications, which, without their intervention, would have been very limited decentralized applications.

They provide assistance in reliably entering external data.

Mr. Suravis Srinawakon, Co-Founder and CEO of Band Protocol said:

It is important that developers have the right tools to ensure that they build solutions that are suitable for the real world.

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Merging these four financial data providers brings us closer to achieving just that.

The Band Protocol is working to increase the number and quality of data providers, including community-managed contracts, said Mr. Suraves.

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