crypto-academy-season-3-week-7-homework-post-for-allbert-or-blockchain-oracle-or-tellor-network @eloksjoseph

eloksjoseph (63)Beginner[2,4,5]in SteemitCryptoAcademy • 3 years ago (edited)

INTRODUCTION

Good day sir @allbert it's a wonderful lecture you have here... It's actually the first time I'm doing something about the blockchain oracle it's actually the first time I'm hearing about it so from your lesson this is what I couod come up with.

What came to my mind when I heard the word oracle was something like a voodoo kind of stuff so to understand the concept of blockchain oracle you have to know the meaning if blockchain itself and also oracle.

Oracle can be defined as something supernatural it can also be defined as an authoritative person that divines the futures, it's also like a bridge between the physical world and the spiritual world. While blockchain can be defined as a system that stores Information in a way that it's impossible to have access to. The blockchain oracle also acts like a bridge between the crypto world and the human world

I'll be making an example using the BAND PROTOCOL

1- History and Description. Does it have any token or cryptocurrency associated? Explain.

The band protocol wan created in Thailand by 3 people named Soravis Srinawakoon, Sorawit Suriyakarn, Paul Nattapatsiri. It grants access to data that are reliable with no central authority I e "it's not centralised" that's why it's also called a decentralised oracle.

the band protocol was created In The year 2019 and it works with the ETHEREUM blockchain, they created there own Blockchain to with the aid of the cosmok sdk to transmit information across different Blockchains.

The band protocol has 4 phases

Phase 0 : this phase enables the band token to be transferred and received
Phase 1: this phase shuts down the establishment of data that are able to customise boraclw script
Phase 2 : gives those that's provide API to work their data on chain in a way that their data isn't reveled to no third party.
Phase 3: this phase enables developers to pay in Any token they choose

Does it have any token or cryptocurrency associated?

They have a token called "BAND", the name was named form the band in band protocol the BAND was created to make sure that security is guaranteed against economic manipulation for every user or developer that are in the network

The image below shows its current price on Binance

2- Functionalities and real-life applications.

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The invention of smart contract was a breakthrough in the crypto world although smart contract are not all that smart cause they cannot access day out of smart chain, smart contract applications such as decentralised finance application require data out of their blockchain.

Band protocol is a decentralized oracle that provides smart contract the tools to connect any external data source or API without any central point, they use band Chains, an independent Block chain built on the cosmos SDK for oracle computations such as pulling data from multiple high quality source and aggregating then to filter unnecessary data and packaging them I to a format that's easy to use and verify easily across other Blockchains.

Just like the oracle the band works like a bridge between dapps data on a Blockchain and a data that isn't of blockchain.the band protocol are fast and flexible with data the band protocol is able to send it's data to different Blockchains through the use COSMOS.

3 - Pros and cons

ADVANTAGES

• It is relatively fast
• it does not involve a third party because data can be estabilish as legal value with the use of on chain without a third party or a middle man
• it's is a decentralised oracle so everyone has equal rights
• it transactions are end to end

DISADVANTAGES

• The band protocol can not be traded it can only be stored
• the band protocol cannot stand alone they depend on the token BAND to bring partners
• powers are not given equally cause validators have more piwe than the deligators
• not everyone can be a validator

4 The Future developments and new projects of Band protocol Oracle

The band protocol developers wants to makes use of its decentralised oracle for all type of data and it doesn't even matter if the application was made using a blockchain or not.