My 1st CryptoCompare video. In this video we will be doing a crypto comparison as we look at 2 Blockchain Oracles, Chainlink (LINK) and Band Protocol (BAND). We will look at what the differences are between Link and Band. And how these oracles can interact with Live Smart Contracts to improve user capabilities within blockchain technology.
What is a Blockchain Oracle?
Blockchain oracles are third-party services that provide smart contracts with external information. They serve as bridges between blockchains and the outside world.
What is Band Protocol (BAND)?
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.
Why do blockchains need oracles?
Blockchains are great at immutable storage and deterministic, verifiable computations. However, they cannot access trusted real-world information available outside their networks. Band Protocol enhances smart contract functionalities by granting them access to reliable data without any central points of failure.
What is ChainLink (LINK)?
Connect your smart contract to the outside world
Chainlink's decentralized oracle network provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain.
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Chainlink (LINK) is a decentralized oracle service, which aims to connect smart contracts with data from the real world. Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts. Oracles provide external data (e.g. temperature, weather) that trigger smart contract executions upon the fulfillment of pre-defined conditions. Participants on the Chainlink network are incentivized (through rewards) to provide smart contracts with access to external data feeds. Should users desire access to off-chain data, they can submit a requesting contract to ChainLink’s network. These contracts will match the requesting contract with the appropriate oracles. The contracts include a reputation contract, an order-matching contract, and an aggregating contract. The aggregating contract gathers data of the selected oracles to find the most accurate result. Website : https://chain.link/