ICON taps Band Protocol oracles to bolster dApps in South Korea

ICON taps Band Protocol oracles to bolster dApps in South Korea

One of the biggest South Korean cryptocurrency projects will now feature oracles services from a cross-chain data platform. The project stands to benefit Korea’s flourishing crypto sector.

ICON to use Band Protocol in dApp landscape

South Korea’s largest blockchain network, ICON, has integrated Band Protocol’s cross-chain data oracles to connect verified data to its growing network of Decentralized Applications (dApps).

A release obtained by CryptoSlate noted the alliance will see ICON’s broader partner network — established banks, government agencies, telecommunications companies — getting introduced to the potential for data oracle usage across varying industries.

For the uninitiated, oracles enable smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Blockchains, by themselves, do not incorporate data feeds by themselves, and need third-party oracles, such as Band Protocol, to power dApps.

With the addition of Band Protocol’s oracles, ICON dApps ranging from DeFi, sports, random number generation, and media applications would get access to a reliable data feed. This would prevent exploits due to “bad” data and an eventual mishap on a dApp.

ICON founder Min Ho Kim said of the partnership:

“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.”

He added Band Protocol’s oracle will “simultaneously strengthen the existing network and allow expansion to new real-world uses.”

CryptoSlate caught up with Band Protocol CEO Soravis Srinawakoon for insights on the partnership. Srinawakoon is a Stanford alumnus and worked as a management consultant in a previous role.

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