Google Cloud has incorporated the price oracle technology of Band Protocol for cryptocurrency price data. Head of Business Development at Band Protocol, Kevin Lu, announced the Bank protocol’s standard dataset is now lie on Google BigQuerywhich will enable users to have access to accurate financial data.
Lu furthered that price oracles of Band on BigQuery is one of the major collaborations of Google Cloud with decentralized block chain sphere. Google will employ machine learning algorithms to convert raw financial data extracted from the Band network through BigQuery into real-time analytics.
Band Protocol was originally launched as an ERC-20 token in 2019. Subsequently, the Protocol shifted to the block chain of Cosmos. Band Protocol has been garnering increasing interest with the rise of the decentralized sphere. It has proven to be a strong competitor to Chainlink which is the major decentralized Oracle service provider in the market. BAND, the token of the protocol, has also been performing well – with around 300% growth year-to-date. BAND is trading hands at $20.5 apiece at the time of press, which has also been established as the all-time high.
Oracles have a major role to play in the decentralized sphere as they provide a channel to securely transfer data between block chains and networks.