Band Protocol upgrades BandChain network to phase 2

Band Protocol, the cross-chain data oracle provider, announced Tuesday that its BandChain oracle blockchain is in the process of upgrading to phase 2. According to a press release provided to Cointelegraph, the upgrade — which was first proposed back in June 2021 — will be the first data oracle network to allow providers to supply data to the decentralized economy in this manner.

The project hopes to allow for access to more data sources and richer data types for traditional enterprises by simplifying access to decentralized apps, or dApps. The upgrade also seeks to allow institutional data providers partnered with Band Protocol to expand their data coverage and offerings to on-chain developers.