Band Protocol Launches BitSwing on ETH's Mainnet

October 01, 2019 | Monday

Cryptocurreny

   

Band Protocol, a decentralized data governance startup, launched its latest decentralized binary options trading app BitSwing on Ethereum's mainnet. In February, Band Protocol closed a $3 million seed round led by Sequoia Capital India. And recently, it announced the launching of BitSwing before its ETH mainnet roll out on September 30. Through BitSwing, traders can take long or short positions on the Bitcoin/USD market in a one minute frame. On the other hand, traditional binary options allow traders to purchase a call option contract. This is betting on an increased in the BTC/USD spot market price one minute later o set an option that bets on a decrease.

Then, a correction prediction gives a trader a chance to double their staked ETH, should it be false - lose all their staked tokens. Aside from that, BitSwing is the first fully decetralized application (dApp) mainnet integration of Band Protocol. And it makes use of the protocol's layer-2 decentalized oracle solution to offer real-time data feeds for the BTC/USD markets. In addition to that, a blockchain oracle is a system that gives the essential external data - for example, the variables needed to evaluate. And this will trigger the execution of a smart contract when the original terms of the agreement are met. In the estimation of Band Protocol with dApps' launch, data providers and stakers will start benefiting from accrued query fees with a rate of more than $300,000 per annum. This estimate is based on a two-week spotlight of BitSwing before its launch, which generated $12,000 in ETH from data query fees.

Binance IEO of Band Protocol

Meanwhile, this month, Band protocol administered an initial exchange offering (IEO) on Binance Launchpad. And this is the same platform, which hosted high-profile Bittorent token sale earlier this year. Bittorrent's token became one of the six Launchpad IEO tokens delisted from Binance as a part of this week's a wider-ranging delisting of thirty trading pairs.

   

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