Good afternoon everyone and moderators! Quick question: I just saw

Question

Good afternoon everyone and moderators! Quick question: I just saw

that Chainlink released their CCIP, to have more interoperability with other Layer-1s. In my view the big edge of Band Protocol was its interoperability. Do you think this release makes harder for Band Protocol to differentiate from Chainlink? Thanks

#bandprotocol #cryptocurrency #english

0

19.07.2023

4 ответов

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Leon | Band Protocol (🅑)

Hi mate, Starting at a high-level, both Chainlink CCIP & Cosmos IBC(which band uses for cross-chain oracle requests) are trying to solve the same problem; namely Interoperability & communication between blockchains. Multi-chain is essentially the future and you can see a lot of projects in the various ecosystems are building towards this. The IBC standard however is being adopted by every chain in the Cosmos Ecosystem. Let’s dive in some specifics; IBC consists of 2 distinct layers: the TRANSPORT layer which provides the infrastructure to establish secure connections & authenticate data packets between chains & the APPLICATION layer, which defines how these data packets should be packaged & interpreted by the chains. In simple terms, IBC allows blockchains built on the standard to "talk to each other". This means being able to transfer tokens and other data frictionlessly and trustlessly between previously unconnected blockchain I’d say the main advantage of IBC is that it connects famous chains & unknown chains permissionless; CCIP sounds like you need to biz dev with Chainlink to access the network effects of interop. IBC is miles ahead and acts like the gold standard for cross-chain security and implementation/adoption. Overall I haven’t researched CCIP that much just yet. But that’s my personal take on it thusfar.

0

19.07.2023

Yass Автор вопроса

Leon | Band Protocol (🅑)
Hi mate, Starting at a high-level, both Chainlin...

Loves the answer. Thanks a lot!

0

19.07.2023

Yass Автор вопроса

Lucas (🅑)olt | WON'T DM YOU FOR FUNDS
Good afternoon! The release of Chainlink's CCIP t...

Thanks a lot as well Lucas!

0

19.07.2023

Lucas (🅑)olt | WON'T DM YOU FOR FUNDS · Accepted Answer

Good afternoon! The release of Chainlink's CCIP to enhance interoperability with other Layer-1 blockchains is undoubtedly a significant development in the blockchain space. It showcases the industry's focus on enabling seamless communication and data transfer across various platforms. While both Band Protocol and Chainlink aim to provide interoperability solutions, each project has its unique approach and strengths. Band Protocol has long established itself as a cross-chain data oracle, connecting real-world data and APIs to smart contracts. It boasts a flexible design, allowing developers to query a wide range of data types from both on-chain and real-world sources. On the other hand, Chainlink has been a pioneer in decentralized oracles, specializing in secure, tamper-proof, and reliable data feeds for smart contracts. Their robust network and widespread adoption have made them a prominent player in the oracle space. In essence, while both projects offer interoperability solutions, their core functionalities, technical implementations, and ecosystem partnerships may vary. Each project's success depends on its ability to address specific market needs and provide value to developers and users. Also, Band has a strong dedicated team, who are constantly working to improve the all-round quality of services as well as development of new ones. Ultimately, healthy competition can drive innovation and benefit the entire blockchain ecosystem. As both Band Protocol and Chainlink continue to evolve, they have opportunities to differentiate themselves, cater to different use cases, and coexist harmoniously in the ever-expanding blockchain landscape. Thank you for your insightful question!

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