Decentralized knowledge governance startup Band Protocol launched its absolutely decentralized binary choices buying and selling app BitSwing on Ethereum’s (ETH) mainnet.
Band Protocol — which closed a $three million seed spherical led by Sequoia Capital India this February — announced the launch of BitSwing forward of its ETH mainnet roll out on Sept. 30.
Binary choices on BTC/USD
With BitSwing merchants are in a position to take lengthy or quick positions on the Bitcoin (BTC)/USD market inside a one-minute time-frame.
As with conventional binary choices, merchants should buy a name choice contract, betting on a rise within the BTC/USD spot market worth one minute later, or a put choice that bets on a lower.
An accurate prediction permits a dealer to double their staked ETH, ought to or not it’s false — lose all their staked tokens.
Blockchain oracle
BitSwing is Band Protocol’s first decentralized utility (dApp) mainnet integration, making use of the protocol’s layer-2 decentralized oracle resolution to supply real-time data feeds for the BTC/USD markets.
As Cointelegraph defined, a blockchain oracle is a system that gives the mandatory exterior knowledge — i.e. the variables to be evaluated — to set off the execution of a sensible contract when the unique phrases of the contract are met.
Band Protocol estimates that with the dApp’s launch, knowledge suppliers and stakers will begin benefiting from accrued question charges at a price of over $300,000 per annum.
The estimate relies on a two-week spotlighting of BitSwing previous to its launch that generated $12,000 in ETH from knowledge question charges.
Band Protocol’s Binance IEO
Earlier this month, Band Protocol conducted an preliminary change providing (IEO) on Binance Launchpad — the identical platform that hosted high-profile Bittorrent token sale earlier this yr.
Bittorrent’s token was notably one of many six Launchpad IEO tokens to be delisted from Binance as a part of a wider-ranging delisting of thirty buying and selling pairs this week.
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