ICON signs an MoU with Band Protocol to align long-term incentives

Greetings ICONists,

We are excited to announce a further collaboration with Band Protocol to operate validator nodes on each other’s networks. With this deeper collaboration, we align ourselves with the long-term success of both networks.

“Band Protocol is proud to continue working closely with ICON, the major leader in the blockchain space with deep roots in South Korea. Expanding our strategic partnership to mutually operate nodes on each other’s network will ensure that both teams continue to collaborate on a deeper level long into the future to create synergistic value. ”

Soravis Srinawakoon, CEO & Co-Founder of Band Protocol

“We are excited to deepen our collaboration with Band Protocol. Their secure decentralized technology has been meaningful for our community developers and their team has proven their ability to execute in production environment for many DApps on ICON. We look forward to working together for the long term”

Min Kim, ICON Foundation Council Member

Band Protocol oracles are already being utilized in many ICON DApps, and this collaboration ensures that Band will be even more motivated to continue servicing the specific needs of DApps in the ICON Ecosystem.

Band has been an excellent service provider so far, answering questions and building scripts with ICON Dapps on a daily basis. We look forward to the continued collaboration and the alignment of our respective communities.

In order to limit the impact on governance and reward distribution on our respective networks, the mutual delegation will only be a small percentage of the total delegation on our networks. The delegation amounts will be reassessed on a quarterly basis to make sure changes in network conditions are accounted for.

Thank you,

ICON Foundation

About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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