chainlink staking reward chainlink price oracle band protocol or chainlink Improving traditional Blockchain with Band Protocol
welcome to architecting startups with google cloud a series where we showcase the latest and greatest startup customers and how theyre architecting and deploying their production ready workloads on gcp my name is vicola and today im pleased to introduce the cto of band protocol sorowit today well learn about how band protocol builds with google cloud and how they are working to improve traditional blockchain technology yeah so hi bukola im excited to be here and looking forward to demystifying blockchain and how we advance protocol architect our solution on google cloud thanks swit for joining us lets lay the foundation for those who are new to blockchain could you help our audience understand what a blockchain is sure in a nutshell a blockchain is a distributed database that anyone can own the data and has logic to make sure that everyone sees the same truth so a blockchain system has three main properties immutability trustlessness and also censorship resistance so immutable is when something is recorded and finalized on the blockchain is practically impossible to be changed as the second property is trustless this is when theres no centralized party in which anyone has to trust to maintain the blockchain data and the third property is censorship resistance which is a property that anyone can always interact with a public blockchain without any restriction awesome so now that we understand what a blockchain is could you tell us about band protocol and how it contributes to the web3 ecosystem yeah so so blockchains are very great at providing immutable storage and deterministic verifiable computations however they fall short when it comes to trusted real-world information available outside of the network so band protocol enhances smart contracts functionalities by granting them access to reliable data without any central authority or point of failure so the foundation of bamboo call is benching which is a high-performing blockchain built specifically for data oracle it is designed to be compatible with all existing smart contract platforms available in the market and any framework so in a trustless and decentralized manner a band protocol does the heavy lifting job of pulling data from the external sources aggregating and packaging the data into the format that is very easy to consume at the application level and also cryptographically verifies the identity of data across multiple blockchains could you go into more detail on what a data oracle is and maybe give us some examples of real world use cases of the protocol so yeah the the majority of decentralized applications on public blockchains need external data as it is a very essential part of the services for example a lending protocol must be able to access reliable real world assets prices to calculate how much a user can borrow given collateral a band protocol tackles this problem by creating a crisis oracle that anyone can verify where the data origin is from the protocol also has economic incentive currency that provided information is correct and protected from manipulations by malicious actors so here are the four key actors in the band ecosystem so the first part is data consumer which are the applications that rely on off-chain data the second part is validators who are the one running the banshee network and getting data from outside to the blockchain the third part is data providers this could be institutions or exchanges that are providing raw data that the validators can fetch and respond to oracle requests and the fourth actor is the token speakers who are very essential to the mention because they speak ban tokens to signal validators and also secure data correctness so without ban protocol application developers without ban protocol application developers are required to trust centralized parties to provide price data for the application and this would essentially become a centralized component which somewhat contradicts the purpose of building on the blockchain and in addition it also creates a single point of failure and adds more risk to the application itself so now that we understand more about the data oracle lets get into the technical details how does the band chain work how does band protocol leverage gcp technologies in bandchain system so at band protocol not only do we build software that anyone can run to operate as a decentralized node of band chain but we also provide end-to-end oracle integration service that thats our heavy lifting job for our clients so although bank chain is public and open blockchain anyone can operate when it comes to ecosystem and integration tools we have been heavily elaborating the support of gcp and infrastructure so let me quickly walk you through a few components that we do quickly so the first component is the public ps gce which are the set of mentioned instances that we operate to make sure that validators can communicate with one another and these public peers also help the newly joining nodes to find up-to-date peers and syncs blockchain data quickly the second component is the public rest endpoint which is a set of instances that we use publicly for sending transactions and curing state on band chain with the use of gce load balancers and instance group we are able to ensure that we can handle all the requests even when under heavy load a managed instance group for internal use is another group that is quite similar to the previous one but this group is used internally to ensure that our critical product such as our flagship standard data set are not interrupted we have cosmos scan which is a block explorer backed by our spatial node for tracking and saving the blockchain state into a sql database and service for curing data to show on our block explorer website and cosmos standard io and the last component is band standard data set which is a software system that is built with several gcp tools including gce the cloud function the class c code the secret manager and they are all work together to publish data from band chain to other public blockchains so you mentioned quite a few gcp technologies that band protocol leverages maybe we can dive into how band chain uses compute engine yeah so lets step back a little bit so as a b2b service provider we want to stress that the reliability of our tech deployment is very important as we are securing more than 10 billion of total value at the peak times for our clients and heres how we do it so currently we run multiple benching nodes ourselves to serve as a foundation for band chain to ensure that mention can operate very smoothly during this early phase each node runs using its own compute engine instance we also operate a few additional mentioned nodes to serve as the endpoint for query and send transaction on benching network and these nodes runs on compute engine as instance group used using the cloud load balancer the compute engine also allows us to easily monitor the cpu consumption the memory the disk utilization via notification and with a proper monitoring analyst system we are able to promptly bring the nodes back online in the event of any downtime due to cpu or memory spike so what is the request pattern on these nodes yeah so on average we see around 500 000 requests per day which means that we really need to have auto scaling with the instance groups so with regards to the instance that rick said that that received request publicly we are setting up multiple instances group in various regions and a load balancer in front of this group for routing requests based on ips we also use auto scaling within each group to make sure that we can handle requests at any given time especially during contestion so lets switch the topic a little bit and how is the data pushed to other blockchains for developers to use yeah so at band protocol we implemented a price feed service that allows users to request price from band chain and relay the result to the target smart contract we designed this service using several micro services to make them very easy to maintain and communicate uh specifically using cloud pub sub mechanism as the communication platform between the services and this is a lot better option than the polling that we did previously because it reduces a lot of latency between different services while also making the system more robust and independent from each other we also utilize the secret manager for our transaction signer to manage the private key before signing a transaction and broadcasting transaction to different target blockchains and this is to ensure that only authorized services will ever have access to the private keys and you mentioned earlier that your team uses cloud sql could you speak on why you chose cloud sql specifically over other database offerings yeah so due to our data pattern on the block explorer the sql database is the most suitable solution because it allows us to define the tables and schema to store data define relations between table to generate graphql provided service that hosts our blog explorer and to create indices that optimize security that we often use and using cloud sql is also better for us in terms of resource management security maintenance and monitoring compared to using other services and we talked offline about how band protocol has worked directly with members of the gcp team i feel like this could be valuable for our audience so could you share more about that yeah this is something that i really like so so we certainly do have a regular catch-ups with gcps uh monthly right now and actually recently we hosted a workshop with gcp team to discuss the ways we can improve the infrastructure further together and because the gcp team is very familiar with the context and then understands the objective of our technology they can offer a lot of great advice so the gcp team has helped us understand the tools that we could leverage and the possible ways we can architect our infrastructure and im really excited for whats more to come thank you so much swift for joining us today where can our audience go to learn more about band protocol yeah so for more information about band protocol you can visit our main website bamboo.com and there you can also find out how to reach us on other social network platforms ranging from our twitter our telegram medium discord where you can get the latest news and update of our recent projects and partnerships and furthermore you can also find more information of our current products such as our band standard data set block explorer cosmos scan as well as the list of our growing partners at our ecosystem tool called bandpartners.io thanks again swift for joining us for this episode we learned so much about how band protocol is improving blockchain by being a middle layer providing reliable data to decentralized applications we also learned how they use google cloud to build the solution if you enjoyed this video series please make sure to click the like and the subscribe button and well see you next time Band Protocol → In this episode of Architecting Startups with Google Cloud, Bukola Ayodele chats with Sorawit Suriyakarn, the CTO of Band Protocol, about what blockchain is and how it can be improved. Watch to learn how Band Protocol leverages GCP’s technology and infrastructure to create a data oracle to improve blockchain technology! Chapters: 0:00 - Intro 0:46 - What is blockchain? 1:32 - What is Band Protocol 2:45 - What is a data oracle and how does Band work? 4:51 - What is BandChain and how does it work? 6:59 - How Band leverages on GCP’s technology and infrastructure 10:31 - Ending Notes on Band Protocol 11:17 - Wrap up Architecting Startups with Google Cloud Playlist → Subscribe to Google Cloud Tech → ArchitectingStartupsWithGoogleCloud
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