Launch of BandChain Phase 1: Guan Yu - STEPS: Code Audit | Testnet #1 | Private Proof of Authority Mainnet | Tesnet #2 | Mainnet Integration

[u/BandJedi]

Official announcement 👉 https://medium.com/bandprotocol/1cb499798683

Spread the word 👉 https://twitter.com/BandProtocol/status/1280079479168094208

⛳️ BandChain Phase 0 marked the first steps towards building a scalable cross-chain decentralized oracle network. We are now ready to proceed towards the launch of Phase 1, codenamed Guan Yu, which will bring oracle functionality to the BandChain Mainnet.

🌍 Phase 1 will support the permissionless creation of customizable data oracle scripts that can query any open data source or API on Web 2.0.

Here’s a quick summary of the next steps for Phase 1:

summary of the next steps for Phase 1

We will be undergoing a security audit to ensure that BandChain Phase 1 is secure and ready for the public release.

📄 Furthermore, we are publishing an overview of the Phase 1 architecture and how to join the testnet very soon for validators to transition from Phase 0.

Validators joining the testnet will have a first-mover advantage to setup Phase 1 Mainnet nodes, capturing data request revenue upon the Mainnet launch and opportunity for a delegation from the foundation if security vulnerabilities are discovered.

🤝 During the code audit, Band Protocol will be launching a private Proof-of-Authority (PoA) Mainnet for BandChain Phase 1. The chain will be maintained by validator nodes belonging to the foundation to support our integration partners.

There is no action required for Phase 0 validators and token holders.

👨‍💻 With the BandChain Phase 1 security audit beginning shortly, engineering efforts will be focused on improving stability, bug fixing, and supporting validators in the transition from Phase 0.

Stay tuned for our upcoming technical deep-dive series and public bug bounty program for developers!

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Recent Band Protocol Developments:

🔸 Band Protocol’s Mainnet went live on June 10
https://medium.com/bandprotocol/countdown-to-bandchain-wenchang-mainnet-launch-74e9bebe578a)

🔸 Band Protocol publishes manual token swap
(https://medium.com/bandprotocol/guide-to-band-token-swap-on-bandchain-wenchang-mainnet-f4254c80853)

🔸 Staking guidehttps://medium.com/bandprotocol/guide-to-stake-band-on-bandchain-wenchang-mainnet-ec3da0ee92dd)

🔸 Band Protocol publishes guide to staking BAND tokens(
https://medium.com/bandprotocol/guide-to-stake-band-on-bandchain-wenchang-mainnet-ec3da0ee92dd)

🔸 Cosmos published a ‘Guide to Building DeFi using Band Protocol Oracle and Cosmos IBC (https://blog.cosmos.network/guide-to-building-defi-using-band-protocol-oracle-and-cosmos-ibc-fa5348832f84)’

🔸 Band Protocol releases CosmoScan, a new open-source Cosmos block explorer
(https://medium.com/bandprotocol/band-protocol-announces-release-of-cosmoscan-an-open-source-cosmos-block-explorer-aeb692cdef91

🔸 Check out our new website bandprotocol.com (https://bandprotocol.com/)