Startup Band Protocol launches BTC Binary Choices DApp at Ethereum

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Decentralized knowledge governance startup Band Protocol launched its absolutely decentralized binary choices buying and selling app BitSwing at Ethereum & # 39; s (ETH) mainnet.

Band Protocol – which led a $ three million seed spherical in February led by Sequoia Capital India – announced the launch of BitSwing for its ETH roll out on 30 September.

Binary choices on BTC / USD

With BitSwing, merchants can take lengthy or brief positions on the Bitcoin (BTC) / USD market inside a timeframe of 1 minute.

As with conventional binary choices, merchants should buy a name choice contract, wager on a rise within the spot market value of BTC / USD a minute later, or a put choice that wager on a decline.

An accurate prediction permits a dealer to double his deployed ETH, ought to it’s false – to lose all their wager tokens.

Blockchain oracle

BitSwing is the primary decentralized community integration of Band Protocol, utilizing the layer 2 decentralized Oracle resolution of the protocol to real-time data feeds for the BTC / USD markets.

As a Cointelegraph explained, a blockchain oracle is a system that gives the mandatory exterior knowledge (i.e., the variables to be evaluated) to smart contract when the unique situations of the contract are met.

Band Protocol estimates that the launch of the dApp knowledge suppliers and strikers will profit from amassed question prices at a velocity of more than $ 300,000 a year.

The estimate is predicated on a two-week spotlighting from BitSwing previous to the launch that generated $ 12,000 in ETH based mostly on knowledge question prices.

Binance IEO from Band Protocol

Earlier this month, Band Protocol executed a primary alternate provide (IEO) on Binance Launchpad – the identical platform that hosted high-profile Bittorrent token sale earlier this yr.

Particularly, the Bittorrent token was one of many six Launchpad IEO tokens that had been faraway from Binance as a part of a wider vary deletion of thirty trading pairs this week.

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