E-Crypto News Talks to Fran Strajner of Brave New Coin and Soravis Srinawakoon of Band Protocol on DeFi Data Oracles

Decentralized finance (DeFi) has faced several problems lately. One of these problems has been the lack of referenced and accurate data prices for several digital assets across the board.

The issues with this situation have been many.

Digital assets get sold at unfair prices and in the most extreme cases, most don’t reach the marketplace.

To solve this, Brave New Coin BNC and data oracle platform Band protocol joined forces to bring referenced data to the DeFi ecosystem.

E-Crypto News reached out to Fran Strajnar, CEO of Brave New Coin, and Soravis Srinawakoon, CEO and Co-Founder of Band Protocol to talk about this.

Here is what they had to say.

E-Crypto News Talks to Fran Strajner of Brave New Coin and Soravis Srinawakoon of Band Protocol on DeFi Data Oracles 1


Fran Strajnar CEO Brave New Coin


E-Crypto News:

  1. Congratulations on your new partnership? How do members of the cryptospace benefit from this partnership?

A healthy competitive landscape with multiple oracle providers allows resilience in product design and innovation in Dapps and on-chain financial instruments. This partnership is only a good thing for crypto broadly speaking. 

E-Crypto News:

2. Data oracles have come a long way. Do you think they will continue to be an important component in interactions between distributed ledger technology (DLT) users and the ledgers themselves? Please tell us the reasons for your answer.

Oracles represent the fundamental middleware which allows smart contracts to make actions based from real-world & non-blockchain data sources. Ie pay somebody when it’s raining on a tuesday.

Or clear a payment when a FedEx shipment arrives at a certain location. The world of API’s is already huge – bringing this into the blockchain via oracles expands infinite possibilities. 


E-Crypto News:

3. How will the weighted average prices of digital assets affect the global cryptocurrency marketplace?

Current oracles data prices typically try to create an index on-chain by combining multiple single exchanges to calculate a price.

A blockchain is not AWS or Dropbox. It’s not possible to do proper index calculations on-chain. By choosing to use BNC Data via Band Oracles, developers can access reliable data to power their Dapps or instruments. 


E-Crypto News:

4. Do you think there is collusion concerning the price manipulation of digital assets between data providers, cryptocurrency exchanges, and other key players within the cryptospace? Please tell us the reasons for your answer.

It’s entirely possible to manipulate a Dapp or Financial Instrument onchain by manipulating the price on a single or even multiple exchanges.

This is why all financial instruments in the legacy world have outlier detection and typically use an index instead of a single exchange.

This is possible too within crypto. That risk is reduced when using a blended price like BNC. We’re simply making a better option available via Band protocol Oracles. 

E-Crypto News:

4. What are your thoughts on the fair pricing of digital assets?

Price discovery must always be part qualitative and part quantitative. Nobody is going to trust settling billions of dollars in-app or on a DEX instrument, based off a price that only reflects 5% global trading volume or doesn’t filter fat-finger and outlier transactions. 

5. Where do you see the digital asset space in the next ten years?

10 trillion dollar market cap. 10’s of thousands more Dapps. Significant disruption to asset management, finance and capital markets sectors.

Considering how broken the legacy financial framework is, Blockchain’s radical transparency this is only a good thing for the world. 

E-Crypto News Talks to Fran Strajner of Brave New Coin and Soravis Srinawakoon of Band Protocol on DeFi Data Oracles 2


 Soravis Srinawakoon, CEO and Co-Founder of Band Protocol


E-Crypto News:

  1. What are the benefits of custom-made oracles?

    The flexibility and customizability of Band Protocol oracles empower developers to use middleware data solutions that are fine-tuned exactly to their needs including specification of any external data source to connect to, update and security parameters.

    For example, DeFi protocols who require real-time and timely updates of price feeds can finally create a highly secure and real-time decentralized oracle that leverage BandChain’s network of 71 validators.

E-Crypto News:

2. Are custom Oracles subject to being hacked? What security measures have been put in place to safeguard against Oracle manipulation?

Custom oracles can potentially be subjected to manipulation based on the data sources specified. For example, a custom oracle can be built using few data sources which can still have surface area for manipulation.

While creating oracle scripts on BandChain is a permissionless process, Band Protocol works closely with all integrators on oracle design to safeguard against manipulation.

This includes but is not limited to, using multiple reputable and premium data providers, custom aggregation logic to omit downtimes/incorrect reports from both validators and data source and intensive stress-tests before launching in a production environment.

E-Crypto News:

3. What are your thoughts on the recent expansion of the decentralized finance (DeFi) space?

There is over $13 billion USD in total value locked up in DeFi smart contracts alone. With the recent growth, this may seem considerable on a first basis but considering the total notional amount outstanding for contracts in the derivatives market is valued at an estimated $1 quadrillion and stock markets at $89.5 trillion – we are still very early with much more adoption to be seen.


E-Crypto News:

4. Do you think Cross-Chain Oracles are the future? Please tell us the reasons for your answer.

Not only are cross-chain oracles the future, any cross-chain decentralized application will be unlocking critical needs such as liquidity, interoperability, communication and data flow.

Applications should not be siloed on a single blockchain network which leads to congestion and scalability issues, the same way that Band Protocol are not based on Ethereum but rather an independent blockchain purely for oracle computations.

Every public and private blockchain is serving a critical need, connecting such blockchains and underlying decentralized applications will ensure a hyperconnected ecosystem and society.

E-Crypto News:

5. Do you think mutable blockchains and ledgers where Data stored on such ledgers and blockchains are reversed are a future possibility? How do you think such blockchains will emerge?

Mutable blockchains and ledgers are a possibility. Take private enterprises or governments that wish to leverage blockchain technology with a central authority as an example.

Decentralization has become a core tenet among the blockchain community, the most difficult obstacle to overcome before we see such applications emerge.

E-Crypto News:

6. Imagine you had a crystal ball. If you took a look into it, what will Oracles become and what roles will they play in the next decade?

Oracles will always follow the smart contract application ecosystem given that the strong majority will require access to trusted and external data sources.

That said, I expect to see innovation in various industry verticals other than DeFi including tokenized real-world assets, games, betting applications, IoT and enterprise solutions.

About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin23,329 0.40 % 2.66 % 0.54 %
Ethereum1,841.1 0.65 % 2.11 % 8.36 %
Tether1.002 0.09 % 0.07 % 0.02 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB305.25 1.48 % 3.72 % 6.23 %
XRP0.3774 1.68 % 0.06 % 2.25 %
Cardano0.5371 1.17 % 4.81 % 4.04 %
Binance USD1.000 0.07 % 0.06 % 0.10 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.08040 2.44 % 6.80 % 15.78 %

Bitcoin (BTC) $ 23,351.00
Ethereum (ETH) $ 1,845.71
Tether (USDT) $ 1.00
USD Coin (USDC) $ 0.999441
BNB (BNB) $ 308.99
XRP (XRP) $ 0.381595
Cardano (ADA) $ 0.539952
Binance USD (BUSD) $ 0.99937
Solana (SOL) $ 40.66
Dogecoin (DOGE) $ 0.081814