Band Protocol recently announced that it has joined the OpenAPI Initiative and is the first blockchain firm to do so.
Band Protocol will be joining other renowned tech firms like Google, IBM, Bloomberg, eBay, and Microsoft, who are already part of the OpenAPI Initiative. Together, they will be working towards the connection of blockchain applications to common Application Programming Interfaces (API).
About the OpenAPI Initiative
The OpenAPI Initiative is hosted at the Linux Foundation as a nonprofit project. The goal of the initiative is to find common standard APIs that can be used across different sectors. Band Protocol has joined this initiative as the first blockchain company to join other companies in fulfilling this goal.
An Application Programming Interface (API) acts as a software intermediary to enable two applications to easily and efficiently share information. Its goal is also to improve user experience and accessibility.
“The OpenAPI Initiative standardizes how the industry describes and documents APIs. We are thrilled to welcome Band Protocol as the first blockchain-based member to join the initiative,” said Marsh Gardiner, product manager at Google Cloud and marketing group chair at the OpenAPI Initiative.
Band Protocol’s Role in the Initiative
The role of Band Protocol is an essential one as it will ensure the suitability and usability of the critical data that will be provided by the APIs to the blockchains. The usability of this data across blockchain applications will meet a certain standardized specification.
When a common API standard has been created, Band Protocol will enable blockchain applications to make use of off-chain APIs and data. This will cause a better engagement with data sources that are centralized and with the technology community at large.
Soravis Srinawakoon, CEO and co-founder of Band Protocol, notes, “Our mission is to define a common API standard for blockchain applications by collaborating with prestigious partners to bridge the gap between centralized data, APIs and smart contracts on the blockchain.”
Band Protocol will also contribute to the growing OpenAPI Specification (OAS), which will allow blockchain projects to easily query and connect to a vendor-neutral and open-source API as well as to other blockchain projects. This can be achieved through a decentralized oracle technology like the BandChain decentralized oracle network.
As Band Protocol works closely on this initiative with other renowned companies, it will fulfill the goal of bringing interoperability between traditional enterprises and smart contracts.
Before now, Band Protocol announced a partnership with Coin98 Wallet, a renowned decentralized wallet.
As of the time of publication, Band Protocol (BAND) price was at $6.62 with a 24-hour trading volume of $94,249,502. BAND price has gone down by 0.6% over the last 24 hours. It has a circulating supply of 22.5 million coins and a max supply of 100 million coins. The most current active market trading BAND is WhiteBIT.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
