In the age of technology, the two most successful decentralized oracle projects in the crypto market i.e. Chain Link and Brand Protocol are ready for a good competition against each other.
Decentralized oracle networks are a need of time because many non-trivial smart contracts require communication with external systems but unfortunately, this cannot be provided by the blockchain platforms these smart contracts run on. In order to solve this issue, smart contracts could turn to centralized oracles for help, but using a single node is not a good idea as it brings a single point of failure which can result in destruction. This is the reason these smart contracts have to use decentralized oracle networks for external connectivity.
The following article has material found from the website of these two projects and in their white papers, as well as from Crypto Compare. Various information has also been taken from the reports on these two projects by Binance Research, and on-chain analytics provided by Into The Block.
Chain link (LINK)
Chain link Network (LINK) comes with an aim to provide tamper-proof and transparent inputs and outputs of data for smart contracts on any blockchain, so there will be added security. By connecting smart contracts to various other data sources and third-party APIs, Chain Link helps any user to attain on-chain and off-chain data. It also works by sending data to parties that are outside of the blockchain for better functionality.
Chain link’s Meta Oracle provides other services such as data aggregation and reaction services, which aids developers in further improving the infrastructure of their smart contracts.
Band Protocol (BAND)
The Band Protocol team describes their creation as a cross-chain data oracle platform that builds a connection between real-world data and APIs to smart contracts.