Price oracle

A price oracle is a tool that blockchains can use to interface with off-chain data. On-chain data is data pertaining to transactions, token balances, and addresses. Off-chain data is everything else: sporting event outcomes, election results, price data, and so on. A Price-oracle provides real-time information to the blockchain, which can then be referenced in smart contracts to create applications. As a lending protocol, it is imperative that Bitlend incorporates a secure, decentralized, and reliable price oracle to maintain up-to-date price data for our markets.

Bitlend's oracle of choice is Band Protocol. Band is a data curator that offers multi-chain compatibility, data flexibility, and high speed. It functions using BandChain - a public blockchain built on the Cosmos SDK, and Tendermint to achieve instant finality.