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Startup Band Protocol Rolled Out Ether-based, Decentralized Binary Options Trading App

By Robin Wong | October 3, 2019

Band Protocol – a decentralized data governance framework has rolled out its fully decentralized binary DApp called BitSwing, built upon the Ethereum Mainnet. 

The newly introduced BitSwing DApp enables Band Protocol clients to adjust the timeframe they appear on the Bitcoin (BTC)/USD market in under 60 seconds. 

Normally with the old-fashioned binary measure, traders would be able to draft a call option contract, placing a bet on an incline of the BTC/USD spot market price after 60 seconds, or a put option that bets on the opposite. 

A right prediction will enable traders to increase their staked ETH 2 times, and if the prediction turns out false, will result in the entire loss of said sum of tokens. 

BitSwing is the first DApp mainnet implementation designed by Band Protocol, which utilizes the layer-2 decentralized oracle solution, in an attempt to generate with a real-time stream of data for the BTC/USD markets.

Band Protocol predicted that following the introduction of the dApp, data providers and stakers will begin to obtain benefits from accumulated query fees, with a rate that surpasses the $300,000 yearly benchmark.

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