Bandprotocol.com is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources.
By supplying reputable, verifiable real-world data to blockchains, Band Protocol unlocks a range of new use cases for developers to explore — since they can now use any type of real-world data as part of their decentralized application (DApp) logic, including sports, weather, random numbers, price feed data and more.
Band Protocol Coin initially launched as an ERC-20 project on the Ethereum blockchain in September 2019, but transitioned to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol is built on BandChain using the Cosmos SDK. Oracle nodes on BandChain not only relay data but are also involved in block production/validation, giving them a dual role.
BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators involved in fulfilling data requests, as well as the main medium of exchange on BandChain — being used to paying for private data.
Bandprotocol.com Storage Key Points
|Circulating Supply||35,191,821.00 BAND|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Chat||Click Here To Visit|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Who Are the Founders of Band Protocol?
Band Protocol was founded in 2017 by Soravis Srinawakoon, Paul Chonpimai and Sorawit Suriyakarn. Soravis Srinawakoon, the current CEO of Band Protocol, is a former software engineer at Ericsson and management consultant at The Boston Consulting Group. Paul Chonpimai, on the other hand, is Band Protocol’s CPO, and a former web developer at Turfmapp and engineer at Tripadvisor. Lastly, former software engineer at Dropbox and Quora Sorawit Suriyakarn is Band Protocol’s current CTO and a gold medalist competitive programmer.
In addition to the founding team, the Band Protocol LinkedIn page currently lists a total of 20 additional employees, most of which are scattered throughout Asia, and include designers, developers and engineers. The platform is also supported by major global investors, including Sequoia Capital, Dunamu & Partners, Spartan Group and Binance.
Secure, Scalable Blockchain-Agnostic Decentralized Oracle
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.
What Makes Band Protocol Unique?
Band Protocol is designed to be faster and more efficient than competing oracle solutions and is also compatible with most blockchain and smart contract development frameworks — ensuring reliable data can be fed to and from multiple different blockchains.
To achieve its cross-chain data transfer, Band Protocol plans to leverage Cosmos’ still in-development Inter Blockchain Communication (IBC) protocol. It remains unclear how long it will take until the IBC is operational and ready for use.
Bandprotocol.com is designed to offer permissionless oracle creation, allowing anybody to start servicing data requests. It also offers extremely simple smart contract integration, allowing developers to begin using data from Band Protocol oracles with just a few lines of code by calling on a predefined interface.
Why blockchains need oracle?
Blockchains are great at providing immutable storage and deterministic verifiable computations. However, they cannot access trusted real-world information available outside their networks. Band Protocol enhances smart contract functionalities by granting access to reliable data without any central authority or points of failure.
Bring more use-cases to blockchains beyond DeFi
Bandprotocol.com flexible oracle design allows developers to use any data including real-world events, sports, weather, random numbers and more. Developers can create custom-made oracles using WebAssembly to connect smart contracts with traditional web APIs within minutes.
Use Band Oracle across multiple blockchains
BandChain is designed to be compatible with all smart contract platforms and blockchain development frameworks. In a trustless and decentralized manner, BandChain does all the heavy lifting jobs of pulling data from external sources, aggregating, and packaging them into a format that is easy to use and cryptographically verified across multiple blockchains.
Built for Developers
Bandprotocol.com allows blockchain developers to easily create price feeds, real-world event reports, and other data oracles to be used in all types of decentralized applications.
BandChain utilizes the native BAND token to secure the decentralized oracle network through delegated Proof-of-Stake and settlement for transaction fees. Validators are required to stake BAND token to fulfil data requests in return for a portion of the query fees and earn block rewards.
How Is the Band Protocol Network Secured?
Though BAND tokens were previously based on the ERC-20 standard, they were recently relaunched as native BAND tokens on the Band Protocol mainnet (known as BandChain).
Holders of the older tokens are able to complete a 1:1 swap by depositing their ERC-20 BAND tokens to Binance, and then withdrawing them as native tokens. This will be necessary to participate in BAND staking — which is only available for mainnet tokens.
Based on the Cosmos’ SDK, BandChain is secured by a Byzantine fault Tolerance (BFT) consensus algorithm, which protects it against attacks. This works in combination with a delegated proof of stake (dPOS) setup, which secures the network’s oracles and allows BAND holders to earn staking rewards for delegating their stake to nodes.
Where Can You Buy Band Protocol (BAND)?
Bandprotocol.com was first tracked on public exchanges by CoinMarketCap in September 2019. Since then, it has been listed on a wide range of platforms, including several tier 1 exchanges — like Binance, Coinbase Pro and OKEx.
The vast majority of BAND trading pairs are against Tether (USDT) and Bitcoin (BTC), but BAND can also be traded against several fiat currencies, including GBP, USD and EUR on Coinbase Pro. For more information about buying cryptocurrency.