November 24, 2022

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BAND Crypto, Band Protocol – The New The DeFi Oracle Protocol

BAND Crypto, Band Protocol bridges the gap between decentralized apps and real-world data while ensuring accuracy and reliability through economic incentives.
BAND PROTOCOL CRYPTO

BAND Crypto, Band Protocol is a cross-chain data oracle platform that aggregates and integrates real-world data and APIs to smart contracts in a decentralized manner. The major goal of the Band Protocol is to bridge the gap between decentralized apps and real-world data while also ensuring accuracy and reliability through economic incentives.

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What Is BAND Crypto, Band Protocol?

One of the most difficult challenges for any decentralized application is gaining access to trusted data and services via traditional Web 2.0. Band Protocol addresses this issue by constructing a decentralized bridge to enable secure interoperability between smart contracts and the traditional web.

Band protocol is commonly used as a cross-chain oracle in decentralized applications. Oracles are third-party services that supply smart contracts with external data. They serve as a bridge between off-chain and on-chain data. These are critical in the blockchain ecosystem because they broaden the scope of smart contracts’ operations. It facilitates the collection of data from web-based APIs by applications (application programming interfaces).

The Band protocol is compatible with Ethereum, Cosmos, and a wide range of other popular blockchain networks. Because blockchains cannot access prices or scores on their own, they rely on the BAND token or oracles to act as a middleman or bridge between data and blocks. Oracles play a variety of roles in the decentralized market, and the Band protocol is one of the critical components for ensuring smooth communication. Dapps are created outside of the Ethereum ecosystem, and the Band protocol facilitates their interaction with other blockchain networks.

BAND Protocol Features

BAND is a critical component for integrating real-world APIs into smart contracts. It includes the BandChain feature, which is designed specifically for Oracle computations. The proof-of-stake system secures the computations, which may include settlement, data sourcing, and aggregation. It has the following features to help you get the job done:

  • Scalability: The oracle computations are performed on the BandChain, which only takes 2 seconds of block time. Oracles aren’t tied to a certain network. As a result, it can interact with any blockchain network and retrieve data independently. They have the ability to quickly reply to data requests from numerous blockchains.
  • Data Query in Real-Time: On the Band Protocol, data query requests will be answered in real-time.
  • Decentralized economic incentive: There are a number of BandChain nodes that function independently to stake the BAND cryptocurrency. This helps to maintain data integrity.

How Does the Band Protocol Work?

The BAND Protocol bridges two distinct ecosystems: on-chain and off-chain. It employs a decentralized data oracle to provide accurate results to blockchain queries while ensuring the integrity of its entries through delegated proof of stake (DPoS). It also serves as an infrastructure layer for Web 3.0 applications, allowing smart contracts to access massive amounts of relevant information in real-time through dPoS consensus mechanisms. Two components are critical to the Band Protocol’s operation: data sources and Oracle scripts.

  • Data sources: The data sources, in this respect, are executables that explain the procedures to be followed in order to retrieve raw data from the many primary information sources, which may include APIs or any other compatible sources that deliver the appropriate results.
  • Oracle scripts: Oracle scripts, on the other hand, are Turing-complete executables, similar to smart contracts, that encode two pieces of data: the set of data requests to the target sources and the manner the raw data reports must be aggregated into the final output.

What is Band Token?

BAND is the Band Protocol’s native token, representing the total value of all data sets within the protocol. It can be used for a variety of purposes, including:

  • Collateral: The BAND token is used as collateral for the issuance of record tokens, the price, and supply of which are determined algorithmically by a continuous on-chain bonding curve.
  • Management: The BAND token is used to vote on network-control decisions.
  • Participation in the BandChain consensus algorithm: After deployment from the mainnet, BAND is used for voting to secure the network using a delegated proof-of-stake (dPoS) consensus mechanism.
  • Governance Group: Users can use BAND to pay the Data Governance Group and ensure the token’s value.

TOKENOMICS

Band Protocol raised $5.85 million in an initial coin offering (ICO) for its BAND tokens in 2019. Band Protocol’s initial coin offering (ICO) took place on Binance Launchpad. The supply of BAND tokens was 100 million at the time of the ICO for its BAND tokens. They had also sold $2 million in BAND tokens in a private sale.

According to sources, more than 12 million BAND tokens were sold during the BAND token ICO. Early Band Protocol investors received 27% of the BAND token supply. Their development team received 22% of BAND tokens for Band Protocol development, while 25% of BAND supply was set aside for the Band Protocol ecosystem.

Token allocation

Total supply: 100,000,000
For sale: 22,370,000 (22.37%)
Public sale: 12,368,200 (12.37%)
Advisors : 5%
Launchpad Sale : 12.37%
Private Sale : 5%
Seed Round : 10%
Ecosystem : 25.63%
Foundation : 22%
Team : 22%

PERFORMANCE HISTORY

The Band Protocol has had two initial coin offerings (ICOs) and one initial public offering (IEO). The first public ICO took place in August of 2018 and saw the sale of 10 million BAND tokens at a price of 30 cents USD per BAND, raising $3 million USD. The second ICO, which was private, took place in May of 2019 and saw the sale of 5 million BAND tokens at a price of 40 cents USD per band, raising a total of $2 million USD.

BAND debuted in the cryptocurrency markets in September 2019 at a price of around $0.6. At the time, only the first version of the Band protocol, based on Ethereum, was still in use, and the price of BAND remained relatively stable until April 2020.

The price began to rise following the release of Protocol Version 2 and, in particular, the new BandChain. It had already surpassed $4.5 in July, and it was close to $15 in August.

Due to the crypto crash, BAND fell from $7.00 to $3.30 in January 2022. Throughout the first quarter of 2022, it fluctuated between $5.25 and $3.4.

DEVELOPERS

Band Protocol was created by a group of skilled builders with years of expertise.

Soravis Srinawakoon, the company’s CEO and co-founder, holds an M.S. in MS&E and a B.S. in Computer Science from Stanford University. He was a member of the Boston Consulting Group and was named to Forbes’ list of the world’s top 30 under 30.

Sorawit Suriyakarn, the company’s Chief Technology Officer and Co-founder hold an M.Eng./S.B. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT). Hudson River Trading, Quora, and Dropbox have all contributed to his knowledge.

CPO and Co-founder Paul Nattapatsiri offers his experience from Tripadvisor and Turfmapp, as well as being the creator of crypto games with over 800,000 users since 2013.

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