Band Protocol is a cross-chain oracle platform that provides real-world data streams to on-chain applications and smart contracts. In short, it is a middleman of sorts that acts as a bridge between the blockchain and data outside of the platform. The underlying philosophy behind this project is to bring transparency to the cryptocurrency market. By utilizing their services, BAND token holders are able to use talent from around the world in order to extract real-time data from various sources that can then be used by applications on various blockchains.
Through the platform’s supply of reputable, verifiable data to a collection of blockchains, Band Protocol can unlock a new collection of use cases to allow exploration by developers. Because of this, the platform now has the ability to use any type of real-world data as an extension of its decentralized application logic, while also incorporating other protocols such as sports, random numbers, price feed data, logic, and several others.
In its early days, Band protocol was launched on the Ethereum blockchain, but after a while, the system transitioned completely to the Cosmos network in June 2020 and officially released Band protocol 2.0. The new development was created on the BandChain network via the Cosmos SDK. The oracle nodes on the BandChain protocol rely on data while also being actively involved in the block production process.
Who are the Founders of Band Protocol (BAND)?
Band Protocol was established in 2017 by a collection of professionals in the tech world named Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn.
Soravis Srinawakoon is a Stanford University alumni and obtained both his bachelor’s degree in computer science, as well as his master’s degree in management sciences from the University. While working on his master’s degree, got his first job as a software designer and systems tester at FreeWill Solutions. Later, he became a teaching assistant at the University he graduated from, before moving on to establish Band protocol.
Sorawit Suriyakarn, another arm involved in the establishment of Band protocol is a well-read professional that finished from the Massachusetts Institute of Technology with a GPA of 5.0 at both the Master’s and Bachelor’s degree levels. While he became a teaching assistant after his studies, he also worked as a software engineer at Quora. He later worked with Hudson River Trading as a core developer and then moved on to establishing Band protocol.
What is Band Protocol (BAND) used for?
Band protocol in its basic form provides the necessary real-world data to the cross-chain platforms that require it’s used for their broadband functionality. The smart contract development protocol used by the system is responsible for its ability to deliver these top-notch data services while still maintaining complete control over the major parts of the network.
BAND, its dedicated token also holds the key to several monetary opportunities for the network users as it can be traded with other crypto token pairs such as UNI.
What Is the Unique Point of Band Protocol (BAND)?
Band Protocol is packed with a variety of features that help it execute the required transactions. Among these are its speedy design and advanced efficiency in the available oracle solutions available in the world. While having this feature, the platform is also compatible with most of the available smart contract frameworks and blockchain platforms, thus ensuring that viable data can be fed into the system from a collection of blockchains. In order for the platform to be able to achieve its cross-chain data transfer function, the platform leverages Cosmos platforms in developmental stages and implements inter-blockchain communication protocols.
Band protocol was directed towards the extensive offering of permissionless oracle creation, while also allowing any person interested to act as a data request server. The platform also has an easy-to-use smart contract integration that allows developers to access data directly from Band Protocol oracles with just a few lines of code by calling on a predefined interface.
How many Band Protocol (BAND) coins are in circulation?
Band Protocol initially released the BAND token in its initial exchange offering via the Binance Launchpad in September 2019. Currently, a total of 27.37% of the total token supply was sold in three rounds of sale which were seed, private and public sale. The total token supply of the BAND token has been capped at 100 million tokens, and of that amount, slightly over 20% to be exact, 20.49 million tokens were injected into circulation in November 2020.
In all, a total of 20% of the BAND token supply was allocated to its team, while an additional 5% was assigned to its advisors. 25.63% of its tokens have been allocated to Band Protocol itself. According to its emission rate, reports have estimated that its total supply will be in circulation by around 2025.
Is Band Protocol (BAND) Network secured?
While the BAND platform was formerly designed as an ERC-20 token, the system was recently moved to its one mainnet and its tokens were relaunched. The holders of the former tokens are able to execute a swap for the new tokens by depositing their ERC-20 based tokens to the Binance platform at a 1:1 rate and then withdrawing the present tokens. This is a requirement for them to be exposed to BAND staking which is only available to tokens on their own Mainnet.
According to data on the Cosmos SDK, the BandChain is protected by a dedicated Byzantine Fault Tolerance consensus mechanism which protects the system from attacks. This operates in conjunction with a dedicated proof of stake algorithm which protects the oracle of the network and allows BAND holders to earn from their stake delegation to nodes.
How do I buy Band Protocol (BAND)?
Band Protocol opens its users to several data provision and delivery options, and as such several people have been geared towards becoming a part of its network. Now, its tokens are largely available across several major exchanges and the ease of their purchase is shown below.
- Sign up on the crypto trading platform.
- Deposit a specific amount of fiat money to the crypto account.
- After they will have to wait till the transaction has been approved, they can now buy their BAND tokens.
Which Cryptocurrency Wallet Supports Band Protocol (BAND)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Band Protocol (BAND). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BAND wallet because it offers a simple and interactive interface making it easy for people to navigate its system.
