Band Protocol (BAND)

Last Updated 19/12/2021

Official Website: https://bandprotocol.com/

What is Band Protocol (BAND)?

Band Protocol was created with the intention to solve the problem of smart contract applications lacking access to real-world data. Through the use of smart contracts, this decentralised, cross-chain oracle platform offers the ability for real world data and APIs to be interconnected with blockchain technology. This protocol runs on Bandchain, a High-performance Blockchain built using the Cosmos SDK, and uses a Delegated Proof of Stake (DPoS) consensus mechanism. When created, Band Protocol looked to prioritise Speed and Scalability, Cross-Chain Compatibility and Data Flexibility which remains to be the focus of their project.

It’s creators, Srinawakoon, Suriyakarn and Nattapatsiri created a cryptocurrency that aims to be compatible with all blockchain development frameworks as well as smart contract platforms. Its use cases include: The requirement for Validators to stake their BAND (The selection process for the opportunity to fulfil data requests is dependent on the volume of the stake, larger stake means a larger probability of request), Transaction and Access Fees (BAND Tokens are used to pay as a transaction and also for data access behind private APIs) and Participation in Bandchain Governance (Token holders are offered the opportunity to vote on protocol upgrades, empowering them with the ability to shape the direction of the network).

Bandchain looks to differentiate itself as an oracle solution in four main ways, these being through: Decentralisation, Flexibility, Scalability and Cost.

This oracle platform’s introduction of maximum redundancy of both it’s Validators and Data Source Level enables it to achieve decentralisation in a unique way.
Users are also given the opportunity to compute their desired data feed, which creates a flexible experience for them.
With Bandchain’s scalability and specifically designed nature, the average block time is only 3 seconds meaning that data request transactions are both received and resolved quickly.
When determining cost, fees are associated on a per-request basis, meaning that users only incur a cost as and when they request data.

Team

The team at Band Protocol are creating a project which they believe ensures interoperability between Smart Contracts and Data from the Rest of the World. The project has been founded by a team of experienced builders and is backed by Global Investors such as: Sequoia, Binance and Spartan.

Soravis Srinawakoon – CEO & Co-founder – Srinawakoon’s strong technological background in computer science has enabled him to assist in the establishment of Band Protocol. His past experiences include studying at Stanford University as well as working as part of the Boston Consulting Group.

Sorawit Suriyakarn – CTO & Co-founder – Suriyakarn’s competitive history in computer programming has equipped him with an IOI Gold Medal, with him writing all sorts of programs ranging from ‘Smart Contracts’ to formal verification.

Paul Nattapatsiri – CPO & Co-founder – Nattapatsiri’s past involvements in the cryptospace including creating Crypto Games with 800,000+ downloads world-wide. He is both a trained Software Engineer as well as a big believer in cryptocurrencies.

Roadmap

BandChain’s Mainnet release

Phase 0 – 6 June 2020 – The foundational phase of Bandchain, that allows validators to stake their tokens and the BAND token transfer.

Phase 1 – 15 October 2020 – Customisable data oracle scripts can be developed without the need for permission with these scripts being able to query data sources.

Phase 2 – 2021 – API providers are now enabled with the opportunity to commercialise their data on-chain, whilst also collecting revenue on-chain.

Phase 3 – More payment options in the ecosystem are accepted with developers now able to pay in a token of their choice. This will complete the BandChain Decentralised Oracle Network, ready to drive interoperability between traditional enterprise services and smart contracts.

Where to Store Band Protocol (BAND)

The Ledger Hardware Wallet Provider supports Band Protocol as a cryptoasset. This company is both high-quality and has been consistently providing some of the safest Cold Storage Wallets for years. For new and existing customers to cryptocurrency, Ledger offers a ledger Live interface to manage your assets which is incredibly easy to use. For more information on how to set up a Ledger Live wallet to receive your Band Protocol, please see our Wallet Guide.

Trust Wallet also supports Band Protocol and is a highly trusted wallet provider available on Android & IOS. Major cryptocurrency exchange Binance bought this provider integrate within their system as the standard wallet. Trust wallet currently has 1m+ active users and prides itself on being the most trusted and secure crypto wallet available. A step-by-step guide on how to set up a Trust Wallet can be found through the Wallet Guides page of our website.

Where to Buy and Sell Band Protocol (BAND)

You can Buy Band Protocol by heading over to the Buy Coins Page of our website. BAND is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying BAND has never been easier, simply place your order, where detailed will be the Band Protocol price, and provide your wallet address. Once your payment arrives, BAND will be sent directly to your wallet.

If you choose to Sell Band Protocol (BAND), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Resources

Website: https://bandprotocol.com/

Band Protocol Documents: https://docs.bandchain.org/

Block Explorer: https://etherscan.io/tokens

Twitter: https://twitter.com/BandProtocol

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.