Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The Band team has highlighted various potential use cases, including Decentralized Finance (DeFi), Decentralized Commerce, Identity, and Supply Chain Tracking. The project is creating a Web 3.0 component-level data management solution that addresses the issue of data availability and reliability for blockchains in the Web3 technology stack. Current available trading pair on the Emirex exchange: BAND/USDT, BAND/BTC
The Band Protocol blockchain is known as the BandChain and its native BAND token is used for staking by validators and delegators to incentivize accurate and up to date data feeds.
CryptoCurrency Profile
- Token Standard - ERC-20
- Basic Attention Token Price - $6,13 USD
- Basic Attention Token ROI - 1 204,90%
- Market Rank - #82
- Market Cap - $125 558 816 USD
- 24 Hour Volume - $90 999 790 USD
- Circulating Supply - 20 494 033 BAND
- Total Supply - 100 000 000 BAND
- All Time High - $17,69 USD (Aug 10, 2020)
- All Time Low - $0,204181 USD (Nov 25, 2019)
About Project
Band Protocol is a secure and scalable decentralized oracle serving as a two-tier protocol for public blockchains. This allows decentralized applications to use existing data on the Internet without trusted intermediaries, bridging the various use cases between Web 2.0 and 3.0.
Band's unique multi-token model and staking mechanism ensure that data is not manipulated. By ensuring the availability and reusability of data across the network, Band Protocol offers a cheaper and faster solution than alternatives, all without compromising security. Developers using the Band Protocol will be able to create a wider range of decentralized applications with integration into off-chain financial data, reputation scores, identity management systems, and more, bringing blockchain closer to mass adoption.
The list of advantages of the Band Protocol:
- Decentralized economic incentive: Data providers have an economic and reputational interest in remaining honest members of the network.
- Affordability: 50% cheaper than existing decentralized alternatives with much lower gas consumption. Band smart contracts are gas optimized and use less than 30,000 gas units to process a request.
- Scalability: Operating costs for data providers remain the same regardless of the number of decentralized applications used by the data. Once an item is implemented on-chain, multiple smart contracts can consume data at no additional cost to data providers.
- Speed, instant requests: logic can be processed within a single transaction, requiring 0 confirmations on the blockchain. Data is readily available on the blockchain, so data usage can be performed synchronously within a single transaction.
- Easy implementation: decentralized applications can be integrated with Band Protocol with just a few lines of code, without major changes. Requesting data in a Band dataset is just a function call in a predefined interface.
BAND token
The Band ecosystem has two types of tokens: BAND token and Dataset token.
1. The BAND token is Band Protocol's fixed-feed token. It represents the total cost of all datasets in a strip protocol. Use cases designed for BAND include the following:
- Collateral for issuing dataset tokens: The BAND token is used as collateral for issuing Dataset tokens.
- Governance: The BAND token is used as a voting token for network governance decisions.
- Participation in the BandChain Negotiation Algorithm: Once the compatibility between Band chains is updated, the BAND token will be used as a stake token to secure the network with a delegated proof of stake negotiation mechanism.
2. The Dataset token in Band Protocol is a specific token created to govern and secure the particular dataset it refers to. Use cases designed for Dataset tokens include the following:
- Data Provider Slots Acquisition Rate: Data Providers are required to maintain a certain number of Dataset tokens to earn data provisioning slots.
- Data Provider Curation Bid: Token holders can participate in the curation of data providers by placing bids using Dataset tokens.
- Voting. The Dataset token can be used as voting tokens for collectively resolving dataset configurations such as the number of data providers, the cost of a data request, or the minimum rate requirement for data providers.
Roadmap
Band Protocol’s revised long-term vision is to be an oracle of other blockchains. To achieve this, the team has outlined 4 phases of development named after notable Chinese icons.
- Phase 0 (Wenchang): This was the main-net launch of the current iteration of Band Protocol which occurred on June 10th of this year. This phase also included swapping ERC-20 BAND tokens for main-net BAND tokens (there are still many ERC-20 BAND tokens in circulation).
- Phase 1 (Guan Yu): This is the current phase, which involves introducing a custom scripting language for smart contract oracle data requests on the BandChain. It also focuses on integrating BandChain with applications found on Ethereum and Cosmos-based blockchains.
- Phases 2 (Laozi) and 3 (Confucius): These focus on improving blockchain interoperability, allowing for alternative payment methods, and opening the doors to enterprise blockchains. Srinawakoon has noted that Band Protocol will be focusing on Asian markets for the foreseeable future (possibly due to Chainlink’s dominance in North America).
Perspective
Band Protocol is an interesting project aimed at solving the problems associated with the inability of smart contracts to directly interact with the outside world and receive real data. The market for decentralized oracles/data feeds is still emerging and as a result, Band has a good opportunity to establish itself in what is still an emerging market sector. Nevertheless, the team faces stiff competition from ChainLink, as well as other projects, which is more actively encouraging the company to improve its development processes.
Social Media
Website: https://bandprotocol.com/
Twitter: https://twitter.com/BandProtocol
Medium: https://medium.com/bandprotocol
Email: connect@bandprotocol.com
