Project Name: Band Protocol
Project Token: BAND
Project Website: https://www.bandprotocol.com/
Project Twitter Address: https://twitter.com/bandprotocol
Project Whitepaper: https://www.bandprotocol.com/whitepaper-3.0.1.pdf
A. What is Band Protocol (BAND)?
Band Protocol (BAND) is a cross-chain data oracle platform founded in 2017. The platform collects real-world data and combines it with APIs and smart contracts to enable on-chain and off-chain data exchange for decentralized applications (DApps). Initially, Band Protocol was built on the Ethereum (ETH) blockchain. However, in June 2020, it transitioned to the Cosmos network to reduce gas fees and optimize costs. In essence, Band Protocol acts as a bridge between real-world data and blockchains.
B. What Does Band Protocol (BAND) Offer?
Band Protocol provides users with a wide range of benefits and services beyond just Ethereum. While some oracles are limited to connecting with Ethereum, Band Protocol offers integration with multiple blockchains, playing a vital role in the infrastructure of DApps built on different blockchain platforms. For DApp developers looking to expand their ecosystems beyond Ethereum, Band Protocol holds significant value. Its integration with various chains allows developers to explore different networks that offer increased functionality and cost-efficiency.
Band Protocol's flexibility extends beyond its support for multiple chains. It also contributes to the creation of a standard for APIs by participating in the Open API Initiative. APIs play a crucial role in connecting off-chain data sources with blockchains. By joining the Open API Initiative, Band Protocol demonstrates its commitment to enhancing interoperability and enabling seamless data flow between off-chain data sources and blockchains.
C. Band Protocol (BAND) Technology
BandChain is a data oracle blockchain built on the Cosmos SDK that acts as a bridge between smart contract platforms and data sources supporting DApps. The chain is secured by over 72 validators, ensuring its decentralized nature. Additionally, it relies on the Tendermint BFT consensus algorithm to achieve instant block confirmation. BandChain employs two levels of decentralization to maximize resilience. Firstly, the data oracle is operated by a globally distributed pool of validators, and their performance can be easily monitored and verified.
BandChain's oracle can be customized to be compatible with multiple programming languages, allowing users to shape the data stream they desire. The data source of BandChain allows validators to freely determine where they get their data.
Band Standard Dataset
Band Standard Dataset is a comprehensive reference dataset on Band Protocol, comprising frequently updated and highly customizable price feeds. This product offers developers extensive and extensible price feeds to integrate into their DApps. With real-time price information for 90 cryptocurrencies and 14 forex and commodity pairs, the Standard Dataset is optimized for end-to-end flexibility.
Band Verifiable Random Function (Band VRF) is a cryptographic operation supported by Band Protocol, providing verifiable and decentralized randomness for DApps. It is particularly suitable for EVM-compatible DApps that depend on random values, such as lotteries and NFT generation.
Band Data Provider System
This service provides real-time data feeds to DApps on BandChain. The Band Data Provider system is responsible for aggregating, verifying, and distributing data to DApps. It helps ensure that the collected data is accurate, up-to-date, and consistent. This data can include financial market data, economic indicators, DeFi application data, and more. The Band Data Provider enables DApps to access data securely and reliably, contributing to a transparent, efficient, and effective DeFi ecosystem on the BandChain network.
D. Band Protocol (BAND) Team and Company
Band Protocol (BAND) was founded and brought to life in 2017 by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn. Soravis Srinawakoon, who currently serves as the CEO of the company, previously worked as a software engineer at Ericsson and also held a position as a management consultant at The Boston Consulting Group. Paul Chonpimai is the Chief Product Officer (CPO) of Band Protocol, and Sorawit Suriyakarn holds the position of Chief Technology Officer (CTO).
E. Band Protocol (BAND) Digital Asset Economy
The native token of Band Protocol, the distributed oracle network, is called BAND. BAND is ERC-20 compatible and serves various purposes, including collateral, governance, and staking. Individuals who hold BAND tokens can vote on significant updates and improvements to the Band Protocol.
During its initial coin offering (ICO), Band Protocol raised over 5 million dollars, with a total token supply of 100 million BAND tokens. More than 12 million BAND tokens were sold during the ICO process. Around 27% of the total token supply was distributed to early supporters of Band Protocol. 25% was allocated to the Band Protocol ecosystem, and the development team received 22% of the BAND token as a reward for their efforts in developing the Protocol.
F. Band Protocol (BAND) Evaluation
Band Protocol is a decentralized oracle network that allows secure access to external data and resources by smart contracts. It utilizes its native token, BAND, to incentivize and reward validators who provide accurate and reliable data. The Protocol employs a decentralized governance model, enabling token holders to vote on protocol updates and changes. It utilizes a multi-layered architecture for security and scalability, facilitating the development of a wide range of decentralized applications.