Band Protocol is designed to be faster and more efficient than competing oracle solutions.
Table of Contents
What Is Band Protocol (BAND)?
Band Protocol is a decentralized data oracle platform that connects real-world data to smart contracts. It provides reliable and tamper-proof data sources on the blockchain, allowing developers to build dApps with unprecedented levels of security and trustlessness. Band Protocol is powered by a network of staked validators and utilizes innovative economic incentives to ensure data quality and availability.
Band Protocol hopes to achieve:
- Data Flexibility, it must be able to support different methods of retrieving and aggregating data.
- Cross-Chain Compatibility, it must be able to serve data to the vast majority of publicly available blockchains.
- Speed and Scalability, it must be able to serve a large number of data requests to various public blockchains with minimal latency and high throughput.
BAND is their native currency, a ERC-20 token built on the Ethereum blockchain but later transitioned to the Cosmos Network.
How Does Band Protocol Work?
Band Protocol is designed to enable decentralized applications (dApps) to easily access data, off-chain payment services, and other resources. The protocol uses a decentralized oracle network that consists of various nodes with different responsibilities.
The software can request data from various sources and relays that information using data feeds. It utilizes its own blockchain to help make this possible, and all transactions are publicly checked and verified.
The Validators then check if the transactions on the protocol are legitimate, and make sure it’s added to the blockchain. They are in control of a certain amount of BAND tokens, which can be bought by themselves or delegated by another user. The Validators with the most BAND tokens at their disposal are selected by the network. However they must adhere to certain rules, such as always staying active (the network needs to function 24/7/). Failure to do so, will result in penalisation in BAND tokens.
The History Of Band Protocol
The Band Foundation is a non-profit organization that oversees the development of the Band Protocol. It was founded in 2017 by Soravis Srinawakoon, a former engineer at Google, and Paul Nivin, a former early employee at Facebook. The two had met while working on their Masters degrees in Computer Science at Stanford University.
The Band foundation is continuously being led by industry experts and professionals who have been involved in various blockchain projects for years.
The Band Protocol network was officially released in September 2019.
Is Band Protocol (BAND) A Good Investment?
The project is still in its early stages, but if successful, it could help connect real-world data to smart contracts.
As for the price of the BAND token, the highest that it has ever reached is $21.01 back in April 2021 and then peaked again to $10.83 in September 2021, with a few months later dropping back down to below $3, which makes you wonder if BAND will see another all time high in the future.
To stay up to date with the current BAND price data, click here.
Should You Buy Band Protocol (BAND)?
By owning BAND, users are able to participate in the suite of products and services built within the Band Protocol ecosystem.
If you have done research on the team, vision, whitepaper and you are satisfied with what Band Protocol has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
The Orchid Whitepaper
Band Protocol released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.
If you want to read the Band Protocol whitepaper click on the button below.
How Many Band Protocol (BAND) Coins Are There in Circulation?
Band Protocol has a total supply of 1 billion BAND coins.
How Can You Buy Band Protocol (BAND) Coins?
It’s actually quite easy to buy BAND. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists BAND. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase BAND.
Where Can You Buy Band Protocol (BAND) Coins?
If you would like to purchase some BAND coins, below are a handful of cryptocurrency exchanges which list them.