[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"887e3c26-d478-48c7-88de-d44783953fb5","updated_at":"2022-06-10T12:45:00+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Band Protocol is one of the most efficient decentralized blockchain oracle providers progressing alongside the growth of the crypto world. BAND network is described as a promising solution for the lack of on-chain and off-chain data interaction. Let’s take a deep dive into Band Protocol!","sapo":"Band Protocol is one of the most efficient decentralized blockchain oracle providers progressing alongside the growth of the crypto world. BAND network is described as a promising solution for the lack of on-chain and off-chain data interaction. Let’s take a deep dive into Band Protocol!","title":"Does Band Protocol (BAND) have a future?","content":"

What is Band Protocol?

Band Protocol is a cross-chain data oracle project that facilitates the connection between real-world data and decentralized applications (dApps) built on blockchains, such as Cosmos and Ethereum. Band Protocol functions as a “decentralized oracle” that enables the process of validating external data.

Initially running on Ethereum, Band Protocol is now building with the support of Cosmos Network, a platform allowing for thousands of blockchain systems to interconnect.

As a part of the Cosmos Network, the Band Protocol relies on Tendermint’s Byzantine Fault Tolerant (BFT) consensus mechanism and enhances multi-blockchain interoperability through Cosmos’ Inter-Blockchain Communication Protocol (IBC).

About BAND token

Band Protocol (Symbol: BAND) is the native token that powers the Band Protocol ecosystem.

First released as an ERC-20 token on Ethereum, the BAND token was moved to its mainnet called Bandchain in 2019.

Besides serving as a payment token, BAND can be used for numerous purposes:

Collateral: BAND serves as collateral for the issuance of record tokens whose price and supply are algorithmically determined by a continuous on-chain bonding curve.
Management: BAND holders have the right to vote for on-chain proposals.
Participation in BandChain consensus algorithm: BAND is responsible for the security of the network through a delegated proof-of-stake (dPoS) consensus mechanism.
Governance Group: Users can use BAND to pay the Data Governance Group and guarantee the value of the token.

How Band Protocol works

There are two primary tokens contributing to the network’s governance:

the BAND token, the native token of the Band protocol;
the Dataset token, a unique token of each dataset in the Band protocol. These tokens can be exchanged with BAND.

Band Protocol relies on the validator system to validate external data, and ensure the accuracy as well as the rapidity of all transactions.

Validators mainly contribute to the verification of transactions on Band Protocol and the production of new blocks.
To become a validator on the Band Protocol network, users must hold a requested number of BAND tokens, which can be earned through delegation or directly purchased on exchanges listing BAND.
Band Protocol will choose 100 candidates holding the highest number of BAND as validators.
The validators are obliged to follow the ecosystem’s rules, such as always staying online, joining on-chain events, and conducting transactions accurately.

Features of Band Protocol

With its aim to improve user experience and connect real-world information to smart contracts, Band Protocol distinguishes itself from other networks with the following features:

Speed and Scalability: Band Protocol platform can process massive data in seconds without interruption.
Cross-Chain Compatibility: The data collected on the Band Protocol blockchain is publicly available on different blockchains.
Data Flexibility: Band Protocol system enables numerous methods of gathering data from open and private sources.

Who is behind Band Protocol?
Team

Band Protocol was founded in 2017 by MIT graduates Soravis Srinawakoon, Paul Nattapatsiri, and Sorawit Suriyakarn.

Soravis Srinawakoon (CEO): Former management consultant at BCG and Forbes.
Sorawit Suriyakarn (CTO): Software Engineer at Quora and Dropbox.
Paul Nattapatsiri (CPO): Engineer at TripAdvisor and the winner of a bronze medal in the Asia-Pacific Informatics Olympiad.

Investors

Band Protocol has raised a total of $7.9M via about 5 rounds with the most recent one closing on Sep 17th, 2019.

Among 11 investors in the Band Protocol, Evernew Capital is the latest name added to the investor list together with several giants such as the crypto exchange Binance.

Does Band Protocol (BAND) have a future?

Band Protocol is a project falling within the “oracles” category which acts as a bridge between decentralized applications and various data sources.

As a Cosmos-based project secured by Tendermint BFT consensus, Band protocol has built its own blockchain (BandChain), allowing for higher scalability for projects built on its ecosystem. With all this, the project is showing itself a serious contender over other oracle projects, including Ethereum-based Chainlink and Solana-based Pyth Network.

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Does Band Protocol (BAND) have a future?

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