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What Is Band Protocol (BAND)?

What Is Band Protocol (BAND)?

Band Protocol is a cross-chain statistics oracle platform that is in a position to take real world statistics and furnish it to on-chain applications, whilst additionally connecting APIs to smart-contracts to facilitate the trade of statistics between on-chain and off-chain information sources. 

By imparting reputable, verifiable real-world information to blockchains, Band Protocol unlocks a vary of new use instances for builders to discover — due to the fact they can now use any kind of real-world statistics as phase of their decentralized utility (DApp) logic, inclusive of sports, weather, random numbers, rate feed information and more.

Band Protocol at first launched as an ERC-20 challenge on the Ethereum blockchain in September 2019, however transitioned to the Cosmos community in June 2020 with the launch of Band Protocol 2.0. The new protocol is constructed on BandChain the usage of the Cosmos SDK. Oracle nodes on BandChain now not solely relay information however are additionally concerned in block production/validation, giving them a twin role.

BAND is the native token of the Band Protocol ecosystem and is used as collateral via validators concerned in pleasurable statistics requests, as properly as the foremost medium of trade on BandChain — being used to paying for personal data.

Who Are the Founders of Band Protocol?Band Protocol used to be situated in 2017 through Soravis Srinawakoon, Paul Chonpimai and Sorawit Suriyakarn.

Soravis Srinawakoon, the modern-day CEO of Band Protocol, is a former software program engineer at Ericsson and administration guide at The Boston Consulting Group. Paul Chonpimai, on the other hand, is Band Protocol's CPO, and a former net developer at Turfmapp and engineer at Tripadvisor. Lastly, former software program engineer at Dropbox and Quora Sorawit Suriyakarn is Band Protocol's modern-day CTO and a gold medalist aggressive programmer.

In addition to the founding team, the Band Protocol LinkedIn web page presently lists a whole of 20 extra employees, most of which are scattered during Asia, and encompass designers, builders and engineers. The platform is additionally supported by using fundamental world investors, which includes Sequoia Capital, Dunamu & Partners, Spartan Group and Binance.

What Makes Band Protocol Unique?

Band Protocol is designed to be quicker and extra environment friendly than competing oracle options and is additionally well suited with most blockchain and clever contract improvement frameworks — making sure dependable information can be fed to and from a couple of exceptional blockchains.

To obtain its cross-chain information transfer, Band Protocol plans to leverage Cosmos' nonetheless in-development Inter Blockchain Communication (IBC) protocol. It stays uncertain how lengthy it will take till the IBC is operational and prepared for use.

Band Protocol is designed to provide permissionless oracle creation, permitting all and sundry to begin servicing records requests. It additionally affords extraordinarily easy clever contract integration, permitting builders to start the usage of facts from Band Protocol oracles with just a few strains of code via calling on a predefined interface.

How Many Band Protocol (BAND) Coins Are There in Circulation?

Band Protocol at first launched the BAND token following an preliminary alternate providing (IEO) on the Binance Launchpad in September 2019. A complete of 27.37% of the whole furnish used to be bought throughout three token sale rounds (seed, private, and public sale).

The whole furnish of BAND is capped at a hundred million tokens. Of this, simply over 20% (20.49 million tokens) have been in circulation as of November 2020.

Overall, a complete of 20% of the BAND token grant is allotted to the team, plus a in addition 5% to its advisors. 25.63% is allotted to the Band Protocol ecosystem. Based on the projected emission rate, a whole of a hundred percent of the complete provide must be in circulation by way of 2025 at the earliest

How Is the Band Protocol Network Secured?

Though BAND tokens had been in the past primarily based on the ERC-20 standard, they have been currently relaunched as native BAND tokens on the Band Protocol mainnet (known as BandChain).

Holders of the older tokens are in a position to entire a 1:1 swap by way of depositing their ERC-20 BAND tokens to Binance, and then withdrawing them as native tokens. This will be quintessential to take part in BAND staking — which is solely on hand for mainnet tokens.

Based on the Cosmos' SDK, BandChain is secured by means of a Byzantine fault Tolerance (BFT) consensus algorithm, which protects it towards attacks. This works in aggregate with a delegated proof of stake (dPOS) setup, which secures the network’s oracles and approves BAND holders to earn staking rewards for delegating their stake to nodes.

Where Can You Buy Band Protocol (BAND)?BAND used to be first tracked on public exchanges by using CoinMarketCap in September 2019. Since then, it has been listed on a vast vary of platforms, together with quite a few tier 1 exchanges — like Binance, Coinbase Pro and OKEx.

The enormous majority of BAND buying and selling pairs are in opposition to Tether (USDT) and Bitcoin (BTC), however BAND can additionally be traded in opposition to various fiat currencies, which includes GBP, USD and EUR on Coinbase Pro. For extra records about shopping for cryptocurrency as a beginner, study our complete guide.

BAND Price Live Data :

The live Band Protocol price today is $2,65 USD with a 24-hour trading volume of $160 100 740 USD. We update our BAND to USD price in real-time. Band Protocol is down 8,81% in the last 24 hours. The current CoinMarketCap ranking is #261, with a live market cap of $93 265 636 USD. It has a circulating supply of 35 191 821 BAND coins and the max. supply is not available.

If you would like to know where to buy Band Protocol at the current rate, the top cryptocurrency exchanges for trading in Band Protocol stock are currently Binance, OKX, XT.COM, Bitrue, and Phemex. You can find others listed on our crypto exchanges page


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