What is Band Protocol (BAND)?
Band Protocol —— A cross-chain data oracle network Platform
Website Whitepaper Technical Documentation
- Band Protocol offers a decentralized data oracle that connects smart contracts such as Defi to external data and APIs.
- The project uses Delegated Proof-of-Stake (DPoS) on its Cosmos-based blockchain. BandChain provides a decentralized, scalable, and cross-chain oracle solution for any decentralized finance application or smart contract developer.
- BandChain allows developers to customize and create a 'data oracle script' that allows smart contracts to connect to external data sources and APIs, and specify aggregation methods and security parameters.
- BAND is the native token of BandChain and is used as a medium of exchange for transfer/data request fees as well as staking to ensure accountability and secure data curation from a trusted global pool of validators.
Band Protocol Key Metrics
| Token Name | BAND |
|---|---|
Token Type | ERC-20 |
Initial Circulating Supply | 17,083,333 (17.08%) |
Circulating Token Supply | 20.494.033 BAND |
Total Token Supply | 100,000,000 BAND |
What is Band Protocol?
Band Protocol is a cross-chain data oracle network that aggregates and connects real-world data and APIs to smart contracts. Blockchains enable immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.
BandChain describes itself as a high-performance independent blockchain built specifically for oracle computations including settlement, data sourcing, and aggregation that is secured by delegated proof-of-stake. Developers can create a fully customizable oracle script on BandChain which specifies data sources and APIs to connect to, aggregation methods and security parameters. The creation of scripts is permissionless, allowing for quick iterations and extensive support for any type of data. Decentralized oracle is a key infrastructure to enable decentralized finance and other decentralized applications to operate in the most trustless way possible.
With all oracle computations offloaded to BandChain, smart contracts on any destination blockchain can use Band Protocol to query data on-demand and receive a real-time update. Oracle data queries take between 4-6 seconds by ‘batching’ transactions with data information to enable instant settlement and also protect end-users from consuming delayed data.
The feature of BandChain
BandChain, an independent blockchain built specifically for oracle computations including settlement, data sourcing, and aggregation, that is secured by delegated proof-of-stake to enable the following features:
- Decentralized economic incentive: BandChain nodes operate independently are required to stake BAND and reputation to uphold data integrity.
- Scalability: All oracle computations occur on BandChain with 2 seconds block time. Band oracles are not bottlenecked by speed and congestion of any native blockchain hosting the dApps such as the Ethereum network. This allows Band oracles to be able to respond swiftly to all the data requests from multiple blockchains independently of each other.
- Real-Time Data Query: Smart contracts can use Band Protocol to query data on-demand and receive a real-time ready to be confirmed on destination blockchains within 4-6 seconds.
- Flexibility: Create fully customizable oracle scripts on BandChain that specify any data sources or APIs to connect to, with customizable aggregation methods and security parameters.
- Real-time Payments: Data requests can be paid in real-time on Band Protocol as opposed to a large fixed cost to update reference data.
Band Protocol aims to drive a highly secure decentralized ecosystem by reliably connecting smart contracts with external data, bringing blockchain applications toward mass adoption though oracles managed by its DPoS consensus mechanism". BandChain will be built in 3 phases, to fully realize a multi-faceted oracle solution capable of dealing with all types of data sources.
BAND Token Utility
BAND is the native token of BandChain, the BAND Mainnet token for BandChain is necessary to secure and power the decentralized oracle network. The use-cases and utility of BAND include:
- Collateral/Stake for Validators: All validators are required to stake BAND with a higher stake equating in a high probability of being selected to fulfill data requests. Underperforming or malicious actors will result in having their tokens and thus value slashed.
- Medium of Exchange: BAND tokens are used to pay as a transaction, query fee, and also for data access behind paywall (private APIs).
- Participation in BandChain Governance: Token holders are able to vote for the protocol upgrades and parameter changes on BandChain. The governance process allows the token holders to have decision making power in shaping a truly decentralized oracle network on BandChain.
Who created Band Protocol?
Band Protocol was founded in 2017 by Soravis Srinawakoon, Paul Chonpimai and Sorawit Suriyakarn. Soravis Srinawakoon, the current CEO of Band Protocol, is a former software engineer at Ericsson and management consultant at The Boston Consulting Group. Paul Chonpimai, on the other hand, is Band Protocol's CPO, and a former web developer at Turfmapp and engineer at Tripadvisor. Lastly, former software engineer at Dropbox and Quora Sorawit Suriyakarn is Band Protocol's current CTO and a gold medalist competitive programmer.
In addition to the founding team, the Band Protocol LinkedIn page currently lists a total of 20 additional employees, most of which are scattered throughout Asia, and include designers, developers and engineers. The platform is also supported by major global investors, including Sequoia Capital, Dunamu & Partners, Spartan Group and Binance.
What Makes Band Protocol Unique?
Band Protocol is designed to be faster and more efficient than competing oracle solutions and is also compatible with most blockchain and smart contract development frameworks — ensuring reliable data can be fed to and from multiple different blockchains.
To achieve its cross-chain data transfer, Band Protocol plans to leverage Cosmos' still in-development Inter Blockchain Communication (IBC) protocol. It remains unclear how long it will take until the IBC is operational and ready for use.
Band Protocol is designed to offer permissionless oracle creation, allowing anybody to start servicing data requests. It also offers extremely simple smart contract integration, allowing developers to begin using data from Band Protocol oracles with just a few lines of code by calling on a predefined interface.
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