Band Protocol's ability to bring real-world data into the blockchain space is vital for decentralized applications (dApps), particularly those in the DeFi sector. It helps in scenarios like price feeds for decentralized exchanges and weather data for insurance contracts.
Band Protocol acts as a bridge between blockchain smart contracts and real-world data sources, including APIs and traditional web services. This enables smart contracts to access and use external data in a trustless and decentralized manner.
Band Protocol is designed to work across multiple blockchain networks, making it versatile and capable of providing data to various blockchains, not limited to a single one.
It ensures data reliability by utilizing a network of validators to confirm and validate data accuracy. This prevents the manipulation of data used in smart contracts.
BAND is the native cryptocurrency of Band Protocol. It is used for various purposes within the Band ecosystem, such as staking, governance, and rewarding validators.
Band Protocol is a cross-chain data oracle platform designed to bring real-world data into blockchain applications, particularly for smart contracts. It collects data from various real-world sources, including APIs and traditional web services.
The collected data is securely stored on BandChain, a blockchain specifically designed for Band Protocol. dApps and smart contracts can access this data on BandChain. This access is crucial for dApps that require external data, such as price feeds for decentralized exchanges or weather data for insurance contracts.
Band Protocol relies on a network of validators who confirm the accuracy of the data. Validators are incentivized and may need to stake Band Protocol's native cryptocurrency, BAND, to participate.
Band Protocol effectively acts as an oracle for smart contracts. It provides a trusted external data source, enabling smart contracts to execute based on real-world conditions.
Band Protocol was conceptualized in 2017 by co-founders Sorawit Suriyakarn, Paul Nattapatsiri, and Soravis Srinawakoon, who aimed to address the need for reliable off-chain data in blockchain applications. Band Protocol's native token, BAND, was launched on September 9, 2019.
The Band Protocol mainnet was officially launched on September 30, 2019. This marked a significant milestone in its development, allowing it to begin providing decentralized oracles for blockchain applications.
Band Protocol has undergone several funding rounds, raising $3 million from 14 investors. It has also evolved, with BandChain, built using the Cosmos SDK, playing a central role in its development.
Phase 0 enabled BAND token transfer and staking for validators in the Band Protocol roadmap and launched its mainnet on June 6, 2020.
For investors looking to diversify their cryptocurrency portfolio, Band Protocol offers exposure to the decentralized oracle space, a critical component of the blockchain ecosystem.
Band Protocol aims to solve critical issues in blockchain, such as providing reliable data through decentralized oracles. Its fundamental strength can make it an attractive long-term investment.
BAND token holders can earn an annual return of approximately 15.5% when tokens are delegated to validators. This potential for passive income adds to its investment appeal.
The high volatility in the crypto market makes it impossible to offer a reliable BAND price prediction. However, the following factors could help you understand price trends in the Band Protocol crypto:
Band Protocol’s success in partnering with data sources and attracting dApp developers influences the BAND price. Wider adoption can drive demand for the token, supporting the price of Band Protocol token.
A favorable market outlook toward web3 and dApps could boost investor interest in projects like Band Protocol. This could support the Band Protocol price by driving the market demand for the BAND token.
Market sentiment among cryptocurrency enthusiasts plays a significant role in token price movement. Positive sentiment can lead to stability and growth in the BAND to USD price in the market.
BAND is the native token within the Band Protocol ecosystem and has the following use cases:
$BAND is crucial in securing the decentralized oracle network through delegated Proof-of-Stake (DPoS) consensus. Token holders can stake their BAND tokens to participate in network consensus and earn rewards.
BAND tokens also have governance functions, allowing token holders to influence network upgrades and decision-making processes. Validators on the network are determined by the ownership of a minimum threshold of BAND tokens, ensuring that those with a stake in the ecosystem have a say in its development.
BAND tokens are used for settling transaction fees within the Band Protocol network. This ensures that network users pay fees and that validators receive compensation for their services.
Band Protocol provides data oracle services to multiple projects across different blockchains. BAND tokens incentivize validators to offer accurate data to these projects, ensuring data integrity and reliability within the blockchain ecosystem.
Trade Band Protocol token on the KuCoin Spot Market to profit from changing market conditions and volatility in the crypto market. Buy or sell BAND, or hold it long-term if you believe in the future potential of the Band Protocol network. Ensure you make any new investment decision in the crypto market only after DYOR.
Staking BAND on the Band Protocol network allows you to participate in network consensus and earn rewards. Here’s how you can stake BAND:
1. Fund your Keplr wallet by buying BAND on KuCoin and transferring your tokens to your wallet.
2. Select a validator from the available options. Validators are responsible for securing the network and processing transactions. You can choose one that aligns with your preferences.
3. Once you've chosen a validator, delegate your BAND tokens to them.
4. Confirm your delegation to stake your BAND tokens with the chosen validator.
5. Sit back, earn rewards, and grow your crypto portfolio by staking $BAND on Band Protocol.
Some notable investors of Band Protocol include Evernew Capital, Binance, Peak XV Partners, Dunamu & Partners, SeaX Ventures, 2020 Ventures, and Woodstock Fund, among others.