Band Protocol (BAND)

The exchange rate of one BAND at 14:53 UTC is 1.49$

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“BAND” is an ERC-20 Band Protocol token. The Band protocol solves the problem of access to services and trusted data by creating a decentralized bridge for it. The protocol is a cross-chain data oracle developed on the Cosmos Network that enables secure transactions between smart contracts and the traditional network. By first aggregating real data and then connecting it to smart contracts via an API, the bridge delivers off-chain information to public blockchains at high speed and low latency. Cross-chain data oracles achieved incredible growth in 2020, recording a 348 percent growth in July alone.

The system is quite flexible and can serve most public blockchains, supporting various data extraction and aggregation methods. It can receive information from sources that do not require permission, as well as from sources protected by centralized parties.

The company developed blockchain specifically for offline data storage. Supporting common data queries, it also uses WebAssembly-based oracle scripts. This data, aggregated in BandChain, is sent to other blockchains via the Inter-Blockchain Communication Protocol. Alternatively, one-way individual bridges can be used for this.

Oracle Data Proof used by BandChain is a Merkle proof showing the existence of the end result of a data query on BandChain. Smart contracts can use this proof later on another blockchain after the data has been decoded.

The Band Protocol also uses technologies such as Tendermint's Byzantine Fault Tolerance consensus algorithm, Tendermint's powerful tools, and others to run the blockchain efficiently.

The protocol involves the contribution of validators who perform important functions in the network by participating in the block consensus protocol by broadcasting votes with cryptographic signatures. Validators are rewarded with BAND tokens. BandChain validators are selected based on staking volume. Their participation is required for most ecosystem transactions, such as asset transfers, staking, and others.

BAND tokens are used to reward validators for producing new blocks. Community members can use tokens to become validators, delegate their assets to another validator, and participate in chain governance. The platform allows validators to set fees for their work.

Soravis Srinawakoon, co-founder and CEO of Band Protocol, is a graduate of Stanford University. He claims that the protocol will facilitate the creation of a new dApps system built on Binance Smart Chain. In his opinion, this technology will bring Binance and Band Protocol to the forefront of DeFi, as the oracle Band Protocol integration allows developers to create innovative dApps in the Binance ecosystem.

Other key figures on the project include Sorawit Suriyakarn, CTO and co-founder, an MIT alumnus who previously worked at Hudson River Trading, Quora and Dropbox; and Paul Nattapatsiri, CEO and co-founder, who previously created crypto games with over 800k users.

The platform is backed by companies such as Binance, Sequoia Capital, Woodstock, Spartan Group, etc.