- What is Band Protocol?
- Who are the founders of Band Protocol?
- How does Band Protocol work?
- Key Attributes of Band Protocol
- How to buy Band Protocol (BAND) in India
What is Band Protocol?
A cross-chain data oracle platform, Band Protocol fetches real-world data and provides it to on-chain apps, whilst also connecting APIs to smart contracts to channel the transfer of information between on-chain and off-chain data sources.
By offering verifiable real-time data to blockchains, the Protocol offers more opportunities for developers to explore and implement real data in building dApps that are related to sports, weather, random numbers, price feed data, and more such use cases.
BAND was originally launched on the Ethereum blockchain in September 2019 but was later transitioned to the Cosmos network with the release of Band Protocol 2.0. The new protocol is built on BandChain with Cosmos SDK. Oracle nodes on BandChain not only relay data but also produce and validate blocks.
BAND is the native token of Band Protocol and is used as security by validators who fulfill data requests. The token is also used to pay for data providers to the protocol.
Who are the founders of Band Protocol Network?
BAND was co-founded by Soravis Srinawakoon, Paul Chonpimai and Sorawit Suriyakarn. Soravis Srinawakoon, CEO of Band Protocol, had been a former software engineer at Ericsson and has worked as a consultant at The Boston Consulting Group. Paul Chonpimai, CPO, Band Protocol is a former web developer at Turfmapp and engineer at Tripadvisor. Sorawit Suriyakarn, CTO, Band Protocol, is a gold medalist competitive programmer and former software engineer at Dropbox and Quora.
How does Band Protocol work?
Based on Cosmos’ efficient SDK, the BAND allows efficient, and scalable data queries secured with cryptographic encryption. It provides a blockchain-agnostic, decentralized oracle framework for Web 3.0 apps to fetch real-time data with an optimum level of security.
Connecting smart contracts to trusted off-chain data through APIs’ Band Protocol ensures data integrity through token incentives. Band Protocol fulfills generic data requests and on-chain aggregations with WebAssembly-powered oracle scripts. Data fetched from Oracles on BandChain can be sent across to other blockchains via Inter-Blockchain Communication protocol (IBC) or through customized one-way bridges with minimal latency.
Key Attributes of BAND
Oracle solutions act as a middleware layer, operating between decentralized apps and various data sources. BAND offers APIs to connect smart contracts and data sources relayed by Oracles.
Cross Chain compatibility
Band Protocol’s oracle solutions are interoperable with blockchains like Celo, Oasis, and Cronos.
Band Standard Dataset
Band Standard Dataset offers real-time price information for over 175 crypto assets, 20 foreign exchanges, and commodities from institutional-grade data providers.
Secure tokenization of Band Protocol
BAND tokens were launched on Ethereum as an ERC-20 project. The protocol has recently been relaunched on the mainnet, known as BandChain. It is secured by a Byzantine Fault Tolerance (BFT) consensus algorithm, which protects it against any malware attacks. This works in tandem with a delegated proof of stake (dPOS) consensus which secures the network’s oracles and allows BAND token holders to earn staking rewards.
What sets Band Protocol apart?
Band Protocol’s state-of-the-art oracle design allows developers to fetch and use any data including real-world events, sports, weather, random numbers, and more. Developers can create custom-made oracles using WebAssembly language to connect smart contracts with traditional web APIs.
How to buy Band Protocol (BAND) in India
Use this three-step process to buy your first BAND token using the CoinDCX crypto investment app in India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy BAND on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy BAND: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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