Blockchains work fine with a decentralized and distributed network. The first application of the Distributed Ledger Technology (DLT) was in Bitcoin. This has already shown that it is possible and effective to secure a public ledger.
It actually revealed the possibility of a cloud network that would not require custody, storage or software.
Bitcoin’s rise led to the concept of smart contracting, and Ethereum proved to be a game changer.
Ethereum took a step forward by enabling smart contracts without any third party involved.
All things considered, existing smart contracts provide a modest return.
As a result, trusted oracle platforms were created. Oracles are sources for off-chain input data that can be used to activate on-chain smart contracts.
Oracles are basically trustworthy data that can activate smart contracts. People can list asset prices for public interest in DeFi dapps. Other dapps may range from the rate of car data traffic for IoT-related dapps to the fluctuation of weather data.
What is the Band Protocol?
Band Protocol is a decentralized oracle dapp network.
We will have smart contracts to manage all of these dapps that are fed by real-time data from trusted data holders that are backed by strong economic incentives.
Smart contracts will not be limited because they are linked to information in the real world.
Decentralized Apps (Dapps) connect to any open API, provide verifiable data without connecting to a centralized server, ensuring data security, availability and reliability regardless of data demand.
For data availability, on-demand data is always updated and stored on the blockchain without compromise. Due to strict query requirements, the Band protocol is more resilient to collisions.
There is no risk of failure since no one is allowed to take full control, so there is no single point of failure.
The following cultural value is upheld in this protocol.
- Community-driven is that they allow people to make any arrangements they want. In this spirit, their blockchain data is decentralized and “Internet of Things” platforms continue to be part of the network.
- IT companies have a clear priority of decentralization over centralisation.
- This means that great software should be transparent and available to everyone.
Behind Band Protocol is a team dedicated to developing a framework for decentralized data governance with a blockchain target.
These people are focused on valuation and are trying to buy a company.
- Soravis Srinawakoon is the founder and CEO of the company. He made it to the Forbes 30 under the 30 list of rising stars. Previously, he was a technical IT consultant who knows and loves crypto.
- Sorawit Suriyakarn is a co-founder of CTO. He has a degree in engineering. /SB In electrical engineering at the Massachusetts Institute of Technology, with a previous job at Hudson River Trading, Quora and Dropbox. He can write whatever you want as long as he can count it in the form of a program.
- Paul Nattapasiri is the chief executive officer and co-founder of the organization. He has created and popularized a number of computer games and applications. He is a successful freelancer who has worked with Tripadvisor and Turfmappx.
- Other members include Chief Fun Officer Kanisorn Thongprapaisaeng, Developer Atchanata Klunrit and Operations Manager Prin Rangsiruji.
Backed by Global Investors
Band Protocol has partnered with Sequoia Capital to fund the $18 million Series B round.
They also recently partnered with Atomic Wallet to simplify transactions while maintaining privacy and security.
On this initiative, Konstantin Gladych, CEO and Founder of Atomic Wallet, said:
“Next wave of blockchain technology will be concerning security, measures, and prediction.” Next up for Atomic Wallet? Implementation of the Band Protocol, which will make data oracle requests.
Hashquark is one of the largest block chain nodes and has partnered with the Band Protocol.
There are other systems like CastleNode, WeStake, Forbole, B-Harvest, KardiaChain, and ChorusOne.
Band Tokenomics and Token Distribution
The members of the Band Protocol also agreed to organize their own fundraiser to boost their support for seed and private sales.
Five per cent of the total supply was made available to private investors by private sale, although seed sales accounted for just 10 per cent of the total supply.
Their overall aim was to raise more than $10.8 million in digital crowd funding, with 27.38% of their 100 million supply available for public investment.
For the IEO, every token was sold for only $0.473. But BNB was the only coin accepted. Crowdfunding succeeded because the goal had been reached within two days.
Approximately 340,000 tokens are won and airdropped to all Launchpad contestants. There were about 19,500 tickets with prices ranging from $300 to $1,500 each.
In this IEO round, approximately 17.08 per cent of the total capital had been allocated for industry.
There was little time left and the tokens were immediately distributed to the holders of the tokens.
The Band Protocol obtained 44% of the total availability. 25.63 per cent for the ecosystem of the Band Protocol and 5 per cent for the Advisors.
By this time, all Band tokens will be widely dispersed throughout the ecosystem.
Exchanges & Performance
The Band Protocol is currently priced at USD $12,54 with a 24-hour volume of USD $264,116,815. The Band Protocol has risen 7.18 per cent in the last 24 hours. CoinMarketCap ranks Dash #101 with a market capitalization of USD $257,051,943. It has a circulation of BTC 20,494,033. There’s no supply here.
Binance is the most popular venue for trading in the Band Protocol, followed by Huobi Global, OKEx, HBTC, and BitZ.
Short Term Prediction
Oracles as a subset of the blockchain ecosystem is still in its infancy and the Band Protocol is well positioned to dominate and be counted as a reliable source of community-based dapp results. The value of the oracle currency is approximately US$700 million.
BandProtocol is a decentralized cross-chain oracle working closely w/ @Cosmos to drive the creation of interoperable #DeFi apps.
Check out their guide on how to build #DeFi using @BandProtocol‘s oracle & Cosmos #IBC for the upcoming @gitcoin Hackathon!
— Cosmos – Internet of Blockchains (@cosmos) April 21, 2020
The team is dedicated and constantly updates their community and investors. Soravis Srinawakoon and her team are also very good. Its CEO was included in the Forbes 30 list below the 30 list. Investors will benefit from his expertise and experience.
This is a huge boost to the BAND price in the medium term.
The protection of the Band Protocol is guaranteed as a result of their partnership with leading companies in Asia, including WeStake and Node A-Team.
The team is getting ready to launch the mainnet. Penetration control and stress testing all went well. If the transition is smooth, the Band Protocol will have a significant business opportunity. The more fans, the higher the value of our Band tokens.
Some refer to the help of Atomic Wallet as a milestone in the industry and cryptocurrency as a whole. This is a prediction that is optimistic in the medium term for prices.
— AtomicWallet.io (@AtomicWallet) April 30, 2020
Long Term Prediction
The Band Protocol is one of the industry’s most elastic blockchains. Their plans are to switch over to the Blockchain Cosmos, which suits quicker, safer, and more effectively.
The goal of the Blockchain project will be to use and incorporate the blockchain project. The company continues to show strong growth and on-chain operation. Use forward pressure, and this is bullish in the long run.
Just took a quick look on $BAND token stats, and saw that $BAND‘s on-chain activities have been growing a lot in April. The number of unique addresses has also increased more than twofold. +💯% pic.twitter.com/mUylmLc9f5
— Sorawit Suriyakarn | BAND 🅑 🚫🐻 (@nomorebear) April 29, 2020
The purpose of the Band Protocol was to use sidechain technology to solve real-world problems, including decentralized financial assets, medical records management, and records management in gene banks.
Band tokens are being embraced by more exchanges. Kyber Network and UniSwap are two Decentralized Exchanges that allow users to trade token for each other using the Tether (USDT). With holders having complete control of their private keys, they would be more secure than through an exchange trading network.
☑️New Token Reserve: BAND@BandProtocol (BAND) is now available on Kyber Network.
BAND is accessible through @KyberSwap and other DApps and platforms that are powered by our on-chain liquidity protocol.
Learn more: https://t.co/R1FvoykMft
— Kyber Network (@KyberNetwork) April 7, 2020
There is a significant economic incentive for data producers to keep their accounts honest. Their concentration on the community is a strength because their ultimate aim is to decentralize the entire oracle infrastructure.
The project is promoted by prominent investors, including Sequoia Funds. In addition, they have been integrated with major projects. StarchainFund has recently jumped into the crypto currency scene by partnering with Castle International.
Band smart contracts are based on gas and are cheaper than rivals. A simple look-up query can be completed in less than a minute. It’s very fast, simple and effective as data is quickly received by a delegated Proof-of-Stake algorithm.