The Band Protocol is a program to encourage a user network to supply real-world data to decentralized blockchain applications (dapps).
For instance, if an app developer wishes to let its users know the gold price, it needs to estimate its cost at the requested later date.
To guarantee that its intelligent contracts correctly perform, Band Protocol offers a service to provide and evaluate external data using software that encourages a specific class of users, known as validators.
An eponymous firm headquartered in Thailand develops Band Protocol. There are three founding officers: the Chief Executive Officer of Soravis Srinawakoon, the Chief Technology Officer of Sorawit Suriyakarn, and the Chief Product Officer of Paul Nattapatsiri.
As a middleman between older internet sources and blockchains, the Band Protocol acts. The program processes data requests from decentralized apps and transmits information with a data feed from the rest of the web. It achieves this by utilizing its own blockchain, making it possible to control and validate all its transactions commercially.
The Band team claims that this helps to prevent any manipulation, inaccuracy, or other damage to data supplied by its users. However, it is the responsibility of validators to verify that the Band Protocol transactions are correct and blockchain the addition of new transactions to the Band Protocol.
Dapps utilize Band Protocol to access real-world data from a blockchain location.
An incentive to acquire and use the BAND tokens might occur for the typical user.
BAND is used to pay for blockchain transactions, governance, and rewards validators for new blocks.
The original supply of the protocol was BAND 100 million, 12,37% of which was distributed via their token sales. Also, private sales of tokens were carried out by Band, raising 2 million dollars.
In all, almost 27 percent were sold to early investors of the BAND token supply. An additional 25% of BAND tokens are earmarked for the ecosystem of the Band Protocol, and 22% are for the development team and the development supervisor base.
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Band Protocol is a decentralized oracle that is used to access off-chain data using blockchain smart contracts.
5 Cr. BAND
73% Buy 27% Sell
We're here to help! Speak to our 24/7 customer support team anytime!Connect Now