Band Protocol BAND
BAND Coin Price
Band Protocol Chart
What is Band Protocol (BAND) ?
Band Protocol is a piece of software meant to incentivise a network of users to give real-world data to blockchain-based decentralized applications (Dapps). For example, if a Dapps developer wishes to allow his or her users to place bets on the future price of gold, the price must be determined at the chosen later date. This approach, of course, may also be used to determine BAND coin price. Band Protocol founders are experienced builders from Thailand.
Band Protocol provides such a service to assure the accurate execution of its smart contracts using software that incentivises a specific class of its users known as validators to supply and validate external data. In this sense, Band Protocol is sometimes referred to as a "decentralized oracle "system, a label given to blockchains such as Chainlink, which, like Band, incentivise users to contribute verified data. Band protocol, which began on the Ethereum blockchain, ultimately created its own blockchain utilizing Cosmos technology to relay data between multiple blockchains, including those built on Cosmos. For more detail, you can see the BandChain whitepaper here.
BAND Coin Price
BAND Coin prices with real-time charts, liquidity, and volume can be found on ARKEN.BAND token price listed as of 19 August 2021 is $7.88216.
BAND Coin Address (BSC): 0xad6caeb32cd2c308980a548bd0bc5aa4306c6c18
Coin Address (Ethereum): 0xba11d00c5f74255f56a5e366f4f77f5a186d7f55
Band Protocol serves as a bridge between conventional Internet data sources and blockchains. The program handles data requests from decentralized apps and transmits information from the rest of the internet via data feeds. It does this through the use of its own blockchain, which allows all of its transactions to be publicly reviewed and approved. The Band team claims that this helps guarantee that the data supplied by its users is not manipulated, incorrect, or otherwise compromised.
Validators are in charge of ensuring that Band Protocol transactions are correct and adding new transactions to the Band Protocol blockchain. A Band Protocol validator must have access to a specific number of BAND tokens, which they can purchase themselves or be delegated by another user. The network chooses the top 100 applicants with the most BAND tokens to become validators. Validators must follow specific standards, such as not going offline, reacting to network events, and properly verifying transactions. If they do not, the network may seize part of their BAND tokens.
BAND Protocol Solutions
Dapps employ Band Protocol to access real-world data from outside the blockchain. However, there may be an incentive for the ordinary user to acquire and use the BAND token. BAND is used to pay for blockchain transactions, for governance, and to compensate validators for producing new blocks. To receive rewards, anybody can stake BAND and assign it to a validator.
BAND employs an inflationary approach on tokens, which is intended to gradually reduce their value. This is done to incentivize users to participate in network staking in order to gain additional tokens through staking incentives, with a target of staking 66 percent of all BAND tokens at any given moment. The yearly inflation rate is affected by the target percentage.
Band Protocol 's current roadmap
Band Protocol released its updated roadmap for 2021 on February 3. The primary goals for the first half of the year are to improve the basic technological stack, develop a more efficient integration team (to assist the protocol integrate with additional blockchain applications), and expand its worldwide community.
Even more significant milestones are planned for the second half of 2021. This features the release of BandChain Phase 2. This is intended to provide additional freedom to institutional-grade data providers that want to commercialize their use of Band Protocol. They will be allowed to charge fees for the data they offer in a variety of ways.
The Band Protocol team would also like to provide a self-service integration procedure. This will give the resources required by anyone who wants to use Band Protocol 's oracles on BandChain. According to the plan, this will result in a considerable rise in the amount of data demands on the network. This will also free up space for the engineering team. The company also wishes to collaborate with major corporations and institutional data suppliers. Once Phase 2 is complete, these collaborations will be showcased.
The Band Protocol (BAND) Token
BAND debuted on Binance as an IEO (Initial Exchange Offering). At the time, only Binance Selected Users were permitted to participate in the sale. On Binance, the BAND cryptocurrency was available for 0.473 USD. There were a total of 27,370,000 BAND sold. This amounted to 27.37 percent of the entire 100,000,000 BAND. As a result, the firm was able to receive around 10.85 million USD. It was one of the few projects that implemented the highlighted project and has since established itself in the decentralized oracle niche.
Why Should You Buy Band Protocol?
Band Protocol 's most obvious use case is in finance Dapps, where it collaborates with data sources such as Binance and CoinGecko. However, the group has discovered a number of additional possible use cases, including sports scores, meteorological data, esports data, and verified random number generation.
Band Protocol 's flexibility, as previously stated, makes it potentially helpful to a wide range of Dapps. While Ethereum is presently at the core of the majority of large, decentralized apps, it is facing problems like the rising cost of transaction fees. As alternatives develop, offering reduced congestion and other possible technological advantages, Band Protocol 's "jack of all trades "architecture, which works across many blockchains and relies on community data sources, might benefit. Chainlink, on the other hand, has a very solid footing in the crypto industry, and as of this writing, LINK has a market valuation that is more than 40 times that of BAND. It 's a significant edge that is unlikely to diminish fast. Band Protocol implies that its advantage comes at a cost for each transaction, and it undoubtedly intends to chip away at Chainlink 's massive lead as it pushes for wider adoption.
Band Protocol Use Case
Tokens in the Band Protocol ecosystem are divided into two types: BAND token and record token.
BAND is the Band Protocol 's native token, representing the total value of all data sets inside the protocol. BAND is meant for the following use cases:
- Collateral for issuing record tokens: The BAND token is used as collateral for issuing record tokens, the price and supply of which are set algorithmically by a continuous on-chain bonding curve.
- Management: The BAND token is used to vote on network-control decisions.
- Participation in the BandChain consensus algorithm: After being deployed from the mainnet, BAND is used to vote to secure the network via a delegated proof-of-stake (dPoS) consensus method.
Within the Band Protocol, the dataset token indicates the ownership interest in a certain dataset. The following are the data set token 's intended use cases:
- Participation in acquiring data provider slots: Data providers are obliged to keep a specific number of data set tokens in order to receive data provider slots.
- Use for data provider management: Data set token holders can engage in data provider management by staking data set tokens for certain data providers.
- Voting: data set tokens are used to jointly decide on data set settings such as the number of data providers, the cost of data retrieval, and the minimum data provider participation.
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Historical Data for BAND Coin Price
|Jan 15, 2023||$1.88000||$1.97000||$1.85000||$1.90000||$17,683,641||$225,368,690|
|Jan 14, 2023||$1.87000||$1.89000||$1.82000||$1.87000||$49,562,742||$229,023,740|
|Jan 13, 2023||$1.69000||$2.02000||$1.69000||$1.86000||$12,670,737||$211,654,251|
|Jan 12, 2023||$1.66000||$1.69000||$1.65000||$1.68000||$17,419,034||$203,482,632|
|Jan 11, 2023||$1.57000||$1.67000||$1.57000||$1.65000||$9,529,797||$198,286,817|
|Jan 10, 2023||$1.64000||$1.64000||$1.53000||$1.55000||$13,387,876||$197,202,753|
|Jan 9, 2023||$1.64000||$1.65000||$1.59000||$1.63000||$20,026,897||$197,034,005|