Ethereum, EOS and Chainlink are the leading blockchain platforms of our time. These are also cryptocurrencies that are very popular and consistently placed in the top 10 list. However, recently appeared Band Protocol, which uses all the best Ethereum, EOS and Chainlink and is ready to compete with them.
- What is Band Protocol?
- What problems does this project solve?
- How promising is Band Protocol?
What is Band Protocol?
Band Protocol is a blockchain oracle designed to manage and ensure data integrity. It uses the fastest and most scalable Delegated Proof of Stake (DPOS) algorithm and solves all current problems with the speed, cost and reliability of data on the blockchain.
The creator of Band Protocol is programmer Soravis Srinavaku. In 2019, he assembled a development team that includes Dropbox software engineer Soravit Suriyakarn and Trip Advisor engineer Paul Nuttapziri.
Band Protocol captures almost all areas of the blockchain and cryptocurrency industry, including decentralized finance (DeFi), cryptocurrency trading, user identification and logistics. Band Protocol is designed to bridge the gap between dApps and the real world to ensure data reliability.
In simple terms, Band Protocol is the main competitor of Chainlink’s top project in the oracle sector, which aggregates and synchronizes real data into smart contracts. That is, Band is engaged in data management in public blockchains such as Ethereum, EOS and Cosmos.
Moreover, Band Protocol solves the most important problem of the blockchain industry – trust in third-party sources of data necessary for the operation of dApps and mass distribution of blockchain.
The main features of Band Protocol
Despite its similarity to Chainlink, Band Protocol still has distinctive features:
- Fast data processing speed. Band’s unique mechanism provides chain-based data, so when a smart contract needs access to data, it can do so with a single option call.
- BAND’s native token. It is necessary to create a data set, make transactions and conduct various requests.
- Incentive to buy BAND tokens.To provide data in Band Protocol, you need to purchase tokens that will be used as collateral.
- Scalability. Band is designed to reduce the cost of data requests. The protocol will not consume the same data and will not be subject to a commission of data providers.
Where to buy and store a BAND token?
At the time of publication of the review, BAND is the 81st largest asset on the market with a capitalization of $122 million, so there should be no problems with the purchase of the token. BAND support is implemented on almost all top crypto exchanges, including Binance, Bilaxy, Coinbase and OKEx. The greatest liquidity can be found on Binance, so it is better to use this exchange.
Remarkably, in September 2019, the Binance exchange held IEO Band Protocol on its Binance Launchpad platform. According to the results of the token sale, the project attracted $5.85 million.
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Band Protocol is one of the few fully working projects that allows third-party dApps to use its oracle data, including the cost of tokens and the results of sporting events. What’s more, Band Protocol has the ability to process up to 50 transactions per second, which in turn should appeal to payment service providers.
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