Band Protocol is a decentralized application, working as a data oracle which makes data readily available for query purposes on-chain.
It ensures data integrity using DPoS (Delegated Proof of Stake), which means it is designed using a model where data providers have economic and reputation at stake to remain reliable for the platform.
A Brief Story Behind Band Protocol
It runs a scalable structure, where the costs for data providers remain steady no matter how many DApps are using their provided data. So, once a data point is set on-chain, a group of multiple smart contracts can consume the data, with no extra cost for the providers.
The project employs a fast data query, meaning logic is processed within one transaction, which requires no blockchain confirmation.
Deployment is also easy, as other DApps can integrate the protocol simply by using a few lines of code, with no need for modification whatsoever. Consulting the data on the protocol’s dataset requires just a function call on a predefined interface.
The protocol aims to offer a unique query model for DApps, by providing a fast model with low costs working synchronously over time.
As data providers have both money and reputation at stake, the protocol ensures the quality of the information provided by them, which makes it stand out of similar competitors in the industry.
So far, the project has raised $10 million via private token sales, as well as the Binance Launchpad Sale.
The Band Protocol’s Ecosystem
The platform consists of a duo of token types, called BAND tokens and dataset tokens.
With a total fixed supply of 100M, this ERC-20 coin is the protocol’s native token. Among the most important use cases, it was designed to be used as collateral to issue data tokens, and also for governance purposes.
BAND token holders use it as a voting token to take part in governance decisions within the network. the native is also used as a staking token to secure the network via DPoS consensus mechanism.
On the other hand, dataset tokens represent the ownership stake in a specific dataset within the protocol, which includes use cases as a stake to acquire data provider slots, as well as a stake for data provider curation. This token can also be used for voting purposes, for collective decisions concerning the dataset configurations.
Key Products and Features
First, we have the Data Governance Portal. It consists of a user-friendly interface that allows users to explore datasets within the protocol’s ecosystem.
This unique interface allows users to buy dataset tokens, stake them for reliable providers, and vote to decide parameters concerning governance.
Also, there is a feature that permits users to instantly buy and sell tokens, so they can convert Band and Dataset tokens whenever they desire, with no need for counterparties.
It also features several easy-to-read metrics, with a transparent built-in summary with reliable info such as market cap, token supply, and transaction history.
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We cannot forget the native Band Wallet, a non-custodial web3 wallet, so users can hold their BAND and dataset tokens without necessarily using a third-party browser extension.
Another great add up is the inclusion of CoinHatcher within the platform. CoinHatcher is a decentralized news portal, specialized in the curation of top-notch crypto-related insights. Hence, customers have exclusive access to information approved by the community only, with no fake or lower quality news.
The protocol aims to serve as the main data layer for the web3 ecosystem, acting as a sort of bridge between real-world data and smart contracts.
By using a DPoS-styled consensus system, it incentivizes several independent parties to contribute together and unite efforts to provide only reliable data into the ecosystem.
All data providers are specialized entities, whose work is to bring data into the blockchain. Here, the token holders’ stake for them, to give them the right to provide data to the protocol.
How to: Send your tokens from MetaMask
The token holders are responsible for ensuring a high level of data quality, doing it by voting on trusted providers only. Hence, DApp developers use the protocol as a source of trusted and flawless data for their smart contracts.
While the developers pay small fees in exchange for data services, the token holders receive their rewards for curating all the data. All payments associated with fees and rewards are done using BAND tokens only.
Team and Partnerships
The project is backed by well-known investors amid the crypto scene such as Binance, Sequoia Capital, Dunamu & Partners, Spartan Group, SeaX Ventures, Alphain Venture, and Woodstock.
Band Protocol results from years of experience and research of its’ three co-founders Soravis Srinawakoon (CEO), Sorawit Suriyakarn (CTO), and Paul Nattapatsiri (CPO). Srinawakoon figured between Forbes’ 30 under 30 lists.
Surely, the most challenging work for any DApp is to have access to reliable and flawless data. The Band protocol solves this problem by connecting trusted real-world data into the blockchain, ensuring interoperability between these two worlds.