Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources.
By supplying reputable, verifiable real-world data to blockchains, Band Protocol unlocks a range of new use cases for developers to explore — since they can now use any type of real-world data as part of their decentralized application (DApp) logic, including sports, weather, random numbers, price feed data and more.
Band Protocol initially launched as an ERC-20 project on the Ethereum blockchain in September 2019, but transitioned to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol is built on BandChain using the Cosmos SDK. Oracle nodes on BandChain not only relay data but are also involved in block production/validation, giving them a dual role.
BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators involved in fulfilling data requests, as well as the main medium of exchange on BandChain — being used to paying for private data.
Attention. There is a risk that unverified members are not actually members of the team
Band Protocol is an interesting project that aims to solve the issues surrounding smart contracts’ inability to directly interact with the outside world and pull in real-world data. The decentralized oracle/data feed marketplace is still being established, and as a result, Band has a good opportunity to establish itself in what is still a developing market sector. However, the team faces stiff competition from ChainLink which may be pulling away from the pack, as well as other projects such as Oraclize, Witnet, Rhombus, and DIRT Protocol.The team is currently small in number and mostly based in Thailand. Some members do lack experience; however, it does contain some talented individuals as well. Overall the team is balanced. Most of the team actually have decent experience in building blockchain businesses as well as dealing with top-level CEO of other companies. Also being backed by Sequoia allows the team to gain access to a wealth of advisors/business partnership. This may allow them to work efficiently and pivot quickly whenever required, although, they will find it challenging to establish their protocol on a global level, and will be expected to develop a community in Asia before moving on to other markets. They will also need to hire seasoned business professionals and market themselves/build relationships aggressively in order to get ahead.Another challenge facing the team is their multi-token system which creates additional levels of friction. The Band token is accompanied by an unlimited number of dataset tokens which can be created by dataset groups and this adds a level of complexity to the project that could possibly have been avoided. However, most importantly, the team’s technical prowess will soon be on display once their mainnet goes live, if they deliver on the tech side as promised, they will give themselves more of a runway to develop their community of clients, partners, and users. Any information relating to a potential token sale is still to be released, and anyone interested in Band Protocol should keep an eye on the project, and monitor how well the team continues to develop and achieve their stated goals.
Band Protocol is a Decentralized Oracle and data governance protocol. The project creates a Web 3.0 component layer solution for managing data that resolves the data availability and reliability problem for blockchains in the Web3 technology stack.The project has already released working Testnet and Mainnet is scheduled on Q3 2019. Band Testnet is already used on app.bandprotocol.com (Data Governance Portal), data.bandprotocol.com (Band Dataset for dApp integration) and coinhatcher.com (Bloomberg of Crypto).The team consists of solid programmers that worked in famous companies like Tripadvisor, Dropbox, Quora, Boston Consulting Group and more.With the security and robustness of Band Protocol’s implementation a top priority, CertiK was engaged to audit and secure Band Protocol’s repositories and smart contracts, due to their widely trusted reputation for quality assurance in the industry. Furthermore, Band Protocol and Certik will be collaborating to chart a way forward for a more secure oracle framework. Band Protocol is backed by Sequoia Capital, the world TOP 10 traditional VC fund that invested in Google, Apple, Airbnb, Instagram, and much more top tier corporations. Moreover, the project is backed by Dunamu&Partners (Upbit owner) and SeaX Ventures (invested $3m in Band Protocol).Band Protocol is the project to keep an eye on in the nearest future.
Now we are waiting for a new trendline - connecting real-world data with the blockchain that Chainlink (Link) has started. We are considering Band protocol in the wake of a new trend of “middleware protocols” Now, Band is on IEO pre-stage, backed by Sequoia capital and Dunamu&Partners, talented team and live testnet, they have a huge potential and we decided to put them 5 out of 5 rating.
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