Band Protocol shifts the paradigm and instead provides an intuitive query interface for decentralized applications to receive real-world data as a simple function call to a static smart contract. Data providers are responsible for inputting and curating data to the blockchain, making it ready to be consumed from Dapps synchronously.
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.