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About Band Protocol
Key Points
- Band Protocol is a cross-chain data oracle platform that supplies real-world data to on-chain applications.
- It connects APIs to smart contracts, facilitating the exchange of information between on-chain and off-chain data sources.
- Band Protocol unlocks new use cases for developers, allowing them to use real-world data in their decentralized applications.
Founders and Team
- Founded in 2017 by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn.
- The team consists of 20+ employees, including designers, developers, and engineers.
- Supported by
About Band Protocol: Empowering Decentralized Data Economy
Introducing Band Protocol (BAND): A Revolutionary Data Oracle
Band Protocol is a pioneering cross-chain data oracle platform, empowered to bridge the gap between the physical world and on-chain applications by seamlessly integrating real-world data, while facilitating the exchange of information between on-chain and off-chain data sources through the connection of APIs to smart contracts.
By furnishing blockchains with trustworthy, verifiable real-world data, Band Protocol empowers developers to tap into a vast array of novel use cases, as they can now seamlessly integrate any type of real-world data into their decentralized application (DApp) logic, encompassing sports, weather, random numbers, price feed data, and beyond.
Band Protocol initially debuted as an ERC-20 project on the Ethereum blockchain in September 2019, but underwent a significant transformation in June 2020 with the unveiling of Band Protocol 2.0, migrating to the Cosmos network. The revamped protocol is built upon BandChain, leveraging the Cosmos SDK. Notably, Oracle nodes on BandChain assume a dual role, not only relaying data but also participating in block production and validation.
The native token of the Band Protocol ecosystem, BAND, serves as collateral for validators facilitating data requests and functions as the primary medium of exchange on BandChain, where it is utilized to settle payments for private data.
The Visionaries Behind Band Protocol: Meet the Founders
Band Protocol was established in 2017 by its visionary founders, Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn, who shared a collective passion for innovation and technological advancement.
Soravis Srinawakoon, the incumbent CEO of Band Protocol, boasts an impressive pedigree, having previously served as a software engineer at Ericsson and a management consultant at The Boston Consulting Group. Meanwhile, Paul Chonpimai, the company’s CPO, brings a wealth of experience as a former web developer at Turfmapp and engineer at Tripadvisor. Rounding out the leadership trio is Sorawit Suriyakarn, Band Protocol’s CTO, who has an esteemed background as a software engineer at Dropbox and Quora, as well as a gold medalist in competitive programming.
Beyond the founding team, the Band Protocol LinkedIn page presently boasts a diverse workforce of 20 additional employees, dispersed across Asia, comprising designers, developers, and engineers. Notably, the platform has garnered support from prominent global investors, including Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.
Unveiling the Unparalleled Attributes of Band Protocol
Band Protocol is engineered to surpass competing oracle solutions in terms of speed and efficiency, while maintaining seamless compatibility with a wide range of blockchain and smart contract development frameworks, thereby ensuring the reliable exchange of data across multiple blockchain ecosystems.
To facilitate seamless cross-chain data transfer, Band Protocol intends to harness the power of Cosmos’ Inter Blockchain Communication (IBC) protocol, currently in development. However, the timeline for IBC’s operational readiness remains uncertain.
Band Protocol is engineered to facilitate permissionless oracle creation, empowering anyone to initiate data servicing. Moreover, it boasts seamless smart contract integration, enabling developers to effortlessly leverage data from Band Protocol oracles with minimal coding, simply by invoking a predefined interface.
What Is the Circulating Supply of Band Protocol (BAND) Coins?
Band Protocol initially introduced the BAND token through an initial exchange offering (IEO) on the Binance Launchpad in September 2019, during which a total of 27.37% of the total supply was successfully allocated across three distinct token sale rounds, comprising seed, private, and public sales.
The total supply of BAND is capped at a fixed 100 million tokens, with a circulating supply of approximately 20.49 million tokens, or roughly 20% of the total, as of November 2020.
Notably, the BAND token supply is allocated as follows: 20% is reserved for the team, while a further 5% is designated for advisors. Meanwhile, a substantial 25.63% is earmarked for the Band Protocol ecosystem. According to the projected emission rate, it is anticipated that 100% of the total supply will be in circulation by 2025 at the earliest.
The Security Paradigm of the Band Protocol Network
Notably, BAND tokens, initially built upon the ERC-20 standard, have undergone a significant transformation, being relaunched as native tokens on the Band Protocol’s proprietary mainnet, aptly referred to as BandChain.
Existing holders of the legacy tokens can seamlessly execute a 1:1 token swap by depositing their ERC-20 BAND tokens to Binance, and subsequently withdrawing them as native tokens. This mandatory step is a prerequisite for participating in BAND staking, which exclusively supports mainnet tokens.
Founded upon the Cosmos’ SDK, BandChain is fortified by a Byzantine fault tolerance (BFT) consensus algorithm, which safeguards it against malicious attacks. This mechanism operates in tandem with a delegated proof of stake (dPOS) setup, thereby securing the network’s oracles and enabling BAND holders to reap staking rewards by delegating their stake to trusted nodes.
Acquiring Band Protocol (BAND): A Comprehensive Guide to Exchanges and Marketplaces
BAND was initially listed on public exchanges by CoinMarketCap in September 2019, marking the beginning of its journey. Since then, it has garnered widespread recognition, securing listings on a diverse array of platforms, including prominent tier 1 exchanges such as Binance, Coinbase Pro, and OKEx.
The overwhelming majority of BAND trading pairs are denominated in Tether (USDT) and Bitcoin (BTC), although it can also be exchanged for several fiat currencies, including GBP, USD, and EUR on Coinbase Pro. For a comprehensive introduction to purchasing cryptocurrency, please refer to our exhaustive guide for beginners.
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