BAND Protocol (BAND) is a technology that can integrate real-world data into blockchain technology. It is also a data platform that can connect real-world data and APIs to smart contracts to facilitate data input and output between on-chain and off-chain. BAND uses real world data. This data includes statistics of sports events, weather, random numbers, price stream data, and more. In this post, we will find out key things about it. Let’s get started.
Band Protocol (BAND): All You Need To Know
How did the Band Protocol (BAND) emerge?
BAND emerged as an ERC-20 project on the Ethereum blockchain in September 2019. Later, with the release of Band Protocol 2.0 in June 2020, BAND migrated to the Cosmos network. BAND is built on top of BandChain using the Cosmos SDK. BandChain stands out with its unique Oracle technology.
What is BandChain Oracle Technology?
One of the features that make Band Protocol interesting is the Oracle technology of BandChain on which it is built. BandChain Oracle technology acts as a middle layer running between smart contract platforms or decentralized applications (dApp) and various data providers.
BandChain Oracle’s primary task is to process data requests from dApps. However, the tasks of oracles are not limited to this. BandChain oracles also query data from respective providers and report the results back to the application. In other words, it also plays a role in block generation and verification.
Who founded Band Protocol?
Band Protocol (BAND) was created and released in 2017 by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn.
Band Protocol’s current CEO, Soravis Srinawakoon, worked for Ericsson as a software engineer. Srinawakoon is also currently a management consultant at The Boston Consulting Group.
Band Protocol’s CPO is Paul Chonpimai, who previously worked as a web developer at Turfmapp. Chonpimai also worked as an engineer at Tripadvisor for a short time.
Finally, Band Protocol’s CTO is Sorawit Suriyakarn, a gold medal competitive software programmer who has also worked as a software engineer at Dropbox and Quora.
What differentiates BAND from others?
Band Protocol is designed to be both faster and more efficient than competing projects and to be able to meet anyone’s data requests. In addition, BAND offers an extremely simple smart contract integration. Besides, BAND is compatible with most blockchains and smart contract development frameworks. BAND also has high-level security protocols.
To realize cross-chain data transfer in the blockchain ecosystem, Band Protocol is considering leveraging Cosmos’ Inter Blockchain Communication (IBC) protocol, which is still under development. It remains unclear how long it will take for the IBC to become operational and ready for use.
How is the security on BAND?
BAND was previously on the ERC-20 network, but recently BAND Protocol has been restarted on its own network. So BAND is in the BandChain network.
BAND holders can complete a 1:1 swap by depositing their old tokens connected to the ERC-20 network to Binance and then withdrawing them as native tokens. This swap must be made in order to perform BAND Staking.
Based on Cosmos’ software development kit (SDK), BandChain is secured by the Byzantine Fault Tolerance (BFT) consensus algorithm, which protects it from attacks. This algorithm works in conjunction with an authorized proof-of-stake (dPOS) setup that allows BAND holders to earn stake rewards for delegating their network security duties to third parties.
What are the types of BAND wallets?
A Band Protocol (BAND) wallet is not a wallet that stores the Band Protocol (BAND) value you own. They are the software that contains the private and public keys required to use the Band Protocol (BAND) values you have. Band Protocol (BAND) wallets allow you to see your Band Protocol balance and transfer your Band Protocol (BAND) balances to other Band Protocol wallets with the Blockchain system.
Each Band Protocol wallet has an address, this address code consists of 26-35 characters of numbers and letters. Band Protocol (BAND) is the address of the Band Protocol wallet, which is visible to others and allows them to send Band Protocol (BAND) to your wallet. With this address, you can deposit Band Protocol from other wallets to your own wallet. In order to send Band Protocol (BAND) from your Band Protocol (BAND) wallet to another Band Protocol wallet, you must use your wallet’s private key code. With the Band Protocol wallet, you can join the Blockchain system that underpins the Band Protocol technology.
With the Band Protocol (BAND) wallet, you cannot convert the Band Protocol (BAND) amount in your balance into real money. To convert your Band Protocol (BAND) balance to real money, you need to use crypto exchanges.
There are 3 types of Band Protocol (BAND) wallets.
Desktop Band Protocol (BAND) Wallets
They are wallet programs that you can download and use on your computer. The public and private keys of your Band Protocol (BAND) wallet are stored in your computer’s memory. As it is a Band Protocol (BAND) wallet connected to the Internet, it is vulnerable to the dangers that may come from the Internet. It is an ideal wallet for users who will be transferring Active Band Protocol (BAND) and holding small amounts.
Paper Band Protocol (BAND) Wallets
Paper (paper wallet) wallets are the papers on which the Public Key and Private Key code of your Band Protocol (BAND) wallets are written. In Paper Band Protocol (BAND) wallets, your Band Protocol (BAND) address information is generally displayed in the form of a QR code. Since it is a Band Protocol (BAND) wallet without an internet connection, it is the most secure wallet against attacks that may come from the internet. You can create a specially designed Paper Band Protocol (BAND) wallet, or you can create your own Band Protocol (BAND) wallet information as a printout. Since it is a physical Band Protocol (BAND) wallet and your wallet information is printed on it, you could lose your entire Band Protocol (BAND) balance if you lose your wallet.
Web (Online) Band Protocol (BAND) Wallets
Web Band Protocol (BAND) Wallets are a form of wallet in which the Band Protocol (BAND) balances you have are maintained by the wallet service providers. It is necessary to pay attention to the reliability of companies that provide Web Band Protocol (BAND) wallet services. They are Band Protocol (BAND) wallets that you can have on some of the most popular crypto exchanges in the world. The biggest advantage of Web Band Protocol (BAND) wallets is that you can access and transact (using bitcoin up) from anywhere you have an internet connection.
As soon as you become a member of a crypto exchange, a special Band Protocol (BAND) wallet is created for you. With this Band Protocol (BAND) wallet, you can deposit Band Protocol (BAND) from other Band Protocol (BAND) wallets to your own Band Protocol (BAND) wallet and withdraw Band Protocol (BAND) to other Band Protocol (BAND) wallets. You can log in to your crypto exchange account from anywhere you have an internet connection and perform your Band Protocol (BAND) wallet transactions.
A significant part of your Band Protocol (BAND) balance in your Band Protocol (BAND) wallet in your crypto exchange account is kept in cold wallets. Cold wallets are private security wallets that do not have an internet connection. You can use the Band Protocol (BAND) to store your balance and you can buy and sell on your favorite crypto exchange whenever you want. You do not pay any fees for the wallet service you receive from the crypto exchange site.
How to Calculate Band Protocol (BAND) Price?
Band Protocol price generally varies in line with the balance of supply and demand. Band Protocol is an ecosystem created by its users, and its current value changes according to the supply and demand balance of its users. As with real money values, it is not tied to any central bank or regulatory system.
Band Protocol, as a usage area, is frequently used in buying/selling transactions in Cryptocurrency Exchanges due to the change in prices. Apart from buying/selling transactions, Band Protocol is seen by many users as an investment tool. They keep their Band Protocol balances in their Band Protocol Wallets.
Although Band Protocol has no physical equivalent, it is a currency and is also used as a means of payment. There are companies that receive payments with Band Protocol in many parts of the world. In international trade, the fact that making payments with Band Protocol is faster, reliable and cheaper makes Band Protocol more attractive as a means of payment compared to real money.