About Band Protocol (BAND)

Band Protocol (BAND) functions as a data oracle platform catering to numerous projects spanning various blockchains. It employs a Delegated Proof-of-Stake (DPoS) consensus model, where stakeholders, validators, and nodes stake BAND tokens to engage actively.

Validators gather off-chain data requests, verify them on-chain, and then disseminate the data to the relevant DApps.

What is Band Protocol?

Band Protocol, known as BAND, serves as a cross-chain data oracle platform facilitating the aggregation of real-world data and linking it with APIs and smart contracts. Established in 2017, Band Protocol enables the exchange of information between on-chain and off-chain data sources for Decentralized Applications (DApps). Initially established on the Ethereum blockchain, the protocol migrated to the Cosmos network in June 2020 to reduce gas fees and enhance efficiency.

Functioning as an oracle network, Band Protocol acts as an intermediary between off-chain real-world data and blockchains. Its service empowers smart contracts to execute based on factual off-chain events and information. DApps face challenges operating in a decentralized and trustworthy manner without dependable oracles that provide transparent information sources.

Who are the founders of Band Protocol?

Band Protocol was established in 2017 by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn. Soravis Srinawakoon, presently serving as the CEO of Band Protocol, has a background as a former software engineer at Ericsson and a management consultant at The Boston Consulting Group. 

Meanwhile, Paul Chonpimai, functioning as Band Protocol's CPO, previously worked as a web developer at Turfmapp and an engineer at Tripadvisor. Lastly, Sorawit Suriyakarn, the current CTO of Band Protocol, was formerly a software engineer at Dropbox and Quora and holds the distinction of being a gold medalist competitive programmer.

Apart from the founding members, Band Protocol's LinkedIn page currently showcases an additional 20 employees, primarily based across Asia, encompassing roles such as designers, developers, and engineers. The platform also enjoys support from prominent global investors like Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.

How does Band Protocol Operates?

Band Protocol operates via the autonomous BandChain blockchain constructed using the Cosmos SDK. Developers leverage BandChain to create tailored Oracle scripts that fetch off-chain real data for DApps and smart contracts. 

These scripts can be personalized, including aspects such as data specifics, its origin, the required number of validators for data reporting, and the data aggregation methodology. The execution of an Oracle script follows these steps:

A DApp initiates a data request following its custom Oracle script.

A randomized group of validators receives this request, gathering data from the designated source.

Validators' data reports are aggregated based on the custom Oracle scripts.

The finalized aggregated data is permanently stored on BandChain, generating an Oracle data proof.

Validated Oracle data is transmitted to the requesting DApps or blockchains.

What is the working behind Band Protocol's Consensus Mechanism?

Band Protocol secures its oracle network using its native BAND token and a Delegated Proof-of-Stake (DPoS) consensus mechanism. Currently, BandChain boasts over 90 professional and community node operators working on the blockchain. Each node operator must stake BAND tokens to deter malicious behavior. Validators receive a portion of query fees and block rewards as incentives for successfully processing data requests.

Token holders can engage in the network as validators or delegators by staking or delegating their tokens to validators, earning staking rewards, and collecting data request fees. Additionally, BAND tokens play a role in the protocol's governance mechanism.

What are the primary objectives of  Band Protocol's?

How does Band Protocol intend to achieve these objectives?

Leveraging the Cosmos network's unique Inter-Blockchain Communication (IBC) protocol, Band Protocol achieves rapid interoperability and blockchain autonomy. This capability enables Band Protocol to collaborate with and serve projects built on diverse networks like Ethereum, Fantom, and Avalanche, among others.

The Band Standard Dataset encompasses more than 80 data feeds from expanding data sources. These decentralized price feeds offer DApp developers flexibility and creativity when deploying applications on the blockchain network.

For more information about Band Protocol (BAND), visit Suncrypto Price Explorer.