Band Protocol (BAND): the essence of the project, key features and prospects for the development of the coin

Band protocol what is it?

Band Protocol is an oracle protocol for a cryptocurrency blockchain that provides data exchange between decentralized Internet networks (Web 2.0 and Web 3.0) and provides smart contracts with reliable information. The blockchain itself cannot receive data outside the network, so third-party programs have appeared - oracles that help with this.

BAND works thanks to the DPOS (Delegated Proof of Stake) algorithm, which solves problems with cost and speed, and also provides reliable security for user data. This protocol is used as secure software with two-level code in popular blockchains.

Initially, the protocol was launched and worked on the Ethereum platform, but today it has already developed its own blockchain called Band-Chain, which uses Cosmos technology to transfer information to other blocks.

The Band team has identified priority aspects of its activities, namely:

• ensuring the accuracy of the transmitted information;
• decentralized trading;
• processing up to 50 transactions per second;
• decentralized finance (DeFi);
• bridging the gaps between the real world and dApps;
• tracking and identification of the block chain.

Who created the BAND token? The essence of the Band Protocol project

The BAND token was created in 2019 by programmer Soravis Srinawakun, who brought together a team of developers, Dropbox software engineers, and other IT professionals from Trip Advisor. Soravis Srinavakun is the CEO of the company, the CTO is Soravith Suriyakarn and the Product Director is Paul Nattapatsiri.

The type of token, like many other cryptocurrencies, is the ERC-20 standard, which was developed on the basis of an inflationary model.

Since the value of the Band crypto coin is constantly decreasing, users must take an active part in activities from the blockchain itself. The purpose of the token is to provide network users with a reward and encourage them to place bets and use personal assets. Thus, they will be able to cover from 7 to 20% of coin inflation without losing its cost. The idea is that users actively use their cryptocoins, and not keep them on a wallet or exchange, as often happens in the staking model.

Features of BAND cryptocurrency

Band cryptocurrency gives the opportunity to vote and resolve contentious issues within the block. It is also used as collateral for providing data in the Band Protocol system. We advise you to read the main characteristics of this crypto coin:

• Type: ERC-20.
• Token ticker: BAND.
• Total coins: 100,000,000.
• Token launch time: 16/09/2019, 00:00 UTC.
• Based on the Cosmos algorithm with the help of Tendermint Core.
• Main function: providing a set of data.
• Unique multi-token model.
• Acts as an intermediary between information sources and blocking chains.
• The price of the token (at the time of this writing) is 3.59 usd per 1 BAND.
• Data request occurs in the time range from 4 to 6 seconds.
• In addition to speed, the Band smart contract is also cheap. It costs half as much as other decentralized networks, using less than 30 thousand units of gas to process requests.
• Allows you to create markets for games and forecasting, smart contracts in the blockchain, without relying on one centralized point of the oracle. As a result, full scalability and decentralization.

How to buy and where to store Band Protocol (BAND)?

Band cryptocurrency, like any other, for example: Bitcoin, Polkadot and Dash, users can get through staking. Staking is a kind of storage of crypto coins on a personal wallet, for which users can receive a monetary reward. We repeat that the price of the coin is decreasing all the time and the developers are forced to prepare special profitable offers and promotions in order to encourage users to actively participate in them.

Regardless of your experience with cryptocurrencies, you can also just buy Band cryptocurrency without any problems. Since this token is a very popular crypto-coin, accordingly, it is traded on the most famous and trusted crypto exchanges in the world among experienced traders, as well as absolute beginners, or you can use the services of the Coin24.io exchanger. You can see the token itself and follow the Band Protocol course on such popular exchanges:

• Coinbase;
• Okex;
• Binance;
• Currency.com;
• Bilaxy.

If you already have the Band cryptocurrency in your arsenal, then you have the opportunity to become an information provider for protocols and have your own voice within the system. This is possible only after you have executed the contract and entered the necessary requested data. You then become a full-fledged provider candidate who has tokens that meet the minimum requirement and serve as collateral. This means that tokens can be used as stablecoins or other assets to make decentralized payments. 

You can store and manage your BAND coins using the Band Protocol Wallet. In fact, the cryptocurrency is stored in the blockchain itself, and you simply access this coin using keys (a kind of password), which can be public or private. The wallet itself looks like a regular finance application and allows users to not only store, but also send, receive, exchange and perform any other operations using BAND.

Band Protocol outlook and forecasts

Band Protocol (BAND) is a very interesting project aimed at solving problems directly with smart contracts. Previously, the inability of smart contracts to interact with external services and receive real data made the work of many users much more difficult. But, today, the Band Protocol system has completely decentralized and set up a fast transfer of real data.

As for the project’s activities at the moment, various decentralized finance (DeFi) solutions have been implemented in the amount of 565 million US dollars. The development is supported by Binance and Sequoia Capital.

The Band Protocol team plans to support the computer games industry, as well as the field of forecasting. It is important to understand that the further promotion of the project depends to a large extent on the well-coordinated activities of the team for the development of their products.