Band is an open protocol that facilitates the governance of data used in decentralized blockchain systems. The protocol functions as an open standard for data handling and data management. Band Protocol intends to solve data accessibility and data reliability in a fully decentralized manner. This includes how Band provides data endpoint such that any smart contracts can easily consume real-world data and data governance mechanism to ensure data integrity. While Band is initially built on top of Ethereum, the protocol itself is blockchain-agnostic and will eventually be supported on all major smart contract platforms including Cosmos Network and EOS. Band’s vision is to become the go-to decentralized world’s database which any decentralized programs or applications can rely on for trusted data.
Band Protocol was founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Chonpimai. All three founders have histories with investing in cryptocurrencies since 2013 and have created a crypto game in 2015 that is said to have garnered over 300,000 users. Band Protocol’s believed to be able to solve the problem of lack of regulation that arises from issues like biased ranking, inaccurate reporting of token metrics, to scams that part retail investors from their money.
Data Governance Framework for Web 3.0 Applications - Developer Documentation
Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated data providers.
Connect to Real-World Information
Without access to external data, the use cases for dApps are limited. Prediction markets are too illiquid to be practical. Band Protocol provides community-curated on-chain data feeds, backed by strong economic incentives which ensure the data stays accurate.
Connect to Any Open API
Band Protocol provides an infrastucture for blockchain applications to connect with any open API without relying on a centralized party. This allows dApps to leverage existing data on the internet without compromising security, bridging the use cases between Web 2.0 and 3.0.
Bring Blockchain Closer to Mass Adoption
Data availability and reliability in decentralized platforms has restricted adoption since the inception of smart contracts. Band Protocol provides a standard framework for the decentralized management of data, serving as a fundamental query layer for applications that requires access to off-chain information. This eliminates the critical centralizing trust and points of failure that the oracle problem typically introduces to decentralized applications with other designs.
What Band Solves?
- Data Availability
- Aligned Economic Incentives
- Data Reliability
- Decentralizing Trust Point
Band Feeds Data On-Chain
Right When You Need
For high-demand data such as ETH/USD price, the data are updated and kept on-chain on a regular basis. DApps can request and use the data with just one simple function call.
Band Aggregates Data from Multiple Providers
Band enforces strict requirements before serving each query. Each data point requires more than ⅔ of qualified providers to serve the data, which guarantees high tolerance for collusion.
Aligned Economic Incentives
Dataset Tokens on Bonding Curves
Each dataset has its own token for governing how the dataset functions. It incentivizes token holders and data providers to curate high-quality data, which in-turn drives greater security for dApps.
Decentralizing Trust Point
Community Runs Datasets and Grows Together
Band provides a decentralized, unstoppable platform for community to curate reliable data. No single identity has authority to bypass governance and take control of the data.