BAND (Band Protocol) | Cryptocurrency In Singapore

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.

Also read: Blockchain startup Band Protocol raises US$3m seed round led by Sequoia India

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

Data Availability
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.

Data Reliability
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.

BAND Protocol is a Singapore and Thailand-based blockchain startup

Official website
https://bandprotocol.com

Resources
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Product Overview
Dual-Token Economics
Token-Curated DataSources
Data Governance Portal
For Developers
Blog
StakeToken
Play BitSwing

Whitepaper

BAND Explorer

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Social Media
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Telegram
Reddit
Twitter
Github
Medium
Linkedin


News / Announcements

  • Band Protocol Mainnet Launch
  • Financial Dataset (XFN) Launch
    $XFN has seen tremendous growth:
    - A 350% increase in market cap
    - Over 2,000 on-chain data queries
    - 190 unique $XFN token holders
    - A daily staking payout of approximately 2,500 XFN ($575 USD)
  • BitSwing.io Launch on Ethereum Mainnet
    Over the course of the month, BitSwing has seen more than 2300 individual transactions and over 1500 unique visitors. This is truly remarkable for a decentralized application.
  • Partnerships with Data Providers
    We have integrated financial data from CoinGecko, DeSquare, Woodstock Fund and one of the largest staking pools in China. All four data providers are from different regions and industries to minimise the influence of geographical, political and industry-wide events
  • Partnerships with Layer-1 Blockchains
    We have partnered with Wanchain, Tomochain, and Elrond to bring cheaper, more secure and easier-to-integrate oracles onto their high-performance blockchains. This brings us a step closer to a full cross-chain compatible oracle solution.
  • Presenting novel idea #GasSwap and hosting event at Devcon5
    We had the opportunity to present at Devcon about GasSwap: Seamless ETH payment to Smart Contracts with GAS and also host an amazing DeFi Drinks with fellow projects bZx, 0x, Matic, Aave, Deversifi, and Alice.
  • More exciting things to come in November
    - Better mobile #UX for staking and earning $XFN
    - More integrations with #DeFi Projects and #dApps
    - More user cases with enterprises
    - The launch of our ambassador program

Read the recap article 👉 https://medium.com/bandprotocol/6eef06867577

 

BAND Token

Band Protocol is built around its own native token, Band token (BAND). BAND is initially released as an ERC-20 token on the Ethereum blockchain.

Total supply: 100,000,000

As we deploy to more blockchains, BAND will also be available there, with the ability to swap the token between supported blockchains. The token provides four main utilities to the protocol ecosystem.

Token Use

  • Provide liquidity to the data governance groups and guarantee token values. Band token is used as collateral to issue dataset tokens. Anyone can buy dataset tokens by sending BAND to the data governance group’s bonding curve smart contract. Conversely, dataset tokens can be sold to the bonding curve to receive back BAND. Similar to how there is a long tail of ERC-20Token, there will be a long tail of less liquid dataset tokens. BAND acts as a network token to provide global liquidity between them and thus anyone can buy, sell or switch between any dataset token with instant liquidity.
  • Store the value of all datasets. To mint any dataset token, Band token is required as collateral. Thus, as the demand of dataset tokens increase, BAND’s demand will increase as well. This has a two-fold effect. Firstly, BAND’s price and token value will increase, making it effectly reflect the value across all data governance groups. Secondly, as dataset tokens are valued in terms of BAND, an increase in BAND’s price results in more security for all data governance groups.
  • Governance for future protocol upgrades. Similar to projects like 0x’s ZRX token, BAND can be used for proposing and voting on future protocol improvements. Once BAND protocol is deployed, its internal logic cannot be changed easily, since upgrade can affect security and usability of the system. BAND Token will act as a governance token for stakeholders in every data governance group to vote for future decentralized upgrade and governance issues, such as changing voting schemes or adding new curation methods.
  • Control dataset quality through curated dataset registry. Initially the first set of datasets will be strictly handpicked. However, as Band Protocol moves toward decentralization, creating and curating a dataset will be permissionless. To control the quality of datasets inside the ecosystem, BAND token holders will together maintain a curated registry of legitimate datasets based on a set criteria. Band token will be used as the voting power to protect the registry against bad actors.

Band Protocol functions on two types of tokens: Dataset Tokens and BAND Token.

A dataset token is a token that anyone can buy into that grants the holder the right to participate in the activities that the community issuing the token conduct. There are two jobs for the dataset token holders: they can either

  1. become a "data provider" who is responsible for curating high-quality data and feed it to smart contracts or
  2. participate in the community (as a user of the data from that dataset) and vote for data providers they trust to do the hard work for them. With only the top provider gaining the right to contribute data to the dataset.