Band Protocol offers a decentralized data oracle that connects smart contracts such as Defi to external data and APIs.
Band Protocol offers a decentralized data oracle that connects smart contracts such as Defi to external data and APIs. The project has raised ~$10.5 MM via private token sales and the Binance Launchpad Sale.
- The project uses Delegated Proof-of-Stake (DPoS) on its Cosmos-based blockchain. BandChain provides a decentralized, scalable, and cross-chain oracle solution for any decentralized finance application or smart contract developer.
- BandChain allows developers to customize and create a 'data oracle script' that allows smart contracts to connect to external data sources and APIs, and specify aggregation methods and security parameters.
- BAND is the native token of BandChain and is used as a medium of exchange for transfer/data request fees as well as staking to ensure accountability and secure data curation from a trusted global pool of validators.
What is Band Protocol (BAND)?
Band Protocol is a decentralized cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The protocol leverages BandChain, an independent blockchain built specifically for oracle computations including settlement, data sourcing, and aggregation, that is secured by delegated proof-of-stake to enable the following features:
- Decentralized economic incentive: BandChain nodes operate independently are required to stake BAND and reputation to uphold data integrity.
- Scalability: All oracle computations occur on BandChain with 2 seconds block time. Band oracles are not bottlenecked by speed and congestion of any native blockchain hosting the dApps such as the Ethereum network. This allows Band oracles to be able to respond swiftly to all the data requests from multiple blockchains independently of each other.
- Real-Time Data Query: Smart contracts can use Band Protocol to query data on-demand and receive a real-time ready to be confirmed on destination blockchains within 4-6 seconds.
- Flexibility: Create fully customizable oracle scripts on BandChain that specify any data sources or APIs to connect to, with customizable aggregation methods and security parameters.
- Real-time Payments: Data requests can be paid in real-time on Band Protocol as opposed to a large fixed cost to update reference data.
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