Band Protocol (BAND)

About Band Protocol (BAND)

What Is Band Protocol (BAND)?

Band Protocol is a decentralized cross-chain data oracle platform designed to bridge the gap between real-world data and on-chain applications. It supplies blockchain-based decentralized applications (dApps) with real-world information from off-chain sources, such as sports results, weather data, random numbers, and price feeds. This functionality makes it possible for developers to use any type of real-world data in their dApp logic, expanding the potential for decentralized finance (DeFi), gaming, insurance, and other blockchain use cases.

Key Features of Band Protocol:

• Cross-Chain Compatibility: Band Protocol enables the transfer of data between different blockchains, offering decentralized applications the flexibility to interact with multiple blockchain ecosystems.
• High-Speed and Efficient: Band Protocol is designed to be faster and more efficient than traditional oracle solutions, thanks to its integration with the Cosmos SDK.
• Permissionless Oracle Creation: Anyone can set up an oracle on the Band Protocol network to service data requests, providing an open and decentralized data marketplace.
• Simple Smart Contract Integration: Developers can integrate Band Protocol’s oracles into their smart contracts with just a few lines of code.

Transition to Cosmos and BandChain

Originally launched as an ERC-20 token on the Ethereum blockchain in 2019, Band Protocol transitioned to the Cosmos network in June 2020. This move brought the launch of BandChain, which is built using the Cosmos SDK. This change enhanced scalability, security, and efficiency, as BandChain incorporates Byzantine Fault Tolerance (BFT) and Delegated Proof of Stake (dPOS) consensus mechanisms.

BAND Token

BAND is the native utility token of Band Protocol and plays several roles within the ecosystem:

• Staking: Validators stake BAND tokens to secure the network and provide accurate data.
• Collateral: Validators also use BAND as collateral for fulfilling data requests.
• Medium of Exchange: BAND is used for paying for private data requests and participating in staking.

The total supply of BAND is capped at 100 million tokens, with a large portion allocated to the team, advisors, and ecosystem growth.

Founders of Band Protocol

Band Protocol was founded in 2017 by:

1. Soravis Srinawakoon (CEO) – Former software engineer at Ericsson and management consultant at The Boston Consulting Group.
2. Paul Chonpimai (CPO) – A former web developer and engineer at Tripadvisor and Turfmapp.
3. Sorawit Suriyakarn (CTO) – Former software engineer at Dropbox and Quora, and a gold medalist in competitive programming.

The team is supported by major global investors such as Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.

Unique Features of Band Protocol

1. Interoperability: Leveraging the Cosmos Inter-Blockchain Communication (IBC) protocol, Band Protocol is designed to enable data transfer across multiple blockchains, although the IBC protocol is still under development.
2. Permissionless Oracle Creation: Band Protocol allows anyone to create oracles, providing data services to the broader ecosystem, increasing decentralization.
3. Efficient Data Transfer: Band Protocol is faster and more efficient compared to other oracles, ensuring that data is transferred securely and quickly across different platforms.

BAND Token Supply

• The total supply of BAND is capped at 100 million tokens.
• A portion of the total supply was distributed through IEO in September 2019, with 27.37% allocated across seed, private, and public sale rounds.
• Circulating Supply: As of 2020, 20.49 million tokens were in circulation, with full circulation expected by 2025.

Security and Consensus Mechanisms

• Cosmos SDK and BandChain: The Band Protocol’s mainnet (BandChain) utilizes the Byzantine Fault Tolerance (BFT) consensus algorithm to secure the network against attacks. This is coupled with delegated proof of stake (dPOS), which allows BAND holders to stake tokens and earn rewards by delegating their stake to validators.
• 1:1 Token Swap: Band Protocol holders were required to swap their ERC-20 BAND tokens for the native BAND tokens to participate in staking and interact with BandChain.

Conclusion

Band Protocol addresses the need for decentralized data services in the blockchain ecosystem, enabling reliable and secure real-world data integration into dApps. Through its transition to the Cosmos network and the implementation of innovative solutions, Band Protocol is positioning itself as a leading oracle platform with faster, more efficient data handling and greater scalability. The BAND token plays a key role in securing the network and incentivizing validators, while also serving as the medium of exchange within the ecosystem.