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What Is Band Protocol?

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Jul 25, 2022
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4 min read
what-is-band-protocol

This blog post will cover:

  • About Band Protocol (BAND)
  • Where did Band Protocol (BAND) come from?
  • What are the advantages of Band Protocol (BAND)?
  • What are the disadvantages of Band Protocol (BAND)?
  • How to buy Band Protocol (BAND)?

About Band Protocol (BAND)

Band Protocol is an oracle project providing interoperability amid Smart Contracts and the regular web. The Protocol is based on BandChain, constructed on Cosmos-SDK. It’s made to deliver a safe and completely decentralized oracle for Web 3.0 apps. The primary goal of the Band Protocol is to bind smart contracts and off-chain data and guarantee the data trustworthiness via token incentives. That’s how the trusted info bridge between Web 2.0 and Web 3.0 is created.

BAND token is native to the Band Protocol ecosystem. It is considered to be utilized by validators as collateral when they accomplish the data requests.

Where did Band Protocol (BAND) come from?

Soravis Srinawakoon and his colleagues created it in 2017. The project team is located across Asia. Designers, devs and engineers are included in work. Many popular contributors like Sequoia, Woodstock fund and Binance are assisting the idea of Band.

What are the advantages of Band Protocol (BAND)?

  • Easiness.
    
    Band is considered to deliver a permissionless oracle creation, which will permit anyone to start servicing data. It contains truly simple contract assimilation, where devs will be able to utilize information from Band Protocol with a couple of code lines. This feature is an important point of why this project deserves the attention of the crypto community.
  • Speed and scalability.
    
    Because the Tendermint core consensus engine is exploited by Cosmos, the whole system appears to be fast. This means it could be quick and easy for the Protocol to send info. It is scalable as well, which means that they can reach out to a whole host.

What are the disadvantages of Band Protocol (BAND)?

  • Stagnant Growth.
    
    Now, Band Protocol faces many young competitors who distruct its image and bother it to grow.
  • Limits.
    
    All data queries and replies process via one blockchain — BandChain, restricting the maximum flow rate. There is an upper limit of one hundred nodes because of the constrained scalability of the Tendermint BFT consensus. Here, Band Protocol is mostly compared with Chainlink, which has a limitless quantity of oracle networks.

How to buy Band Protocol (BAND)?

Want to buy BAND? Visit the SimpleSwap homepage. Follow our instructions to become a holder of BAND:

  • Choose the cryptocurrency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select BAND in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. BAND will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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