Band Protocol

What is Band Protocol (BAND)?

Band Protocol has been designed as software that incentivizes a network filled with users to offer data found within the real world to dApps (decentralized applications) that run on blockchains.

Understanding Decentralized Oracles

Blockchain use cases, particularly ones depending on smart contracts, need to have a link with the real world, i.e., the external. For the gap to be bridged between the two, middleware is needed, i.e., a technology that links both off-chain and on-chain systems.

This middleware service is known as a blockchain oracle.

Here, oracles can be both centralized and decentralized. Decentralized oracles rely on several external sources instead of one or two, as opposed to centralized oracles.

The Problem Band Protocol Solves

Like with any other blockchain oracle, Band Protocol tries to solve what is known as the “Blockchain Oracle Problem,” which refers to how blockchains are inherently incapable of accessing external data.

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Key Features of Band Protocol

Here, we will be looking at some of the key features underlying this protocol and what you can expect from it.

Flexible Data Querying

The data querying here is flexible, including random numbers, sports, weather, events within the real world, and much more.

Scalable Oracle Design

It features a scalable oracle design, wherein it can serve enormous volumes of data requests while experiencing minimal latency.

Community Governed

What’s also worth noting is that the protocol is governed by its own community, in that it has its own governance mechanisms in place whereby its community has the means to vote on decisions that leave lasting impacts on the protocol’s future.

How Band Protocol Stands Out

Here, we will be going through a few of the things that may differentiate Band Protocol from other oracles within the space.

Data Providers and Sources

The data that Band Protocol aggregates comes from a variety of premium sources, including the likes of CoinGecko, CoinMarketCap, and Binance, among others. And while this may be specific to its price dataset, the mentality can carry over to other types of datasets as well.

Security Measures and Safeguards

To beef things up on security, the Band Protocol makes sure to maintain decentralization and conduct security audits from time to time, among other things, to make the data on the network more secure.

The idea behind decentralization, for instance, is that by catering to it, any centralized points of vulnerability may be removed, as these would raise risks pertaining to data breaches and cyber attacks.

Use Cases and Real-World Application

Within this section, we will be going through some of its applicability, both within the DeFi sector and in the real world.

DeFi Projects Integration

Due to the nature of its services, Band Protocol integrates with numerous other projects within the DeFi sphere, including the likes of Polygon and FIndora, among others, to provide these protocols with the data they need.

Gaming and Entertainment 

The Band Protocol also provides substantial benefits to the gaming and esports industries with how reliable and accurate the real-world data that it offers can be and how it allows for dynamic in-game events, all while supporting various decentralized gaming economies, thereby improving the experiences of players in the process.

Partners and Collaborators

The partnerships and collaborations it has managed to accumulate over the years have been respectable, from the likes of Fantom, Cronos, and Injective to OKC, Linear Finance, and Helix, all of whom wished to use Band Protocol for access to reliable external data.

Challenges and Critiques

Within this section, we will be discussing a bit of the pitfalls that may be associated with this protocol, i.e., the things to look out for when deciding to get here.

Chainlink and Other Contenders

For one, it is important to note that the Band Protocol is by no means the only oracle within the blockchain sphere.

And the market has become increasingly competitive over the years, which may not always be a good thing.

Chainlink, for instance, has the vast majority of the market share within the space with a lot of attention directed towards it, and as the market expands, that will increasingly be the case, which, again, might not bode well for Band Protocol.

Technical Hurdles and Setbacks

As the demand for blockchain oracles grows, the Band Protocol will have to accommodate that demand, i.e., it will have to be scalable enough.

This will definitely be demanding and setbacks could potentially be experienced, which brings us to the next point.

Due to the increasing demand, it will have to be interoperable or integrate with various other blockchain platforms or networks for long-term adoption and success, and as of now, it looks like it could do more in that regard.

BAND Tokenomics

We will now be shifting our focus towards its native token, going over some of the utility it has within its ecosystem and its tokenomics.

Roles and Utility

Its native token, BAND, is an integral part of its network, having a ton of utility. For instance, you can stake the token if you want to become a validator, where you will then be responsible for offering data for smart contracts and be rewarded for your contribution. Other than that, you have governance and the fact that it is used within payments.

Token Allocation and Distribution

Speaking of initial token allocation and distribution, 10% of the token’s total supply is allocated to seed sale investors, 12.37% to public sale investors, 5% to private sale investors, 25.63% to the ecosystem itself, 5% to the advisors, 20% to the team, and finally 22% to the foundation.

Investment Perspective

Now, we will be directing our attention to the token’s potential as an investment and how it has been performing lately.

Staking and Earning Potential

According to Coinbase, the average reward rate for the token, or, in other words, the APY, is approximately 11.60%.

This should be enough for most investors out there, which means that the token has some earning potential when it comes to staking.

Market Performance and Analysis

From what we have gathered, the BAND token wasn’t initially designed to be a vehicle for investments. The decision of the team behind the protocol to implement this gradualistic inflation procedure to reduce the token’s worth over time is a demonstration of that.

So far, it seems to have worked, as the token is down by nearly 95% from its all-time high, and the sentiments for it, at least from an investment perspective, are bearish.

In other words, holding the token isn’t as encouraged as staking it or using it within its system.

How to Buy BAND Tokens on Binance

If what we have stated so far about the token has gotten you interested in it, then we will discuss how that may be done on Binance.

Account Creation and KYC Verification

To create an account on Binance, just click on the link below, which will take you to the Binance Registration Page, and fill in what’s asked of you.

As for KYC, that can be conducted on its verification page, where you will need to add a few details about your identity and then prove the validity of that information with appropriate documentation.

Security Measures: 2FA and Biometric Scans

To amplify your account’s security, Binance offers biometric scans and 2FA. So, navigate to its security page and follow the instructions Binance outlines to set both of them up.

Depositing Funds to Your Binance Account

To make that first deposit, so that you can buy what you want on this exchange, head over to Binance’s deposit page, select the token and the network for it, paste the deposit address that is generated into an external service, and confirm your fund transfer.

Finding BAND and Placing Your Order

Now that your account has been properly funded, you can use the numerous options offered by Binance to place an order for some BAND tokens. These include spot, futures, and copy trading, or simply swapping whatever you currently own for BAND.

Storing Your BAND Tokens Safely

Next comes storing the newly acquired BAND tokens in a secure cryptocurrency wallet. Presently, the most secure option would be offline storage, aka cold wallets. So, after deciding on a wallet, you can head over to Binance’s withdrawal page to transfer those BAND tokens to that wallet.

Future Plans and Updates

One thing that we haven’t mentioned so far about the protocol is that it is based on Cosmos, and because of that, a lot of its future developments have to do with interoperability and scalability.

And then, you have your usual protocol integrations and partnerships ahead, all of which should serve as a means to expand its ecosystem. Other than that, decentralization is also an important goal it strives towards. To that end, it plans on bringing in more validators alongside more Oracle node operators.

Conclusion

DeFi (decentralized finance) applications require accurate and dependable price feeds, along with various other real-world data inputs, such as existing events and sports, some random numbers, or even the weather. The Band Protocol, therefore, is representative of a way of bringing all that external data securely or safely to on-chain environments, which it does a fair job of.

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Therefore, we are not responsible for the investment decision in Band Protocol and the resulting loss.

Band Protocol Basics

Here are some factors that investors should consider before investing in Band Protocol.

Cryptocurrency Features	Band Protocol (BAND)
Publisher or Developers	Sorawit Suriyakarn
Headquarters (Registration Number)	Bangkok
Symbol	BAND
Platform	BandChain
Published Date (CMC Registration)	2024-11-01
Max Supply	No limit

Reliability Score of Band Protocol in 2024

These are indexes mesuring the investment reliability of Band Protocol conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 10 Exchanges
Number of Available Pairs Worldwide	305 Pairs
Market Cap of the Cryptocurrency	256,572,321 USD (Rank #173)

The table above shows the result of investment suitability evaluation for Band Protocol.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Band Protocol Price

Here are the price and recent trading volume of Band Protocol. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of Band Protocol
Band Protocol Price	1.091 USD
Price Change 24h	-5.31%
Price Change 7d	-4.39%
Trading Volume 24h	9,044,794 USD
Trading Volume Change 24h	-54.22%

Cryptocurrency Metadata

You can check the development status and social media information of Band Protocol through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://bandprotocol.com/
📖 White Paper	https://bandprotocol.com/whitepaper-3.0.1.pdf
🛰️ Source Code (GitHub)	https://github.com/bandprotocol
🐦 Twitter	https://twitter.com/bandprotocol
🤖 Reddit	https://reddit.com/r/bandprotocol
🎺 Message Board	https://medium.com/bandprotocol

Where to Buy Band Protocol

Here are the top ten world crypto exchanges where traders can buy Band Protocol in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/BAND_BTC
Coinbase	Listed	https://pro.coinbase.com/trade/BAND-USD
Kraken	Listed	https://pro.kraken.com/app/trade/band-usd
KuCoin	Listed	https://www.kucoin.com/trade/BAND-USDT
Bitfinex	Listed	https://trading.bitfinex.com/t/BAND:USD
OKX	Listed	https://www.okx.com/trade-spot/band-usdt
Huobi	Listed	https://www.huobi.com/en-us/trade/band_usdt?type=spot
Bitstamp	Listed	https://www.bitstamp.net/markets/band/usd/
Bybit	Listed	https://www.bybit.com/trade/usdt/BANDUSDT
Gate.io	Listed	https://www.gate.io/trade/BAND_ETH

Frequently Asked Questions