What is Band Protocol (BAND) anyway? A competitor of Chainlink!

What is Band Protocol (BAND) anyway? A competitor of Chainlink!


I saw that you can stake Band Protocol in the Atomic desktop wallet and mobile phone for 15% - 17% annual passive income. This is a very high press rate which cannot be earned with many tokens. And certainly not in a great wallet like Atomic wallet.

This project is similar to Chainlink's project, but because you can't stake Chainlink I thought this was a great alternative. Despite the fact that you can stake BAND, the tech is also good. In my view, this is very desirable in the crypto world.

I don't want to go into the details of this project but I keep it easy for everyone to understand. I will leave a lot of information but I do this expressly.

Intro to Band Protocol

The website says the following about Band Protocol: 

Secure, Scalable Blockchain-Agnostic Decentralized Oracle.   

Band Protocol is a cross-chain data oracle
platform that aggregates and connects
real-world data and APIs to smart contracts.

Band Protocol can be described as a decentralized protocol used for data management and oracle management. Band Protocol provides a standard service for managing Dapps. They also ensure that smarte contracts can obtain good and reliable information outside the blockchain. We are talking about APIs for example and it can certainly be used in DApps.

Furthermore, Band Protocol ensures that Web3 applications can be used in a safe and efficient manner. These are used in, for example, the following applications for developing infrastructure improvements: off-chain oracles, token issuances and registers managed by these tokens.

What does Band Protocol have in store for us this year in 2020:

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The team behind Band protocol:

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Token details

  • The ticker: BAND

  • Typing token: ERC20

  • The price of the ICO: 0.47 USD per BAND

  • The target amount: 10,900,000 USD

  • The total number of tokens: 100,000,000

  • The number of tokens sold: 27.37%

  • What is also being accepted: BNB

  • The token role: UTILITY

The token details in a chart: 

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The token price at the moment: 

What is a oracle?

An oracle makes it possible to consult data that is outside the smart contract. The Oracle ensures that this information is monitored and that information can be sent securely via the blockchain to a smart contract.

Why a data oracle?

Blockchains cannot consult reliable data outside the blockchain, so this information is also not available for these blockchains. Now Band Protocol ensures that by using a data oracle, reliable data from outside the blockchain can be consulted.

Correct data for DeFi

For Dapps you need prize allowances that allow you to exchange tokens and use them as collateral. By using band Prorocol it is possible to develop and use Defi Apps in a safe way. The price additions will be resistant to fraud and other unpleasant matters.

Band oracle and the use in different blockchains

Band protocol is made so that this protocol can be used by many different blockchains and smart contracts. This is something like this: Band Protocol draws information from the outside world to the blockchain. And then Band oracle ensures that these data are brought together so that they can be used efficiently across the various blockchains and smart contracts.

other uses

Many more different applications can be conceived where band oracle can be used. Usually it is immediately said that this can be used well for DeFi. But now we look at other events that developers could use. For example, the data can be used from the weather, sports events, numbers that calculate different things, adjustments in contracts where information is needed from outside the contract. Developers can create WebAssembly that connects between smart contracts and web APIs.

Final thoughts 

Using an oracle is certainly not new anymore because several projects want to use it or already use it. We will see where Band Protocol will take us and if it is a real opponent of Chainlink. Chainlink is certainly ahead of the development of this technique and has many collaborations to its name.

But never underestimate a new project and stay on your guard. That is why it is important to keep an eye on these two projects so that you can analyze the differences and similarities. I believe that Band protocol could certainly be an opponent of chainlink. But it is still too early to expand further on this.  


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LiquidAttic
LiquidAttic

I’m a simple man and a simple crypto enthusiast.


LiquidAttic crypto blog
LiquidAttic crypto blog

My name is Marc and i’m from holland. I’m interested in crypto, blockchain, privacy, DEFI and cybersecurity. And i wanted to share my simple thoughts about the crypto space. I will write about: News, cryptocurrency, tokens and much more.

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