The price Band Protocol today is 1.87 USD, and the trading volume in 24 hours - 15,404,258 USD. The crypto asset has grown by 5.59% over the day. Currently, the coin’s market capitalization is 65,681,381 USD, and has 35,191,821 coins in circulation with the max supply of 43,394,233 coins BAND.
What is Band Protocol (BAND)?
Band Protocol is a cross-chain data oracle platform that can accept real data and transmit it to network applications, as well as connect APIs to smart contracts to facilitate the exchange of information between the chain and off-chain data source.
By providing reliable, verifiable data from the real world to blockchains, Band Protocol opens up a number of new use cases that developers can explore, as they can now use any type of real data as part of the logic of their decentralized application (DApp), including sports, weather, random numbers, price data, and more.
Band Protocol was originally launched as an ERC-20 project on the Ethereum blockchain in September 2019, but moved to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol is built on the BandChain using the Cosmos SDK.
Oracle nodes on the BandChain not only relay data, but also participate in block production / validation, which gives them a dual role.
BAND is a proprietary token of the Band Protocol ecosystem, which is used as a security by validators involved in making data requests, as well as as the main medium of exchange in the BandChain, which is used to pay for private data.
Who is the founder of Band Protocol?
Protocol Band was founded in 2017 by Servic Srinivasan, Paul Copymay and Sorbavit Suriacarn. Soravis Srinavakun, the current CEO of Band Protocol, has previously worked as a software engineer at Ericsson and as a management consultant at The Boston Consulting Group.
Paul Jeongpimai, on the other hand, is a CPO Band Protocol, as well as a former web developer at Turfmapp and an engineer at Tripadvisor. Finally, former Dropbox and Quora software engineer Sorawit Suriyakarn is the current CTO of Band Protocol and a gold-medal winning programmer.
In addition to the founding team, the project's LinkedIn page currently lists a total of 20 additional employees, most of whom are spread across Asia, including designers, developers, and engineers. The platform is also supported by major global investors, including Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.
What makes the Band protocol unique?
The project is designed to be faster and more efficient than competing Oracle solutions, and is also compatible with most blockchain and smart contract development frameworks, providing reliable data transfer to and from several different blockchains. Band Protocol plans to use the Inter Blockchain Communication (IBC) Cosmos protocol, which is still in development, to provide inter-network data transmission. It remains unclear how long it will take for the IBC to work and be ready for use.
Band Protocol is designed to create oracles without permission, allowing anyone to start serving data requests. It also offers extremely simple smart contract integration, allowing developers to start using data from the Band Protocol oracles with just a few lines of code, invoking a predefined interface.
How many Band Protocol (BAND) coins are in circulation?
Band Protocol initially released the BAND token following an initial exchange Offering (IEO) on Binance Launchpad in September 2019. A total of 27.37% of the total offer was sold in three rounds of token sales (primary, private and public sale).
The total volume of the BAND offer is limited to 100 million tokens. As of January 2021, just over 20% (20.49 million) of the tokens were in circulation.
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