What is Band Protocol (BAND)?
Band is an open protocol that functions as an open standard for data management. The project facilitates the governance of data used in decentralized blockchain systems, and aims to solve current issues surrounding data accessibility and data reliability in a decentralized way. As a Web 3.0 component layer solution it resolves issues regarding data availability and reliability for blockchains in the Web3 technology stack.
The project incorporates public smart contract data points that allow dApps to consume data without needing to call on oracles that are external to the blockchain, and Band’s data feeds are community-curated data sources, that provide a framework for both users and developers to moderate, curate and manage the data sources so that they remain trusted and reliable for their intended uses.
In addition, the protocol’s data interfaces are source and application agnostic, which allows them to be applied to a wide range of purposes, and sources can be aggregated using mean, median, or majority and can in turn, be sourced from multiple originators including centralized external feeds or on-chain data aggregators.
Some potential use cases include:
- Asset Price Feeds
- Real-World Event Feeds
- Identity Data
- Location data
2. What is BAND Token?
Band makes full use of dataset governance groups, token curated data sources, a token curated registry, and is initially being built on top of Ethereum. However, the protocol is blockchain-agnostic and will expand to support a variety of major smart contract platforms including Cosmos Network and EOS.
What makes Band Protocol (BAND) outstanding?
1) Simple Data Layer for Dapps
Existing data provider networks, such as ChainLink or Oraclize, require asynchronous interactions between smart contracts and data layers. Not only does this method complicates smart contract implementations, it also introduces a significant delay as two blockchain transactions need to be executed and confirmed sequentially.
To obtain data, a smart contract follows the flow shown in figure
- Contract saves the state of the current transaction to the contract’s storage.
- Contract emits an event to request data query and stops current transaction.
- Off-chain network waits for sufficient transaction confirms.
- Off-chain network invokes a callback transaction with supplied query result.
- Contract validates the transaction, recovers the state, and continues execution.
Band Protocol shifts the paradigm and instead provides an intuitive query interface for decentralized applications to receive real-world data as a simple function call to a static smart contract. Data providers are responsible for inputting and curating data to the blockchain, making it ready to be consumed from Dapps synchronously.
As figure shows, as a result, querying data on Band Protocol is simple to implement and only incurs small gas cost overhead. This method also scales with more applications using the same dataset since data is readily available to be consumed by multiple parties whereas existing solutions require every application to perform redundant data query.
2) Consortium of Data Governance Groups
Datasets inside Band Protocol are split into multiple Dataset Governance Groups, each of which utilizes its own unique “dataset” token to stake, curate and govern its dataset through mechanics like Token-Curated Registry or Token-Curated Data Sources. While the data governance groups are independent and do not share the same token, they are all secured by Band Native Token through the bonding curve mechanic. This is fundamentally different from other data curation protocols such as DIRT Protocol, which exclusively uses one token for all types of curations.
TOKEN SALE & ECONOMICS
Blockchain: Ethereum blockchain
Smart Contract: Yes
Token type: Utility Token
Total Supply: 100,000,000 BAND
Circulating Supply: 17,083,333 BAND
Token Allocation BAND
Token Release Schedule BAND