Decrypt • Jul 22, 21
Cosmos 'Internet of Blockchains' Links Up With DeFi Oracle Band Protocol
Cosmos-based blockchains can now access numerous data feeds provided by decentralized oracle Band Protocol.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Band Protocol has risen by 20.02% in the past 7 days. The price increased by 5.65% in the last 24 hours. In just the past hour, the price shrunk by 0.14%. The current price is $2.20 per BAND. Band Protocol is 90.49% below the all time high of $23.19.
The current circulating supply is 35,191,821 BAND.
Band is a cryptocurrency that describes itself as “a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.” Band allows blockchains to access data, such as stock prices and weather, that are available via API. Note: Coinbase only supports the Band token running on Ethereum (ERC-20).
Band is a cross-chain data platform for connecting real-world data and APIs to smart contracts. oracles are entities that connect blockchains to external systems, allowing smart contracts to execute depending on real-world inputs and outputs.
Speed and Scalability: The system must be capable of serving a large number of data requests to various public blockchains with minimal latency and high throughput. The expected reaction time must be in the range of seconds.
Cross-Chain Compatibility: The system must be blockchain-agnostic and capable of serving data to the vast majority of publicly available blockchains. The verification of data validity on the target blockchains must be efficient and trustless.
Data Flexibility: The system must be versatile and capable of supporting various methods of retrieving and aggregating data consisting of both permissionless, publicly available data and information protected by centralized parties.
Components: Two of the most important components of Band Protocol are the and BandChain Oracle. BandChain is a high-performance blockchain designed for data oracle whilethe BandChain Oracle solution functions as an intermediary layer between smart contract platforms or decentralized apps and various data suppliers.
Problem: To start off, are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Smart contracts excel at immutable storage and verifiable transactions, but their use cases were previously limited due to their access to external data. Most blockchains are unaware of what is going on in the real world and cannot access data that is not native to the chain. While most existing smart contract platforms allow for the trustless execution of arbitrary algorithms, they lack access to real-world data. This constraint prevents such contracts from reaching their full potential. BandChain was created to address this issue by connecting public blockchains to real-world, off-chain data.
There have been multiple attempts at finding solutions. Three major limitations persist:
Centralization: Contemporary data solutions, such as API (application programming interface) feeds and some oracle systems, are designed to be centralized. This not only contradicts the concept of decentralization and distrust, but it also constitutes potential security issue data tampering and outages for the users.
Network Congestion: All major oracle solutions suffer network congestion due to the solution being on the same blockchain as the application. As a result, if the blockchain network becomes overburdened with outstanding transactions, the data request transaction would be delayed as well.
High Cost: They are pricey. This is due to the costs of researching, developing, and deploying the solution, as well as the different expenditures connected with operating and sustaining it over time.
Solution: According to the whitepaper, BandChain Oracle has the following advantages over other oracles:
Decentralization: BandChain Oracle is decentralized by implementing maximal redundancy on two distinct layers of the infrastructure design: BandChain validators (consensus level) and data source level.
Flexibility:The platform's data source scripts and oracle scripts enable users to query and compute their preferred data feed with maximum customization and freedom.
Cost: Band's oracle enables anyone interested in requesting data to do so only when necessary and to pay the corresponding fees on a per-request basis. This is more economical than having to update the prices of an entire collection of assets when you may just require the most recent price of one.
Band Protocol was in 2017 by Soravis Srinawakoon, Paul Chonpimai ,and Sorawit Suriyakarn. Srinawakoon is presently the CEO of Band Protocol. Chonpimai is the network's CPO and was formerly a web developer at Turfmapp and an engineer at Tripadvisor. Suriyakarn is the protocol's CTO. Initially, in September 2019, Band Protocol was launched with an ERC20 standard on the Ethereum blockchain.
Bandchain is a -based blockchain. BandChain uses a delegated consensus mechanism to secure the decentralized oracle network. Accordingly, BandChain's validators process transactions and produce new blocks. As a result, the validators earn BAND tokens as a reward for block minting. At the same time, the reward for processing transactions comes from a fee that each validator can set. Additionally, a percentage of the total block reward is sent to the community fund pool. Users who do not want to become validators can stake their holding on existing validators. They are known as delegators and earn a portion of the validators' rewards. For this, delegators pay a commission to their validators on the revenue they earn.
The total supply of BAND is one billion coins.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
The price of 1 Band Protocol currently costs $2.20.
The current market cap of Band Protocol is $77.58M. A high market cap implies that the asset is highly valued by the market.
The all-time high of Band Protocol is $23.19. This all-time high is highest price paid for Band Protocol since it was launched.
Over the last 24 hours, the trading volume of Band Protocol is $51.21M.
The current circulating supply of Band Protocol is 35 million.
The median time that Coinbase customers hold Band Protocol before selling it or sending it to another account or address is 9 days.
Band Protocol ranks 70 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 64% of Coinbase users are buying Band Protocol. In other words, 64% of Coinbase customers have increased their net position in Band Protocol over the past 24 hours through trading.
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