What does band bring to blockchains

If you are looking for what does band bring to blockchains answers , simply check out our links below:. Question 1: What does Band bring to blockchains? Correct answer : Real world data. Blockchain , sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use ….

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what does band bring to blockchains answers

The cryptocurrency market is known for its price fluctuation. It can be either a decrease or an increase even up to ten times, mostly during a market bull. Thought, it is relatively abnormal to record a ten times decrease in 30 days when the market is calm.

The Band protocol is a digital project aiming at solving the oracle problem in the crypto space. It is a must-read for beginners and individuals who are inquisitive to know more about the band protocol. The co-founders worked with the team members to establish the protocol in Soravis Srinawakoon nurtured the project vision in his mind before working it out-he is the CEO of the protocol. While still with the BCG, Soravis discovered many start-ups, including deep-fried Tofu chips, energy drinks, and even coffee.

He later involved himself with crypto in on hearing that MIT airdropped Bitcoin worth USD to the undergraduates who finished a survey. Each respondent got 0. The CEO and his friends designed a crypto gambling website that became twice a Bitcoin faucet.

When the website is at its peak, Soravis sold it and invested the fund on another project known as the Band protocol. The co-founder Quora Sorawit Suriyakarn was formerly a software engineer at Dropbox. Lastly, Paul Chonpimai was a web developer and an engineer at Turfmapp and Tripadvisor, respectively. Other Band Protocol team members, as listed on their LinkedIn page, are twenty employees, including developers, engineers, and designers scattered within Asia.

It is designed to offer scalability and guaranteed transaction speed. It later developed its blockchain with the Cosmos SDK to distribute data across various blockchains. Phase 0: This mainnet was released on the 6 th of June It is the Bandchain foundational version and allows the staking and transfer of BAND tokens for validators. Phase 1: The Band protocol migrated to phase 1 mainnet on 15 th October It supports the permissionless creation of oracle scripts with customizable data for querying public and free data sources.

Phase 2: This mainnet allows the providers of API to make their data commercialized on-chain in such a trustless manner. Also enabling them to collect their revenue on-chain. It allows developers to pay or subscribe for any token of their choice.

The release of this mainnet completes the decentralized oracle network of the BandChain. It will enhance the interoperability between traditional enterprise services and smart contracts.

The Bandchain is also known as the Band Protocol V2. It is customized for computing oracles, including data sourcing, settlement, and aggregation. Such as random numbers, sports, feed data, weather, and more. The Band protocol being a cross-chain implies that it can provide data for multiple blockchains, including Ethereum. This is a rare quality in the crypto industry and a major advantage for the protocol. The group wishes to establish a general API standard that will allow easy leverage of data and APIs using blockchain applications.

The native token of the protocol is BAND. It is the major means of exchange and is used by validators in the Band Protocol ecosystem as collaterals. They stake the BAND to earn a portion of the transaction fees and as well secure the platform. The BAND is used to fulfill data requests like setting the cost for private data. A lot of Dapps depend on this latest and up-to-date data to function and satisfy users as intended. The Bandchain blockchain is made up of a network of decentralized validators that creates blocks for validating user transactions.

The good news is that the working mechanism of the Band Protocol is easier to comprehend no than before.

The Ethereum version of the protocol consists of communities with multiple data having their tokens backed by the BAND token. These individual token prices fluctuate with data demand in the community. The Bandchain consists of a network of delegators and validators, ensuring accurate and consistent external data. Then, Validators are selected pseudo-randomly based on their average stake weight to supply them data. They achieve this by sourcing data via smart contract specified sources and aggregate these data in a smart contract specified manner.

In summary, one can take this whole process to be similar to ordering snacks in a restaurant for easy assimilation. Your first place an order a smart contract for a sandwich the data and instruct the waiter on the number of sandwiches you want the particular way you want the data to be collated. The waitress validator is randomly picked based on his ability to make a good sandwich.

Maybe they have like five sandwich makers, and the best among them was absent; the second-best can be picked. You will be required to pay for the sandwich order with BAND tokens , then you receive your packaged sandwich data. However, the entire process on the Bandchain, unlike the restaurant, takes seconds to finish.

The cost is not up to 1 USD. The BAND recorded a total token supply of ,, tokens. The first initial coin offering happened between August It sold a total of 10 million tokens at the unit rate of USD 0. The 2 nd token sale was held in —May.

It realized a total of USD 2 million. It is the yielding funding round for the protocol and raised close to USD 6million.

It sold It was offered for sale to the launchpad participants who used it for lottery draws. More so, a pool of , BAND tokens was shared and airdropped to launchpad members without a winning ticket. The BAND can be purchased from several crypto exchanges, both centralized and decentralized. The decentralized ones are Kyber Network and Uniswap. The Band Protocol is developed to be more efficient and faster than normal oracle solutions. It ensures that reliable data are transferred to and gotten from various blockchains.

The protocol is compatible with most smart contracts and blockchain development. We are yet to get information on how long it will take to complete and run this project.

Bandcahin enables developers to create and customize data oracle scripts allowing the smart contracts access to APIs and external sources of data. It gives specific security parameters and aggregation methods. When a user submits a smart contract, validators are selected to supply the data pseudo-randomly. This selection is solely based on the average weight of their individual stake.

They achieve this by sourcing data from smart contract specified sources. Validators possess monetary rewards to correctly report data. The Validators are also slashed if they go offline for a long time or sign transactions twice. They can fix their transaction fees for all the data they provide. Only the first validators are qualified to act and receive oracle requests on the network.

In the BandChain, validators are randomly selected to create new blocks and provide data. They are, in turn, rewarded with BAND tokens for providing valid data. The validators are also capable of placing their desired charges for the data they provide. Their stake can be affected if they stay offline for a long time, double-sign a transaction, or ignore a data request.

Double-signing means a validator charged more than the stipulated price for a data request. To be a validator, you must be a part of the top stakers in the BandChain network. Delegators donate their tokens to desired validators as a tradeoff for some commissions from the validators block rewards and data request fees. As there are no rules constraining delegators to support validators and their data, they are rewarded in doing so.

Should the validators act questionably, the delegators will also be affected by the stake slash of their staked validator. Validators and Delegators can utilize the Lite Client protocol to authenticate the data given by the validator. The Band Protocol is an interesting project with many potentials.

It offers a fast, reliable, and user-friendly platform for buying, selling, or staking its native token BAND. Image Credit: CoinMarketCap. This Band Protocol review analyzed the protocol and x-rayed its unique features in a manner very easy to read and understand. The good news is that from a long-term perspective, it is not too late to invest in BAND. Alex Moore 8 July Updated: 8 July Top Brokers.

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Band Protocol Becomes First Blockchain Project to Join OpenAPI Initiative

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts on various blockchains. Although most smart contract platforms are great at immutable storage and verifiable transactions, they lack access to real-world data. This limits the potential of the applications that are developed on these platforms, especially when we think about just how many of the products and tools we use today rely on these real-world data. Oracles transmit real-world data off-chain data to dApps and smart contracts that live on blockchains on-chain data. An example is Mirror Protocol , an investment dApp on the Terra blockchain that lists synthetic equities which requires the data of real-world stock prices in order to work properly. Mirror requires oracles to get data from the real-world prices to be referenced in their dApp. Oracles can bring all sorts of data onto the blockchain, from asset prices, weather conditions, event outcomes, to proof of payments.

The result of this mismatch between law and technology is that IP does not A blockchain can be publicly accessible, or at the very least accessible to.

Band Protocol Review: Secure & Interoperable Oracle Solution

IEO Ended 2, Views. Visit Website Last screenshot taken on 22 Mar Website is active by the 23 May Add to Watchlist. Band Protocol is a secure and scalable decentralized oracle serving as a layer-2 protocol on public blockchains. It allows dApps to leverage existing data on the internet without trusted intermediaries bridging the use cases between Web 2. By making data readily available and reusable on-chain Band Protocol offers a cheaper and faster solution compared with alternatives all without compromising security. Developers using Band Protocol will be able to build a wider range of dApps with integration to off-chain financial data reputation scores identity management systems and much more bringing blockchain closer to mass adoption. Big Data Platform Smart Contract. Website: Visit.

Band Protocol Live on Mainnet!

what does band bring to blockchains

For this service, miners are rewarded with newly-created Bitcoins and transaction fees. The blockchain is an undeniably ingenious invention — the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. More scalable Ethereum needs to support s of transactions per second, to make applications faster and cheaper to use. Bitcoin mining is done by specialized computers.

Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back.

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Help us translate the latest version. Page last updated : January 31, This introductory paper was originally published in by Vitalik Buterin, the founder of Ethereum , before the project's launch in It's worth noting that Ethereum, like many community-driven, open-source software projects, has evolved since its initial inception. While several years old, we maintain this paper because it continues to serve as a useful reference and an accurate representation of Ethereum and its vision. To learn about the latest developments of Ethereum, and how changes to the protocol are made, we recommend this guide.

What is Band Protocol?

Google Cloud has announced a new, dedicated Digital Assets Team within Google Cloud to build, transact, store value, and deploy products on blockchain-based platforms. Currently, b lockchain and distributed-ledger-based companies like Hedera , Theta Labs, and Dapper Labs are built on top of Google Cloud for scalability, flexibility, and security. Digital Assets Team will also help in embracing joint go-to-market initiatives with ecosystem partners where Google Cloud can be the connective tissue between traditional enterprise and blockchain technologies. Google Cloud is also exploring opportunities where customers can make and receive payments using cryptocurrencies. According to Google, Blockchains and digital assets are changing the way the world stores and moves information.

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

Blockchain is a system that records information in the most unique and secure way. Blockchain technology has taken over most tech-based industries, either becoming the predominant use of currency, or a large share of it. It is not just the tech sector that is pushing towards the new regime of adopting blockchain, even the iGaming industry is moving towards the same optimal goal of a decentralized payment system.

The role of blockchain technology in fields like decentralized finance has proved that it is fueling the internet of the future — Web 3. So, how to fetch this off-chain data? Decentralized applications require external price feeds, events, and values provided via traditional web APIs. Band Protocol solves this problem by connecting smart contracts with trusted real-world data. The validators of data stake band coins on the BandChain network, thus taking full responsibility for the data provided.

This article discusses potential legal issues in the space.

As of today, the Band Oracle has been integrated into the Cosmos ecosystem, through Starport, to further the realization of the Internet of Blockchains. The versatility of Cosmos is expanding as blockchains within the ecosystem are now even more connected and interoperable than ever before. With this Band Protocol integration in Starport , the Cosmos blockchain development tool, newly created chains are able to exchange feeds of varying types of data by using an oracle and the Cosmos interoperability standard: Inter-Blockchain Communication protocol IBC. Any developer who builds a chain using Starport can easily add a data-query function from an oracle. This is a perfect example of the adaptability and ever-expanding potential of the IBC protocol. One of the reasons that blockchain has gained such prominence in our world today is because there is no technology that tracks what is happening within its network better than a blockchain. However, if there is a service on-chain that needs to access data from outside the network, a reliable method to verify that real-world data is required.

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