What is Band Protocol?
The Band Protocol (BAND) is an excellent example of the new trend in cryptocurrency projects. It was created to improve the underlying blockchain technology and make it more useful for real-world data in everyday business transactions.
BAND builds on the concept of oracles. An oracle in blockchain technology is a bridge between real-world data and a smart contract that boosts decentralized applications' efficiency (Dapps).
How Does the Band Protocol Work?
Band Protocol (BAND) is a cross-chain platform for supplying real-world data to applications on different blockchain parts. It also connects APIs to smart contracts to enhance information transfer between off-chain and on-chain data sources.
BAND unlocks the full potential of use cases available for large commercial applications of blockchain technology. For instance, with BAND, developers can utilize almost any kind of real-world data in a Dapp including, price feeds, weather data streams, sports results, and random numbers.
BAND is the native token of the Band Protocol ecosystem, and it serves as collateral for users who need to contact validators for data. This token is also the currency for paying for private data on BandChain.
Who Developed the Band Protocol?
Band Protocol is the brainchild of Soravis Srinawakoon. He is a software engineer who grew interested in cryptocurrency when MIT gifted $100 worth of Bitcoin to him in 2014 for participating in a survey. Srinawakoon worked with Sorawit Suriyakarn and Paul Chonpimai to create the project.
His team launched the project on the Ethereum blockchain in September 2019. They migrated the project to the Cosmos network nine months later and released a brand new version called Band Protocol 2.0.
What Is Unique About Band Protocol?
Band Protocol is meant to be more efficient than other oracle solutions, and it can work with most smart contract and blockchain frameworks. The development team is currently focusing on cross-chain data transfer. They intend to use the Inter Blockchain Communication protocol that is being developed by Cosmos Network.
Trading the BAND Token
As of December 9, 2020, the price of BAND is $6.91, and the volume traded in the last 24 hours is $136,895,178. The current market cap is over $141.6 million, with 20,494,033 coins in circulation and a maximum $100 million supply. Binance, HBTC, and Huobi Global provide a platform for trading and exchanging the BAND token.
What are Band Protocol Frequenty Asked Questions?
Where does Band Protocol (BAND) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Band Protocol currently ranks in position 131 out of the thousands of cryptocurrencies. It is also important to consider Band Protocol‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Band Protocol has a market cap of $ 282,097,451, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 877,728,468,888, Litecoin at $ 11,667,410,239, Ethereum at $ 172,506,000,137, Tether at $ 36,309,551,516, and XRP at $ 21,413,012,107.
What is the price of Band Protocol (BAND) today (updated in realtime)?
The current price of Band Protocol is $ 12.50 in USD. (The price in Euros is 10,34 €; and the price in Bitcoin is Ƀ 0.00026600 BTC.)
What is Band Protocol‘s (BAND) market supply?
The total available supply of Band Protocol is 22,568,073 BAND. The total supply of Band Protocol is 100,000,000 BAND.
What is the 24 hour volume for Band Protocol (BAND)?
The 24 hour volume for Band Protocol is $ 223,895,468.
How has Band Protocol (BAND) performed recently?
Band Protocol‘s price has decreased in the last 24 hours by -6.51%. This compares with a seven day change of 4.15%. The trading volume over the last 24 hours was $ 223,895,468. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Band Protocol (BAND) official website?
Links to Band Protocol‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Band Protocol (BAND) performed well historically?
Here is a chart showing how Band Protocol has performed historically.
Where Can I Buy Band Protocol (BAND)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Band Protocol News
- A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDaiCointelegraph.com News - 7 hours agoChainlink is rolling out support for xDai, a layer-two sidechain whose perceived centralization hasn’t stopped major DApp players. Chainlink (LINK) oracles have made their way…
- Binance Smart Chain 'copykat' project loses $31 million in possible rugpullCointelegraph.com News - 8 hours agoUsers now need to ask: how many more protocols are at risk? At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on…
- Unslashed Finance raises $2M for crypto insurance platformCointelegraph.com News - 10 hours agoInvestors include Lemniscap, P2P capital and others. Unslashed Finance has sold $400 million in coverage since its private launch last month. Unslashed Finance, a decentralized…
- BitGo receives trust license from New York regulatorsCointelegraph.com News - 10 hours agoGoldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state. Major American digital asset…
- Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerCointelegraph.com News - 11 hours agoHere’s what decentralized finance experts think about either Ethereum or Bitcoin as the future of DeFi. Decentralized finance is one of the most promising and…