What is Band Protocol?
The Band Protocol token or BAND is the utility token powering the Band Protocol. The latter is a data oracle running cross-chain. It was built on the Cosmos Network.
The core function of the BAND token is to serve as an incentive for users who secure the network also known as validators.
Additionally, the Band Protocol token is a governance token. The user’s voting power is directly tied to the amount of staked BAND tokens.
Initially, BAND was introduced as an ERC-20 token deployed on the Ethereum blockchain. However, this changed when Band Protocol launched an in-house mainnet named BandChain. The BAND token was transferred onto the mainnet and launched under the BAND standard.
It’s important to note that holders of the previous ERC-20 token can seamlessly exchange their tokens for the native BAND tokens on Binance.
One of the main reasons to swap these tokens is to enable participation in the staking process as only the new BAND tokens are eligible.
Anyone can acquire Band Protocol tokens on major supported exchanges.
There is a max cap of 100,000,000 BAND tokens all of which are to be released into the circulating supply in the year 2025. The founding team has allocated around 20% of the total supply to itself.
Given the project's deflationary supply, there's a possibility that the BAND price will increase as there are fewer BAND tokens.
The native tokens of the Band Protocol were launched via an Initial Coin Offering (ICO) event.
Since BAND is a token, its price tends to fluctuate. Our tracker above will help you to keep up with these price fluctuations.
In the case of the Band Protocol crypto project, the tracker provides the Band Protocol price history or the current BAND price.
What are the Main Features of Band Protocol?
Band Protocol is a highly flexible decentralized data oracle. To put it simply, it provides blockchain systems with off-chain data. One of the primary goals of this project is to supply real-world data such as APIs to smart contracts.
Its data oracles are powered by Oracle WebAssembly (Owasm) scripts. Moreover, Band Protocol is completely permissionless.
As discussed in the What is Band Protocol section, the native BAND token is deployed on BandChain. The latter is a mainnet exclusive to the Band Protocol. It operates using a combination of Byzantine Fault Tolerance (BFT) and Delegated-Proof-of-Stake (DPoS) consensus mechanisms.
The core benefit of this type of consensus mechanism is increased security when it comes to Band Protocol’s oracles.
DPoS introduces staking into the Band Protocol. Users who stake their BAND tokens can become validators and earn rewards in the form of the BAND token. Validators are directly responsible for securing the network. On the other hand, delegators stake their tokens towards a delegator and earn a share of their rewards.
Band Protocol has been audited by Certik and Least Authority. These audit reports are publicly available for anyone to review.
Who Developed Band Protocol?
The Band Protocol crypto project was launched in 2017. It was co-founded by entrepreneurs Paul Chonpimai, Soravis Srinawakoon, and Sorawit Suriyakarn.
Soravis Srinawakoon holds a master’s degree in Management Science and Engineering and a bachelor’s degree in Computer Science from Stanford University where he has also worked as a teaching assistant. Prior to the launch of Band Protocol, he was a software engineer at Ericsson and a management consultant at the Boston Consulting Group.
Srinawakoon has his entire focus set on the Band Protocol project where he’s currently taking up the position of CEO. Srinawakoon strongly believes that Band Protocol has the power to become a top-ranking DeFi project. He was also featured in Forbes 30 Under 30 list.
Furthermore, his work extends beyond the world of crypto. Srinawakoon helped establish Better Off - a Thailand-based charity that provides books for children in the countryside.
Sorawit Suriyakarn is the CTO of Band Protocol. He’s an experienced software engineer who has worked at major companies such as Dropbox, MemSQL, and Quora. Suriyakarn went to the Massachusetts Institute of Technology where he earned his bachelor’s degree in Computer Science and Engineering and a master’s degree in Electrical Engineering and Computer Science.
Paul Chonpimai is also part of the founding team at Band Protocol. He’s an experienced blockchain-based game developer who currently serves as the CPO of Band Protocol.
Some of the project’s core investors include Binance Labs, Sequoia Capital, Spartan Capital, and Dunamu & Partners.
