Band Protocol (BAND) is a decentralized cross-chain data oracle platform that connects real-world data and APIs to smart contracts and operates on BandChain, built with the Cosmos SDK. The network’s validators stake BAND tokens to secure the network and earn a share of protocol fees. Band Protocol aims to solve the problem of smart contract applications accessing real-world data and offers reliable, scalable data solutions. In this article, you can find answers to two frequently asked questions: what is Band (BAND), and how to buy Band (BAND) with TRY.
What is Band (BAND)?
Band Protocol is a decentralized cross-chain data oracle platform designed to connect real-world data and APIs to smart contracts. Operating on BandChain, an independent Delegated Proof of Stake (DPoS) Blockchain built using the Cosmos SDK, Band Protocol provides efficient oracle computations, including data sourcing, aggregation, and computation. Validators in the network stake BAND tokens to secure the network and earn a share of the fees generated by the protocol.
The main goal of Band Protocol is to solve the issues faced by smart contract applications that lack access to real-world data. The protocol offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility. Initially launched on the Ethereum Blockchain in 2019, Band Protocol transitioned to its own Blockchain using the Cosmos SDK to facilitate data transfer across various Blockchains.
The mainnet version of BandChain is structured in four phases. Phase 0, launched on June 6, 2020, laid the foundation by enabling BAND token transfers and staking for validators. Phase 1, completed on October 15, 2020, allows the permissionless creation of customizable data oracle scripts that can query public and permissionless data sources. Phase 2 focuses on enabling API providers to commercialize their data in a trustless manner and collect revenue on-chain. Phase 3 aims to support private/identity oracle scripts and offer more payment options within the ecosystem, allowing developers to choose their preferred token or subscription model for payments. Phase 4 will complete the decentralized oracle network of BandChain and enhance interoperability between smart contracts and traditional enterprise services.
The transition to Band Protocol v2.0, also known as BandChain, in 2020 marked significant growth for the protocol. Band Protocol v2.0 moved away from the community token and bonding curve model of v1.0, leading to over 50 planned oracle integrations and 15 new genesis validators that will provide price feeds to these protocols. This new direction also made Band Protocol the first blockchain firm to join the OpenAPI Initiative in December 2020, alongside major companies like Google, Microsoft, and IBM. The initiative aims to create a common API standard that facilitates the use of APIs and data by Blockchain applications.
How to Buy Band (BAND) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Band (BAND). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including BAND. To buy Band (BAND) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. According to your preference, you can perform the verification process from your phone or through the official Binance TR website. Note that you will also need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your mobile phone camera and continue the process on your mobile phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.
When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your mobile phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will open. To continue with the verification process, first select the document type that is suitable for you.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo can be easily read when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your mobile phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure that your face fills the camera area as much as possible.
After completing all these steps correctly and completely, your identity verification process will be completed within a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy BAND Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to BAND coin purchase step by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the page below will open. By typing “BAND” in the search section on the right side of this page and clicking on the BAND/TRY option from the results, you can go to the TL to BAND purchase page.
Now the BAND trading page below will open. On this page, in the red-marked area, you need to enter the price at which you want to buy BAND in the first box and the number of BAND you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy BAND” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
