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Band Protocol is a cross-chain data oracle platform that can take real-world data and supply it to on-chain applications, also linking APIs to smart contracts to facilitate the exchange of information between on-chain and off-chain.
What is Band Protocol (BAND)?
Band Protocol unlocks a host of new use scenarios for developers by providing reliable, verifiable real-world data to blockchains. Now, decentralized application (DApp) logic can utilize all types of real-world data such as sports, weather, random numbers, and price feeds.
Initially launched as an ERC-20 project on the Ethereum blockchain in September 2019, Band Protocol migrated to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol was built on BandChain using the Cosmos SDK. Oracle nodes on BandChain not only transmit data but also participate in block production and validation, giving them a dual role.
BAND is the native token of the Band Protocol ecosystem, used as collateral by validators involved in fulfilling data requests and also as the main medium of exchange on BandChain. BAND is also used for payments for private data.
According to statements, Band Protocol is designed to be faster and more efficient than competing oracle solutions and is compatible with most blockchain and smart contract development frameworks.
To facilitate inter-chain data transfer, Band Protocol plans to utilize Cosmos’ ongoing Inter Blockchain Communication (IBC) protocol. The timeframe for IBC to become operational and ready for use remains uncertain.
At the time of preparing this article for publication, BAND Coin, trading at $11.92, ranks 98th in market value according to CoinMarketCap data, with a trading volume of 247,824,681 USD. Additionally, there are currently 20,494,033 BAND Coins in circulation, with an expected maximum of 100,000,000 BAND Coins.
On the other hand, it’s worth noting that Band Protocol Coin, which hit a low of $0.2042 on November 25, 2019, reached a record high of $17.69 on August 10, 2020.
Where to Buy BAND Coin?
BAND Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy Band Protocol Coin, one must first sign up for Binance and then send fiat currency. After sending a fiat currency like the Turkish Lira or US Dollar, one can buy Binance Coin (BNB), Tether (USDT), or Bitcoin (BTC) and then perform the purchase in the BAND trading pair.
In addition, on Binance, users can place orders to buy at a lower value than the market price. To do this, use the Limit tab and enter the amount you want to buy and the price you want to pay.
