Band Protocol is a data oracle network platform that follows a cross chain model. This connects and aggregates real-time APIs and data directly into smart contracts.
It runs on a highly flexible oracle design that enables developers and programmers to leverage any information that includes various data such as weather, real-world events, random numbers, as well as sports.
Programmers and developers have the capability to develop customized oracles using its WebAssembly network. This directly connects smart contracts with other web APIs in just a matter of minutes.
It now has a global market reach of over 180 countries and can support the direct purchase of credit cards and bank transfers.
The project Band Protocol was established in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Nattapatsiri, with an ambitious vision of providing the users a reliable and trustworthy data platform on the internet.
Now, the project functions as a standard for accommodating noted blockchain applications and trusted off-chain data.
Upon completing their token sales, it marked the start of a more significant Band Protocol enterprise in the area of decentralizing, distributing the BAND tokens to users and developers community.
This happens because decentralized finance applications depend on price feeds to cultivate loan collaterals and token swap procedures. The built-in price oracle of Band Protocol also lets developers build DeFi easily without compromising security and safety.
As a decentralized cross-chain data oracle, the Band Protocol platform connects and aggregates API and real world data to smart contracts. It functions on the BandChain protocol for oracle computations involving data sourcing, settlements, and aggregation.
It follows a feature of Proof of Stake consensus that allows the platform to have scalability, decentralized economic incentive, flexibility, real-time data query, and real-time payments.
The project offers a synchronous query model for decentralized applications, low-cost and fast transactions.
By applying the proof of stake consensus, the decentralized network will allow data providers to have both the reputation of staking rights and money.
Band Protocol's bandchain is also compatible with many smart contracts and blockchain frameworks. It can easily pull data from various sources, aggregate them, and them pack them into one singular format for verification on multiple blockchain networks.
Development of Web 2.0 to Web 3.0, bridge. This will allow the platform to provide faster, user-friendly, and cheaper integration to users and developers.
BandChain Enhancement. The team will be focused on expanding its market. This means that the platform can accommodate several other blockchains by increasing the set of data providers.
Adoption Phase. In this process, the development team will be launching a formal identity-dataset, improving UX & API, BandChain development, and integration for a layer one blockchain.
Growth Phase. The team will launch a BandChain Testnet, completion of the security audit, and improve cross-chain communication.
Expansion Phase. Launch of the BandChain mainnet and transition of tokens to BandChain.