Enjoy #DeFi with the Best Prices across Exchanges
Blockchains leverage on their decentralized and distributed network for full functionality. The first application of this Distributed Ledger Technology (DLT) was Bitcoin. As basic as it is, it has nonetheless demonstrated that working from a publicly verifiable ledger is possible and secure.
It further demonstrated that funds, or electronic money controlled by math, can be minted and fused to the web essentially building a bankless network riding on a web3 framework.
The success of Bitcoin inspired other developers and as Satoshi melted into the interwebs, the concept of smart contracting and Ethereum proved to be a game changer.
Ethereum was the first, improving on the Bitcoin protocol by enabling smart contracts which could function without third parties as long as certain on-chain conditions are met meant the activation of functions thought to be previously impossible.
However, while smart contracts promised so much, the siloed nature of blockchains limited the full potential of this novel tech and dapps that relied on these codes.
This necessitated the launch of trusted oracles platforms. Oracles are channels through which vetted off-chain, real-world data can be used as inputs or conditions for activation of on-chain smart contracts.
Oracles are basically data from verified sources that can be fed to activate smart contracts. In DeFi dapps, these data can be asset prices. In other applications, it can range from speed of say cars for IoT dapps, to temperature fluctuations in weather dapps.
What is the Band Protocol?
The Band Protocol is a decentralized oracle framework for blockchain dapps.
Smart contracts controlling these dapps are fed by off-chain, real-time data curated from a trusted web of data providers backed by strong economic incentives ensuring accurate data.
This eliminates the limitations of dapps since smart contracts are connected to real-world information.
Dapps can connect to any open API, get fed with verified data without connecting via a centralized entity thereby guaranteeing data security, availability, and reliability regardless of the demand of data.
To ensure data availability, on-demand data are updated frequently and kept on the blockchain without compromise. By enforcing strict query requirements, the Band protocol has a high tolerance for collision.
Moreover, data providers are properly incentivized and distributed meaning there is no point of failure since no entity has no authority to by-pass governance and take control.
The Band Protocol is underpinned by the following culture:
- Community driven in that they allow people to build what they want to. In this spirit, their data providers are perfectly distributed and dapps continue to partner with the protocol.
- They prioritize decentralization and the team have made it clear that they won’t allow any entity to take control of any iota of data.
- Their source code is open source stating that great software should be transparent and available for everyone.
Behind the Band Protocol is a team dedicated to build a framework for a decentralized data governance that leverages on decentralization to structure and bridge the blockchain with the real world.
Made up of members with experience at DropBox, TripAdvisor, and others, they have their eyes fixed on the price.
- Soravis Srinawakoon is the CEO and co-founder. He has been featured in Forbes 30 under 30. He was previously a management consultant with strong technical background in computer science who now lives and breathes crypto.
- Sorawit Suriyakarn is the CTO and co-founder. He has an M.Eng. /S.B. in EECS from the Massachusetts Institute of Technology with previous gigs at Hudson River Trading, Quora, and Dropbox. He can write all sorts of programs ranging from formal verification (Coq), “smart contracts”, HFT low-level high performance, backend shenanigans, and sometimes frontend.
- Paul Nattapatsiri is the CPO and a co-founder. He has created several crypto gaming apps with over 800,000 users. He has worked with Tripadvisor and Turfmappx.
- Other members are Bun Uthaitirat who is the Chief Fun Officer and Developer, Atchanata Klunrit at the Operation and legal office, Kanisorn Thongprapaisaeng and Prin Rangsiruji who are developers.
The Band Protocol has partnered with Sequoia Capital India who led a seed funding drive raising $3 million with participation from Danamu and Partners, and SEAX.
They recently partnered with Atomic Wallet, a non-custodial wallet where users need not to register and sensitive information is controlled by the user.
Commenting, Konstantin Gladych, the CEO and Founder of Atomic Wallet, said:
“The major wave of blockchain for the past couple years has been decentralized financial applications, the next wave will be the security of the underlying protocols and oracles will be a major factor. With Band Protocol being the major oracle solution to enable real-time data requests, Atomic Wallet is confident in their success and are excited to support their mission to connect smart contracts with the real-world.”
Hash Quark one of the largest staking service providers in Asia has also partnered with the Band Protocol.
Others include CastleNode, WeStaking, Forbole, B-Harvest, KardiaChain, and ChorusOne.
Band Tokenomics and Token Distribution
The creators of the Band Protocol opted for an Initial Exchange Offering (IEO) at the Binance Launchpad from September 16 to 17 to supplement their private and seed sale allocations.
Five percent of the total supply was availed to private investors during the private sale where each token was sold at $0.40 while each token was sold for $0.30 at the seed sale where 10 percent of the total supply had been assigned for investment.
Their overall objective was to raise $10.85 million through a crowd funding where 27.37 percent of the total supply of 100 million Band tokens were available for public investment.
During the IEO, each token was sold for $0.473 and the only coin accepted was BNB. The crowd funding was successful as the hard cap of raising $5.85 million was reached within two days.
A pool of 631,800 BAND tokens (worth around 300k) was split and airdropped to all Launchpad participants who didn’t win tickets. In total there were 19,500 tickets and each ticket was allotted $300 or 634.25 Band tokens
In this IEO round, 17.08 percent of the total supply had been set apart for investors.
There was no vesting period and tokens were distributed within 15 days after purchase.
The Band Protocol and its foundation has been allocated 44 percent of the total supply. 25.63 percent to the Band Protocol ecosystem and five percent to Advisors.
By mid-2024, all Band tokens would have been released into their ecosystem as per their token release schedule.
Performance and Exchanges
At the time of press, each token is changing hands at $0.97, down 10 percent in the last trading week.
As such, early adopters who channeled their funds, buying the token during the IEO, Private or seed fund sale have more than doubled their earnings in less than a year.
The token is predominantly traded on Binance where it is paired against BTC, USDT, and BNB. The BAND/BTC pair is actively traded commanding a market share of roughly 42 percent.
Band is also offered at Bilaxy, Bitsonic, DCoin, Kyber Network, UniSwap, and FatBTC.
Short Term Price Catalysts
- Oracles as an emerging sub-sector within the larger blockchain ecosystem is still nascent and the Band Protocol is well positioned to dominate and be counted as a reliable source of community-vetted data for dapps. DeFi which is heavily reliable on oracles has total value locked (in USD terms) of over $700 million.
- The team is dedicated and continue to update their community and investors. Soravis Srinawakoon and team are also very experienced. Its CEO has been featured in the Forbes 30 under 30. Investors would benefit from his technical experience, expertise, and wealth building.
- Listing at Binance, one of the largest cryptocurrency exchange by trading volumes, is a boost for BAND liquidity and therefor price in the medium term.
- The Band Protocol’s security is guaranteed and this is a net positive for its token price following their partnerships with leading staking companies in Asia including WeStaking and Node A-Team.
- The team is preparing for the launch of its mainnet. There has been successful penetration and stress tests. If its transition is smooth, it will build the confidence for more projects—especially those serving in the emerging and lucrative sector, to partner with the Band Protocol. The more the partners, the more the demand and exposure of Band tokens.
- Atomic Wallet, one of the largest and trusted non-custodial wallet providers with over 300k users and over $20 million of coins staked, announced support that will lead to full integration and staking. This is a show of confidence and is bullish for price in the medium term.
Long Term Price Catalysts
- In the race for decentralization, scalability, and reliability, the Band Protocol ranks higher. Their plan is to shift to the Cosmos blockchain which advocates for speed, interoperability, and security.
- Use and adoption is vital for the survival of any blockchain project. With the main competition being Chainlink, Band Protocol’s on-chain activities continue to grow. Use spurs demand and this is bullish in the long-run.
- The Band Protocol took a different approach and by rolling out a cross-chain compatible oracle solution, the team provides solutions to real-world problems.
- More and more exchanges support the Band token. Kyber Network and UniSwap are two DEXs where the token has been paired against other liquid assets like BTC, BNB, and USDT. Here, holders have full control of their private keys unlike in CEXs which are prone to attacks.
- There is a strong economic incentive for data providers to remain honest. Their focus on community and decentralization gives them an advantage and flashes well with their overall objective of building a decentralized oracle infrastructure.
- The project is supported by leading and prestigious investors like Sequoia. Moreover, they have partnered with influential projects. Castle Node, for example, is backed by StarchainFund which has also backed Coinbase and MakerDAO.
- Compared to competing options, Band’s smart contracts are optimized for gas usage and are relatively cheaper. A simple query call only consumes less than 30,000 gas. Moreover, these queries are fast and instant as one logic can be processed within one transaction without block confirmation since data is readily available via a delegated Proof-of-Stake consensus algorithm ensuring more integrity.
Enjoy #DeFi with the Best Prices across Exchanges