What is Band Protocol? (BAND)
The Beginner’s Guide
Band Protocol is a software designed to incentivize a network of users to provide real-world data to decentralized applications (dapps) running on blockchains.
For example, if a dapp developer wants to enable his or her users to enter wagers on the future price of gold, it would need to be able to determine its price at the desired later date.
To ensure its smart contracts execute correctly, Band Protocol provides such a service through a software that incentivizes a special class of its users, known as validators, to provide and verify external data.
In this way, Band Protocol is often described as a “decentralized oracle” system, a description given to blockchains like Chainlink, which, like Band, incentivize users to provide verifiable data.
Who created Band Protocol?
Band Protocol是由一家位于泰国的同名创业公司开发的。它有 三位创始人：担任首席执行官的 Soravis Srinawakoon、首席技术官Sorawit Suriyakarn和担任首席产品官的Paul Nattapatsiri 。
在2019年，Band Protocol从风险投资公司筹集了300万美元，包括印度著名的投资商Sequoia Capital （红杉资本）。同年，它通过首次交易所发行 (IEO)再筹集了585万美元。
总共超过27%的 BAND代币供应已出售给早期投资者。另外25% 的 BAND代币预留给Band Protocol生态系统， 22% 的代币则预留给开发团队和监督开发的基金会。
How Does Band Protocol Work?
Band Protocol acts as an intermediary between legacy Internet data sources and blockchains.
The software handles requests for data from decentralized applications and relays information using data feeds from the rest of the internet. It does so by using its own blockchain, which allows all of its transactions to be publicly checked and validated.
The Band team argues this helps ensure the data its users supply isn’t manipulated, inaccurate, or otherwise corrupted.
Validators are responsible for checking that transactions on the Band Protocol are accurate, and for adding new transactions to the Band Protocol blockchain.
A validator on Band Protocol must be in control of a certain amount of BAND tokens, which they can either buy or themselves or be delegated by another user.
The top 100 candidates with the most BAND tokens are selected by the network to become validators. Validators must abide by certain rules, such as making sure they don’t go offline, responding to network events and confirming transactions accurately.
If they do not, the network may confiscate some of the BAND tokens they hold.
Why does BAND have value?
值得注意的是，Band Protocol对其BAND加密货币 应用了通货膨胀计划，这意味着随着时间的推移，每个BAND代币的价值将会被降低。
此外，质押其资金的BAND持有者可以从奖励早期用户的 生态系统基金中获得奖励代币。该基金第一年会提供316 万个奖励代币，第四年则将会降至31.5万个代币。
- What is Bitcoin? (BTC)
- What is Ethereum? (ETH)
- What is Ripple? (XRP)
- What is Bitcoin Cash? (BCH)
- What is Litecoin? (LTC)
- What is Chainlink? (LINK)
- What is EOSIO? (EOS)
- What is Stellar? (XLM)
- What is Cardano? (ADA)
- What is Monero? (XMR)
- What is Tron? (TRX)
- What is Dash? (DASH)
- What is Ethereum Classic? (ETC)
- What is Zcash? (ZEC)
- What is Basic Attention Token? (BAT)
- What is Algorand? (ALGO)
- What is Icon? (ICX)
- What is Waves? (WAVES)
- What is OmiseGo? (OMG)
- What is Gnosis? (GNO)
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- What is Nano? (NANO)
- What is Dogecoin? (DOGE)
- What is Tether? (USDT)
- What is Dai? (DAI)
- What is Siacoin? (SC)
- What is Lisk? (LSK)
- What is Tezos? (XTZ)
- What is Cosmos? (ATOM)
- What is Augur? (REP)
Why Should I Use BAND?
BAND may be of interest if you believe decentralized applications will continue to proliferate, and that these softwares will require data to be validated by other blockchains.
You may want to use BAND if you wish to participate in the design of this system, as holding BAND means you can vote on proposals that affect the system’s rules.
As demand for the system grows, such proposals could affect how much you earn with your tokens from staking BAND.
However, Band Protocol is not the only decentralized oracle system that runs on a blockchain. Competitors like Chainlink are also popular and may put pressure on the price of BAND.