This article covers the following:
- What is BAND Protocol (BAND)?
- How does BAND Procol (BAND) work?
- What is BAND?
- What’s in store for BAND?
Founded in 2017, Band protocol is a cross-chained decentralized oracle that links smart contracts to connect and aggregate any external data source without any point of failure. Such data could even include things like weather, stock, and cryptocurrency prices. Band Protocol aims to create a community where tokens are curated by users, this would allow users to be involved in the process of developing Band protocol.
Band Protocol uses Oracle, allowing decentralized network applications that rely on high-frequency data to work together. BandChain, an independent blockchain for oracles, which specifically helps in consolidating data from multiple sources, removing outliers, and then conditioning them into a manner that is easy to use across all other blockchains such as Ethereum.
Band is the native token for BAND protocol. It is used to pay for transaction fees on Bandchain, this means that when there is an increase in band oracles, there will also be more transactions in fees, which in return rewarding band users. Band token can also be used for protocol governance, allowing a say in the decision-making process.
Band Protocol (BAND) is supported on Coinhako, this means that you can buy, sell and swap BAND at Coinhako!
A battle for dominance as the go to cross-chain oracle protocol in the blockchain space with other market leading oracles like Chainlink. With only 20 million token in circulation BAND still has a lot of potential to grow.
View BAND's Whitepaper to learn more about the digital currency
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