{"id":11021,"date":"2023-02-21T19:10:19","date_gmt":"2023-02-21T19:10:19","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=11021"},"modified":"2022-05-18T04:26:16","modified_gmt":"2022-05-18T04:26:16","slug":"what-is-bandprotocol","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bandprotocol","title":{"rendered":"What is BandProtocol?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bandprotocol\/#history_of_bandprotocol\" >History of BandProtocol<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bandprotocol\/#how_does_bandprotocol_work\" >How does BandProtocol work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bandprotocol\/#direct_competitor_of_chainlink\" >Direct competitor of Chainlink?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bandprotocol\/#what_is_band_the_native_token\" >What is BAND? The native token<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Have you ever heard of\u00a0<strong>BandProtocol<\/strong>? This is a project belonging to the world of\u00a0<strong>cryptographic technology<\/strong>. It specializes in cryptography of\u00a0<strong>decentralized oracles<\/strong>\u00a0between blockchains.<\/p>\n<p>Perhaps when you learn a little more about this project you will think of the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-chainlink\/\">Chainlink<\/a>\u00a0project, since they have the same objective, however, they retain their differences. In this article we will tell you all about what\u00a0<strong>BandProtocol<\/strong>\u00a0is and how it works.<\/p>\n<p>BandProtocol is a decentralized oracle that in addition to seeking to solve existing\u00a0<strong>problems<\/strong>\u00a0with other blockchains, it is compatible with various protocols and chains. In other words, it is a\u00a0<strong>great innovation<\/strong>\u00a0for the blockchain world.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_bandprotocol\"><\/span><strong>History of BandProtocol<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This project was developed by a startup based in Thailand. The project has three founders. They are\u00a0<strong>Soravis Srinawakoon<\/strong>, who serves as CEO,\u00a0<strong>Sorawit Suriyakarn<\/strong>, who is the current CTO, and\u00a0<strong>Paul Nattapatsiri<\/strong>, who is product manager.<\/p>\n<p>BandProtocol has performed very well in terms of adoption. In 2019, BandProtocol was able to raise\u00a0<strong>$3 million<\/strong>\u00a0from venture capital firms. Later that year, it was able to raise another\u00a0<strong>$5.85 million<\/strong>\u00a0in an initial exchange offering (IOE).<\/p>\n<p>At the beginning of its launch, this protocol had an initial offering of 100 million BAND tokens in total. Of the\u00a0<strong>100 million, 12.37%<\/strong>\u00a0of the tokens were sold during its initial token sale. It is worth noting that Band Protocol has not only raised money with the initial sale, it has also conducted\u00a0<strong>private token sales,<\/strong>\u00a0managing to raise up to\u00a0<strong>$2 million<\/strong>\u00a0in this way.<\/p>\n<p>It was easy to sell the BAND tokens, as early investors bought more than 27% of the supply. The\u00a0<strong>25% share of the BAND tokens are reserved<\/strong>\u00a0for the Band Protocol ecosystem and the other\u00a0<strong>22% has been reserved for the development team and the foundation in charge of securing the development.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1812227804\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND-300x205.jpg 300w\" alt=\"Band-protocol-(BAND)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_bandprotocol_work\"><\/span><strong>How does BandProtocol work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To understand how Band Protocol works, the first thing to know is that it is a platform that aggregates and<strong>\u00a0links real-world data and APIs<\/strong>\u00a0with\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-smart-contract\/\">smart contracts<\/a>. In this way it acts as an \u201c<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-blockchain-oracle\/\">oracle<\/a>\u201d for smart contracts. The project is characterized as cross-chain because it focuses solely on providing services to the world of\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-defi-o-decentralized-finance\/\">DeFi<\/a>\u00a0or decentralized finance.<\/p>\n<p>BandProtocol has a\u00a0<strong>flexible and simple<\/strong>\u00a0oracle design that allows developers to use<strong>\u00a0real-world data<\/strong>\u00a0including data from the world of sports, weather, random numbers, and so on. An interesting feature of this project is that developers can create custom oracles through\u00a0<strong>WebAssembly<\/strong>.<\/p>\n<p>BandProtocol\u2019s\u00a0<strong>smart contracts<\/strong>\u00a0are crucial to its smooth operation. This is why the platform ensures that they are executed correctly. To achieve this, BandProtocol is responsible for providing this service by means of\u00a0<strong>software<\/strong>\u00a0in charge of\u00a0<strong>incentivizing<\/strong>\u00a0a certain class of users. These are known as\u00a0<strong>validators<\/strong>. The network constantly encourages them to provide and verify\u00a0<strong>correct and verifiable<\/strong>\u00a0external data.<\/p>\n<p>It is worth noting that initially, BandProtocol was running on the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0blockchain. Some time later the project ended up building its own blockchain using\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-cosmos-atom-the-key-to-interoperability\/\">Cosmos<\/a>\u00a0technology. Thanks to this new technology the network could relay data across different blockchains and not only to the\u00a0<strong>Ethereum network.<\/strong><\/p>\n<p>As we can come to understand so far, BandProtocol is an\u00a0<strong>intermediary<\/strong>\u00a0between\u00a0<strong>Internet information sources and\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-blockchain-and-how-does-it-work\/\">blockchains<\/a><\/strong>. The system software is in charge of handling the data requests coming from the decentralized applications. It relays the information via the data sources of the rest of the Internet. To carry out this process, it uses\u00a0<strong>its own blockchain<\/strong>, thanks to which transactions are\u00a0<strong>checked and validated<\/strong>\u00a0publicly.<\/p>\n<p>Thanks to blockchain technology, we can ensure that the data the platform provides to users is not<strong>\u00a0manipulated or corrupted<\/strong>\u00a0by other users.<\/p>\n<p>In all this, validators play a very important role. They are in charge of verifying that\u00a0<strong>transactions<\/strong>\u00a0in the Band Protocol have been executed\u00a0<strong>correctly<\/strong>. In addition, they are the ones who\u00a0<strong>add new transactions to the Band Protocol blockchain<\/strong>.<\/p>\n<p>It is important to know that to become a validator in Band Protocol the user must\u00a0<strong>have control of a certain amount of BAND tokens<\/strong>. This amount can be acquired either by purchasing them or by acquiring them from other users.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"direct_competitor_of_chainlink\"><\/span><strong>Direct competitor of Chainlink?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As mentioned above, BandProtocol could easily be\u00a0<strong>Chainlink\u2019s<\/strong>\u00a0<strong>competito<\/strong>r. In fact, it is. It was born as its direct competitor presenting differences that solved\u00a0<strong>problems<\/strong>\u00a0found in Chainlink.<\/p>\n<p>The main difference we should know is that\u00a0<strong>Band Protocol v2<\/strong>\u00a0works on\u00a0<strong>its own blockchain<\/strong>, this blockchain is called BandChain, and it is based on Tendermint, with a\u00a0<strong>BFT<\/strong>\u00a0consensus algorithm (<strong>DPoS<\/strong>). The operations of this blockchain are carried out within the Cosmos ecosystem.<\/p>\n<p>&nbsp;<\/p>\n<p>Chainlink, on the other hand,\u00a0<strong>is not a blockchain<\/strong>, so its nodes function only as oracles focused solely and exclusively on data delivery.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_473497398\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1-300x205.jpg 300w\" alt=\"Band-protocol-(BAND)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Band-protocol-BAND1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_band_the_native_token\"><\/span><strong>What is BAND? The native token<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As expected, the Band protocol also has its own\u00a0<strong>native token, called BAND.<\/strong><\/p>\n<p>BAND was first launched to the cryptocurrency markets in<strong>\u00a0September 2019<\/strong>. It was initially priced at around $0.6. At the time of the launch there was only t<strong>he first version of Band Protocol<\/strong>. As we mentioned above, this version was based on Ethereum. It was not until\u00a0<strong>April 2020<\/strong>\u00a0that the price of BAND started to notice changes.<\/p>\n<p>&nbsp;<\/p>\n<p>These changes came with the release of\u00a0<strong>the second version of the protocol<\/strong>, and especially the new\u00a0<strong>BandChain<\/strong>. Due to this combination the price of BAND started to rise. By July the price had already exceeded $4.5 and in August of the same year it was close to $15.<\/p>\n<p>To get a better idea of its growth, since the BandChain\u2019s launch was announced, the price of BAND first increased by\u00a0<strong>2,400%<\/strong>\u00a0in four months and then fell to 55% in less than a month. However, it is now more than ten times higher than it was a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Have you ever heard of\u00a0BandProtocol? This is a project belonging to the world of\u00a0cryptographic technology. It specializes in cryptography of\u00a0decentralized oracles\u00a0between blockchains. Perhaps when you learn a little more about this project you will think of the\u00a0Chainlink\u00a0project, since they have the same objective, however, they retain their differences. In this article we will tell you [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=11021"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7400"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=11021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=11021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=11021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}