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Band Protocol is the leading blockchain of 2021 providing data oracle and staking

Band Protocol has developed a platform with blockchain oracles that allow smart contracts to exchange data with the outside world. The platform is built on its own high-performance blockchain capable of processing thousands of transactions per second.

Oracles will always be the backbone of any smart contract application including decentralized finance, payments and verifications among many other use-cases. We will describe to you what blockchain oracles are, why they are needed and what plans Band Protocol has for 2021.

What are oracles?

This allows creating fully automatic platforms that will process transactions autonomously, without the intervention of centralized services whose data may be inaccurate. Decentralized oracles improve accuracy of information because they receive sets of data from different sources and compare them with each other. As a result, DeFi platforms can be created using oracles: AMMs, decentralized P2P lending services, and even a full-fledged bank.

Band Protocol in Numbers

BAND value statistics as of February 10, 2021:

Market capitalization: $306,162,983

Trading volume in 24 hours: $403,092,020

BAND token price: $13.58
Total value secured: ~$2.5B*

MarketCap/TVL: 0.1224

At the beginning of February 2021, the number of unique Oracle requests on BandChain reached 1,000,000, which is 10 times more than in November 2020. BandChain has a powerful and globally distributed pool of network security validators, one of which is Everstake. The Everstake validator is backed by a team of experienced developers, financial experts and blockchain enthusiasts.

*TVL is an estimate computed from main projects: Mirror Protocol, Linear Finance, Venus Protocol (SwipeFi), Neutrino, Fantom Finance among others.

Roadmap of the project for 2021

Q1 — Q2 2021

Band Protocol will support partners and improve the platform. To achieve this goal, the project will expand the development team, which will allow for quick response and, if necessary, intervene in the event of critical errors detected at both levels: Layer-1 and Layer-2.

The project also plans to integrate decentralized solutions based on Cosmos Network (IBC) and provide communication between the two blockchains. Another important step is adding verifiable random functions (VRF) to blockchain oracles, which will play a significant role in the release of NFTs, games and other solutions.

Q3 — Q4 2021

Band Protocol services will move to self-service for users, which will increase the bandwidth of the mainnet for data transmission. Documentation will be expanded for both developers and users.

About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github

About Everstake

Everstake is a team of experienced developers, financial experts and blockchain enthusiasts. The company was founded by Attic Lab, an EOS block producer from Ukraine.

We run highly secure and reliable nodes for PoS protocols using the enterprise-level hardware to ensure maximum efficiency and security.

Sign up for Everstake news so you don’t miss out on important updates to staking blockchain projects.

Website | Twitter | Telegram

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