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?
Blockchain oracles are services that receive and transmit digital information to smart contracts. In other words, oracles serve as a bridge between blockchains and external data sources or APIs. With the help of oracles, smart contracts can receive important information for processing transactions: quotes of crypto price assets, results of sports matches, and much more.
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 Protocol ranks first in terms of capitalization among all data oracle projects that support staking.
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*
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.
Roadmap of the project for 2021
In 2020, the Band Protocol team focused on product development, but this year the focus will shift to supporting third-party products. The project creators will prepare extensive documentation so that third-party developers can fully use the Band Protocol infrastructure to implement their own DApps.
Q1 — Q2 2021
For the first two quarters, the plan is to ensure the security of the project partners and expand the range of products. The team will partner with enterprise data providers to keep up with accelerated growth in data oracle demand.
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
In the second half of 2021, the plan is to launch Phase 2: the project will finally move to the main BandChain network. The update will provide high flexibility for monetization to institutional data and API providers. Data providers such as Binance, CoinMarketCap and CoinGecko will be able to decentralize revenue management without the need to trust the Band Protocol environment.
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.
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.
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