Review on Band Protocol by francis fernandez
Band Protocol: connecting real data to integrate it to the blockchain using APIs
Band Protocol is known by the acronym BAND. It is a blockchain that uses the decentralized Oracle mechanism to manage a large real-world database and link them between different chains through the use of smart contract technology integrated into APIs.
The total supply of the platform's cryptocurrency is 100,000,000 BAND
What technology does the Band Protocol platform use?
Band Protocol technology focuses on connecting these building blocks: oracles, smart contracts, DeFi, and APIs.
The oracles use Fantom's Opera Mainnet protocol and Kava's DeFi platform to optimize the governance system and endorse reliable token values. The D3N protocol has also been integrated to allow interaction between users and data external to the chain.
Due to the implementation of the oracle system; Decentralized financial applications can integrate real information about token exchange values and the endorsement of credits, without third-party intermediation and in a reliable way.
In addition, the oracles data management system makes it possible for software creators to quickly include real-world data from any field (sports, climate, etc.) in the design of smart contracts for conventional applications. This is possible due to the high compatibility of the BandChain system with the main coding of smart contracts and blockchain technology.
The BandChain system guarantees the rapid management of large external information bases to add it and convert it into an easy-to-use format to be used efficiently by a wide range of blockchains.
For developers, this platform represents a tool to design a custom database using WebAssembly technology to link any conventional web application to smart contracts.
Validation:
Band Protocol is a robust ecosystem that has a network of trusted and recognized validation servers, such as: Fish stake, Chorus one, Castle node, among others.
The execution of validator nodes is done in about 15 minutes and easily by using a simple procedure.
What is the main advantage of Band Protocol?
Band Protocol enables reliable external data to be integrated into smart contract technology to provide reliable information to users of financial organizations to prevent network fraud.
Pros
- Thanks to its BandChain system it is possible to connect smart contracts with any decentralized application quickly.
- It allows integrating any source of real information external to smart contracts through the use of API.
- The blockchain has a robust and decentralized system of reliable validator servers.
- It is highly scalable.
Cons
- Its value is variable due to the nature of the cryptocurrency.
