Review on Band Protocol by Olugbenga Ajayi
BAND Protocol: A decentralized Oracle
Band protocol is a crypto project founded by Soravis Srinawakoon who is an entrepreneur, listed on Forbes. The project started initially to provide reliable information to online community. Today it has evolved and has become a platform that focus on providing data for Dapps, Defi and other block chain related applications.
The project employ delegated proof of stake to validate and delegate external data. It work just like Oracle on blockchain. It is obvious that there is no meaningful application that can work without a database but while block chain can store data, it does not have capability to handle other operations necessary to manipulate data. Hence Band network will serve this need by fetching data from sources specified by user Dapps, store it on Band chain and make it ready and available for use at anytime.
The ICO of BAND token took place in 2018 when 10 million was sold. The token already has some use cases. It is used for staking by validator and delegators.
Pros
- This project has been able to solve data access problem by creating a platform that can source real world data in decentralized manner and feed it into dapps and smart contract
- It is cheaper to use than other offchain data provider
- It bring about a sort of decentralized oracle
- Provide quick data outsourcing opportunity
- It has partnership with many notable crypto project like Binance, Haven and ICON
- It makes instant settlement possible
Cons
- No negative comment
