About Band Protocol

Band Protocol Review: Mining Guide, Price&Analysis of Band Protocol Cryptocurrency

Band protocol is a ‘cross-chain data oracle’ that changes current world data and supplies it to on-chain applications. One of the challenges decentralized platforms face is their data and services are easily accessible. Therefore, Band Protocol has helped build a decentralized bridge that secures interoperability among traditional web and smart contracts.

Band Protocol came into existence in 2017. The principal founders were Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Chonpimai. Its main aim was to give accurate and reliable information on the online platforms on cryptocurrency blockchain.

The current Coin Market Price ranking is 101, with a market cap of $116,737,683. It has a circulating supply of 20,494,033 BAND coins. Its price today is $5.70 with a 24hr trading volume of $90,761,042.

How Band Protocol Works

Not all cryptocurrencies use the Data Oracle method on their platforms. This method helps to solve the management of information on the forum. Some digital currencies cannot retrieve their data, nor are they able to store their data safely. Band Protocol enables their client to access their data without any struggle easily. This is possible because Band Protocol enables smart contract functionalities. As a result, they can access reliable data without any hindrance from any points of failure.

On this platform, one can build decentralized finance with a lot of confidence since the price feeds they use are not easy to interfere with. The oracle design's flexibility enables developers to acquire any data they wish to use, such as real-world events and many others. Additionally, Band Protocol is designed to adapt quickly with most smart contracts and blockchain development frameworks.

Band Protocol blockchain is known as the Band Chain to some. Valuators and delegators use its token to stake to make sure the data feeds are up to date. Additionally, Band Protocol oracle is considered very fast, cheap, and easy to execute on any blockchain.

Can Investors Mine Band Protocol?

This token is not mineable. It uses delegated proof of stake consensus to source reliable data. DPoS is a network of delegators and validators who ensure the data is secure and accurate for use. If you want data from this platform, you submit smart contracts in the blockchain on the type of data you want and how you want it to be collected. A validator is then randomly selected according to their respective stake in how he provides the data.

Additionally, this is done by looking for data from the sources that the smart contract has specified. Then this data is collected in the form that smart contract has arranged it. This data is then stored on the blockchain and is readily available for other requesters to use it. This method is very cheap and scalable at the same time. It is also energy efficient.

Moreover, one may commence mining as a solo miner by application of software such as ASICs. In this form of mining pools are made available, where miners contribute computational power to help crack complex Mathematical problems. Once, these conjectures are solved, they point to valid blocks which get added onto the Band Blockchain, returns get subdivided as per laid out ratio parities.

The Team behind Band Protocol

Soravis Srinawakoon is the current CEO of Brand Protocol. Soravis used to be a software engineer. Paul Chonpimai is also Brand Protocol's CPO. He earlier worked as an engineer at Tripadvisor a web developer at Turfmapp. The former Core Developer at Hudson River Trading Sorawit Suriyakarn.

There are more than 20 employees listed on the Band Protocol LinkedIn page. Most of them are dispersed in the whole of Asia. Each one of them has their qualifications, most of them being engineers, developers, and designers. Investors also support this platform by funding them. They include Binance, Sequoia Capital, and Spartan Group.

Privacy and Security of Band Protocol

Band Protocol developers are committed to maintaining excellent levels of security. They do this through a consensus algorithm known as Byzantine Fault Tolerance (BFT). This helps to prevent the platform from attacks. This algorithm works together with the proof of work. Their prominent role is to ensure that transactions are verified and validated. BFT is a system developed so that even if the nodes fail or there is a malicious act, it will operate normally.

Additionally, on Delegated proof of stake consensus, the delegates have a large stake. Therefore, it makes no sense for them to attack the network since they would suffer from massive losses. Unlike the proof of work where the delegates have no stake, therefore, they have nothing to lose. Also, they are more prone to the 51% attack.

The platform takes the privacy of its user very seriously. They make sure every data used during transactions are kept safe and secure such that it's only the user who can access it. However, you cannot fail to admire the excellent feature of this token. Clients can confidently trust Brand Protocol Coin.

Our take on Brand Protocol Currency

A couple of advantages come hand in hand with investing in Band Protocol;

• Fast transactions, unlike traditional cryptocurrencies which take days to process.
• Due to a bi-block chain layout, on Ethereum and Band Protocol, respectively, it then poses very watertight measures that help keep away malicious attacks.
• High-performance on all levels due to the state of the art technological applications and advancements.
• Reliable, unlike traditional cryptocurrencies, mainly because they play a considerable role in stablecoins to the traditional Ethereum

Disadvantages of Band Protocol are;

• Competition from other cryptocurrencies that found their way up the market earlier causing it to seem obsolete.
• Price volatility

How to Buy Brand Protocol Coin

If you think this is the coin for you, then proceed and buy it. The Band Protocol can be purchased on various exchanges in the market. These include places like OKEx, Coinbase Pro, and Binance, Poloniex among others.

Users can buy Band currency either by using fiat currencies. You can also purchase it via decentralized exchanges such as Kyber Network and Uniswap.

You can also purchase this coin from an individual. This platform supports peer to peer transfers. However, all the credentials on the individual you are buying it from should be all set straight prior to any form of transaction.

Where to store Band Protocol token

Due to this cryptocurrency existing as an ERC-20 compatible token, all wallets set to be used as storage methods should also be Ethereum compatible. Failure to ensuring the former may lead to severe losses of money. Some of these wallets exist as Hardware wallets, Software wallets, online wallets, and paper wallets. In spite of this diversity, hardware wallets such as Trezor and Nano-Ledger are suitable due to enhanced security levels and the abstinence from third-party.

Final Verdict

Brand Protocol is one of the leading cryptocurrencies in the market. The developers behind the coin are committed and experienced to ensure this project retains these outstanding features even in the future. This can be affirmed by several milestones attained as well as projected ones.

In this light, creating permissionless oracles that enable developers to start Band protocol oracles using a few lines of codes from the website will allow it to grow and become better and more popular in the market.

Their main goal is to provide trustworthy and reliable data to the open internet. Their protocol works as a free standard that connects blockchain applications with reliable off-chain data. This platform also provides a cheaper, faster, and easier way to solve and coordinate decentralized oracles, helping solve all the problems. Hence, it deserves a glance from prospective crypto investors out there.