Binance Launchpad––Binance’s token launch platform for transformative blockchain projects––has announced support for its ninth project of the year, Band Protocol. Building an open protocol for decentralized data governance on public blockchains such as Ethereum, EOS and Cosmos, Band Protocol has secured USD$3 million in seed investments in 2019 from lead investor Sequoia India, Dunamu & Partners (the venture arm of Korean fintech company Dunamu) and VC fund SeaX Ventures. Band Protocol’s token sale on Binance Launchpad will follow an updated lottery format and a ticket claim will begin on September 16, 2019 at 06:00 UTC.
Band Protocol aims to become the most secure and scalable decentralized world’s database where any decentralized applications (dApps) can rely on for trusted data. Developers and companies with dApps using Band Protocol consume data via its public smart contract data points rather than through centralized oracles that are external to the blockchain. This allows dApps to leverage existing data on the internet without compromising security, bridging the use cases between Web 2.0 and 3.0.
Band Protocol uses various economic incentives to ensure that independent parties provide trusted data and the data stays accurate, such as an integrated dataset token mechanism similar to the Delegated Proof of Stake (dPoS) consensus. Dataset token holders collectively elect data providers by staking their tokens in the name of the candidates. So, only the top providers gain the right to contribute data to the dataset.
“Within Binance Launchpad, we continue to listen to the feedback of our community and strive to support only the high-quality projects. Using a community-driven approach, the Band Protocol solves an important problem in the industry: trust in third-party data sources, which is necessary for decentralized applications working on the blockchain and further mass adoption of crypto technologies,” said Binance CEO and Founder, CZ (Changpeng Zhao).
“Currently, the trusted oracle problem is a significant hurdle for mass adoption of decentralized applications, as its weakness in security severely limits the use cases that can be built using smart contracts,” said Soravis Srinawakoon, CEO of Band Protocol. “For example, the decentralized finance ecosystem currently locks up $500 million USD within its smart contracts, but it relies heavily on critical centralizing points of weakness in the designs of the oracles used, severely limiting the potential for mass adoption due to systemic risk. Band Protocol provides a compelling alternative for projects to solve this, with an infrastructure middleware layer protocol that facilitates faster, cheaper, more secure, easier-to-integrate oracles for blockchains.”
Band Protocol is focused on attracting dApp developers from different spheres, including: decentralized finance, ecommerce, gaming, gambling, prediction markets, supply chain tracking and others.
Binance Launchpad continues to adjust its system with each token launch to provide the community with fair and accessible blockchain-based fundraising. Earlier Binance announced that BNB balances committed into Margin and Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.
Learn more about Band Protocol in Binance Research’s in-depth report: https://info.binance.com/en/research/BAND-2019-09-06.html