About Band Protocol (BAND)
Band Protocol is a decentralized platform that facilitates the real-world sourcing of data from real-time, verifiable data points and makes them available for use by decentralized applications in the blockchain environment. Positioned as a data oracle that empowers intercommunication between on-chain and off-chain resources, Band Protocol purportedly encourages a network environment where developers can build decentralized applications that can access real-world data sources.
Decentralized applications built around sports, distribution networks, weather and location services, prices, and even random number generation are all mentioned as real-world ideas for dApps that could leverage the Band Protocol network data sourcing functionality. Oracle nodes on the Band Protocol network relay data from their sources to on-chain applications. The same nodes are also involved in the block production and validation process.
Band Protocol started in 2019 on the Ethereum network. In June 2020, Band Protocol v2 was released on the Cosmos blockchain network. The decision was made, as the team behind the protocol felt the Inter Blockchain Communication protocol (IBC) implemented in the Cosmos network was the most efficient infrastructure for Band Protocol to achieve cross-chain data transfer.
The Band Protocol network token is used to pay for services in the protocol and other operations which persist in the network. The Band Protocol cryptocurrency is known by its token ticker $BAND. The price of BAND is updated and available in real-time on Binance.
