Band Protocol (BAND) is a decentralized data oracle platform that integrates real-world data and APIs with smart contracts via BandChain, a blockchain developed using the Cosmos SDK. Validators secure the network by staking BAND tokens, earning a portion of the protocol fees. This article details what Band (BAND) is and the process to purchase Band (BAND) using Turkish Lira (TRY).
What is Band (BAND)?
Band Protocol serves as a decentralized cross-chain data oracle platform that links real-world data and APIs to smart contracts. Utilizing BandChain, an independent Delegated Proof of Stake (DPoS) blockchain created with the Cosmos SDK, it ensures efficient oracle computations, data sourcing, aggregation, and computation. Validators stake BAND tokens to secure the network while earning fees.
The primary objective of Band Protocol is to address challenges faced by smart contract applications that require real-world data. It offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility. Initially launched on Ethereum in 2019, Band Protocol transitioned to its own blockchain to enable data transfer across various blockchains.
BandChain’s mainnet is being developed in four phases. Phase 0 enabled BAND token transfers and staking for validators. Phase 1 allowed the creation of customizable data oracle scripts. Phase 2 aims to enable API providers to monetize their data. Phase 3 will support private or identity oracle scripts and offer more payment options. Phase 4 will finalize the decentralized oracle network and improve interoperability between smart contracts and traditional enterprise services.
The shift to Band Protocol v2.0, or BandChain, in 2020 marked significant growth. This version moved away from the community token model, resulting in over 50 planned oracle integrations and 15 new genesis validators. It also made Band Protocol the first blockchain firm to join the OpenAPI Initiative alongside companies like Google and Microsoft, promoting a common API standard for blockchain applications.
How to Buy Band (BAND) with TRY?
Investors in Turkey can purchase Band (BAND) on Binance TR. By following simple steps, users can easily trade over 100 cryptocurrencies, including BAND, on this platform. Here’s how to buy Band (BAND) using Turkish Lira (TRY) through Binance TR.
Insights for Users
– Ensure your email and phone number are accurate for verification.
– Keep your ID or driver’s license ready for quick identity verification.
– Use FAST for deposits under 50,000 TL for quicker transactions.
– Carefully input the IBAN and account details for seamless transfers.
What is Binance TR?
Binance TR, launched in 2020, is the Turkish platform of Binance, the world’s largest cryptocurrency exchange. Based in Istanbul, it allows users to deposit and withdraw Turkish Lira (TRY) and engage in fiat-to-crypto and crypto-to-crypto trading. The platform provides market-leading spot trading liquidity, robust security protocols, and advanced trading features supported by the Binance Cloud infrastructure.
