Band Protocol is a cross-chain data oracle platform that brings real-world data to blockchain applications and connects APIs with smart contracts, thus facilitating information exchange between on-chain and off-chain.
Launched in September 2019 as an ERC-20 project on the Ethereum blockchain, Band Protocol migrated to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol is built on BandChain using the Cosmos SDK. Oracle nodes play a role not only in data transmission but also in block production and validation.
BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators who fulfill data requests. It is also used as the primary medium of exchange on BandChain and for paying for private data.
Band Protocol is designed to be faster and more efficient than other oracle solutions and is compatible with most blockchain and smart contract development frameworks.
As of the time this article was prepared, BAND Coin is ranked 98th by market value according to CoinMarketCap data, with a trading price of $11.92 and a trading volume of $247,824,681 USD. Currently, there are 20,494,033 BAND Coins in circulation, with a maximum expected supply of 100,000,000 BAND Coins.